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SHARE-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2015
SHARE-BASED COMPENSATION |
SHARE-BASED COMPENSATION | NOTE K – SHARE‑BASED COMPENSATION Stock Awards As of December 31, 2015 and 2014, the Company had outstanding restricted stock units granted under the 2005 Ownership Incentive Plan (“the 2005 Plan”). The 2005 Plan, as amended, provides for the granting of 3.1 million shares, which may be awarded as incentive and nonqualified stock options, Stock Appreciation Rights (“SARs”), restricted stock, or restricted stock units. As of December 31, 2015, the Company had not elected to treat any exercised options as employer SARs and no employee SARs had been granted. Restricted Stock Units A summary of the Company’s restricted stock unit award program is presented below:
|  | Units |
Outstanding – January 1, 2015 |  | 1,368,880 |
Granted |  | 269,660 |
Vested |  | (302,668) |
Forfeited |  | (22,322) |
Outstanding – December 31, 2015 |  | 1,313,550 |
The Compensation Committee of the Company’s Board of Directors granted restricted stock units under the 2005 Plan during the years ended December 31, 2015, 2014, and 2013 as follows: k
|  |  |  | Weighted-Average |
|  |  |  | Grant Date |
|  | Units |  | Fair Value |
2015 |  | 269,660 |  | $ | 35.50 |
2014 |  | 232,450 |  | $ | 40.19 |
2013 |  | 313,550 |  | $ | 27.71 |
The fair value of restricted stock awards that vested in 2015, 2014, and 2013 was $9.8 million, $9.4 million, and $1.8 million, respectively. Unrecognized compensation cost related to restricted stock awards outstanding as of December 31, 2015 was $17.1 million, which is expected to be recognized over a weighted‑average period of approximately two years. Stock Options As of December 31, 2013, the Company had 35,730 outstanding stock options, which had a weighted average exercise price of $29.10. Of the stock options outstanding at December 31, 2013, 35,530 were exercised at a weighted average exercise price of $29.10, and 200 were forfeited as of the January 31, 2014 expiration date of the stock options. The Company had no outstanding stock options as of December 31, 2014 or 2015. The following table summarizes additional activity related to the Company’s stock option program for the years ended December 31:
|  | 2015 |  | 2014 |  | 2013 |
|  | (in thousands) |
Intrinsic value of options exercised |  | $ | — |  | $ | 169 |  | $ | 330 |
Cash proceeds of options exercised |  | $ | — |  | $ | 1,136 |  | $ | 2,785 |
Tax benefit of options exercised |  | $ | — |  | $ | 22 |  | $ | 109 |

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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=6418621&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=51659978&loc=d3e25284-112666 Reference 3: 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 4: 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 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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