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SHARE-BASED COMPENSATION
 12 Months Ended
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