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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation |
10. | Share-Based Compensation
The Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation,” which requires the Company to recognize compensation expense for stock-based awards, measured at the fair value of the awards at the grant date. The Company recognized no stock compensation related expense and $0.6 million of stock compensation related expense during the three-month periods ended March 31, 2017 and 2016, respectively. There was no expense for the three-month period ended March 31, 2017 due to a large amount of forfeitures primarily related to the former Chief Executive Officer’s departure from the Company. The Company granted no options and approximately 100,000 options during the three-month periods ended March 31, 2017 and 2016, respectively. The weighted-average fair value of stock options granted during the three months ended March 31, 2016 was estimated at $2.07 per option, respectively, using the Black-Scholes option-pricing model based on the following assumptions: Expected Volatility: The Company utilizes a volatility factor based on the Company’s historical stock prices for a period of time equal to the expected term of the stock option utilizing weekly price observations. For the three months ended March 31, 2016, the Company utilized a weighted-average volatility factor of 39%. Expected Term: For the three months ended March 31, 2016, the Company utilized a weighted-average expected term factor of 6.5 years. Risk-Free Interest Rate: The risk-free interest rate factor utilized is based upon the implied yields currently available on U.S. Treasury zero-coupon issues over the expected term of the stock options. For the three months ended March 31, 2016, the Company utilized a weighted-average risk-free interest rate factor of 2.1%. Expected Dividends: The Company utilized a weighted average expected dividend rate of 3.6% to value options granted during the three months ended March 31, 2016. The Company granted approximately 55,000 and 15,000 restricted stock units during the three-month periods ended March 31, 2017 and 2016, respectively. The weighted-average fair value of restricted stock units was estimated at $14.19 and $6.65 per unit granted during the three months ended March 31, 2017 and 2016, respectively. The fair value of the restricted stock units was determined by using the value of stock in the open market on the date of grant. The fair value of the stock-based awards granted is recorded as compensation expense on a straight-line basis over the vesting periods of the awards. The Company received $1.1 million in cash from employees exercising options during the three months ended March 31, 2017. The intrinsic value of options exercised during the three months ended March 31, 2017 was $1.8 million. There were no options exercised during the three months ended March 31, 2016.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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