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Stock Incentive Plans and Stock Purchase Plans | 12 Months Ended
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Dec. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock Incentive Plans and Stock Purchase Plans |
16. | Stock Incentive Plans and Stock Purchase Plans:
The Company’s Amended and Restated 2008 Incentive Compensation Plan (the “A&R 2008 Incentive Plan”) provides for grants of stock options, stock appreciation rights, restricted stock, deferred stock, and other stock-related awards and performance awards that may be settled in cash, stock or other property. Under the A&R 2008 Incentive Plan, options to purchase shares of common stock may be granted at a price not less than the fair market value of the shares on the date of grant. The options must be exercised within 10 years from the date of grant and generally become exercisable on a pro rata basis over a three-year period from the date of grant. The Company issues new shares of its common stock upon exercise of its stock options. Restricted stock awards generally vest over periods of three years upon the fulfillment of specified service-based conditions and in certain instances performance-based conditions. Deferred stock awards generally vest upon the satisfaction of specified performance-based conditions and service-based conditions. The Company recognizes compensation expense related to its restricted stock, deferred stock awards and stock options ratably over the corresponding vesting periods. At December 31, 2020, the Company had 5.0 million shares available for future grants and awards under its Amended and Restated 2008 Incentive Plan. Under the Company’s 1996 Non-Qualified Employee Stock Purchase Plan, as amended (the “ESPP”), employees are permitted to purchase the Company’s common stock at 85% of market value on January 1st, April 1st, July 1st and October 1st of each year. Under the Company’s 2015 Non-Qualified Stock Purchase Plan (the “SPP”), certain eligible non-employee service providers are permitted to purchase the Company’s common stock at 90% of market value on January 1st, April 1st, July 1st and October 1st of each year. Each of the ESPP and the SPP provide for the issuance of an aggregate of 2.6 million shares of the Company’s common stock less the number of shares of common stock purchased under the other plan. The Company recognizes stock-based compensation expense for the discount received by participating employees and non-employee service providers. During the year ended December 31, 2020, 0.5 million shares in the aggregate were issued under the ESPP and SPP. At December 31, 2020, the Company had approximately 0.5 million shares in the aggregate reserved for issuance under the ESPP and SPP. The Company recognized $21.1 million, $33.4 million and $36.4 million of stock-based compensation expense related to its stock incentive plans, the ESPP and the SPP during the years ended December 31, 2020, 2019 and 2018, respectively. The activity related to the Company’s restricted stock and deferred stock awards and the corresponding weighted average grant-date fair values for the year ended December 31, 2020 are as follows:​​​​​​​
|  | Number of Shares |  |  | Weighted Average Fair Value |
Non-vested shares at January 1, 2020 |  |  | 1,723,115 |  |  | $ | 40.77 |
Awarded |  |  | 1,361,712 |  |  | $ | 23.54 |
Forfeited |  |  | (173,455 | ) |  | $ | 31.68 |
Vested |  |  | (1,700,255 | ) |  | $ | 34.88 |
Non-vested shares at December 31, 2020 |  |  | 1,211,117 |  |  | $ | 30.97 |
The aggregate fair value of the restricted and deferred stock that vested during the years ended December 31, 2020, 2019 and 2018 was $59.3 million, $31.5 million and $27.4 million, respectively. The weighted average grant-date fair value of restricted and deferred stock awards that were granted during the years ended December 31, 2020, 2019 and 2018 was $23.54, $33.28 and $51.99, respectively. At December 31, 2020, the total stock-based compensation cost related to non-vested restricted and deferred stock remaining to be recognized as compensation expense over a weighted-average period of 1.8 years was $11.6 million. The Company granted various performance-based stock options during the year ended December 31, 2020 with vesting dependent on both continued employment and the achievement of various stock price hurdles over a period of three years. The Company used a Monte Carlo simulation analysis to estimate the fair value of each stock option on the date of grant during 2020. The Monte Carlo simulation uses a series of functions that define a range of possibilities, or probability density functions and repeatedly samples from the ranges of those possibilities. Finally, the model calculates and sums the weighted average results of all the iterations. The weighted average grant date fair value for the stock options granted in 2020 was $5.21. The key assumptions used in the Monte Carlo simulation analysis were expected volatility of 50%, expected term of three years and a discount rate using the three year U.S. Treasury bond rate. The activity and certain other information related to the Company’s outstanding stock option awards for the year ended December 31, 2020 are as follows:
|  | Number of Stock Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (in years) |  |  | Aggregate Intrinsic Value (in millions) |
Outstanding at January 1, 2020 |  |  | 72,808 |  |  | $ | 32.49 |  |  |  |  |  |  |  |  |
Awarded |  |  | 982,731 |  |  | $ | 16.99 |  |  |  |  |  |  |  |  |
Expired |  |  | (56,248 | ) |  | $ | 31.39 |  |  |  |  |  |  |  | — |
Outstanding at December 31, 2020 |  |  | 999,291 |  |  | $ | 17.30 |  |  |  | 2.58 |  |  | $ | 7.4 |
Exercisable at December 31, 2020 |  |  | 16,560 |  |  | $ | 36.25 |  |  |  | 0.34 |  |  |  | — |
The aggregate intrinsic value of stock options exercised during the years ended December 31, 2019 and 2018 were $0.6 million and $2.8 million, respectively. At December 31, 2020, the total stock-based compensation related to non-vested stock options remaining to be recognized as compensation expense over a weighted average period of approximately 2.6 years was $4.3 million. The cash proceeds received from the exercise of stock options for the years ended December 31, 2019 and 2018 were $0.1 million and $3.7 million, respectively.

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