XML 24 R9.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Share-Based Payments | 3 Months Ended
--- | ---
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Payments | Share-Based Payments The Company’s general practice has been to make a single annual grant of share-based compensation to key employees and to make other employee grants only in connection with new employment or promotions. Forms of share-based compensation granted to employees by the Company include stock options, non-vested shares of common stock (“non-vested share”), and performance shares. The Company also typically makes a single annual grant of non-vested shares to non-employee directors in conjunction with the annual election of non-employee directors to the Board of Directors. Share-based compensation is based on the grant date fair value of the instrument and is recognized ratably over the requisite service period, or vesting period. All share-based compensation expense is recognized in salaries, wages and employee benefits. Employee Activity - Stock Options Stock option grants to employees generally expire seven years from the grant date and typically vest ratably over a three-year period. The Company used the Black-Scholes option-pricing model to estimate the grant-date fair value of options granted. The weighted-average fair value of options granted and assumptions used to estimate their fair value during the three months ended March 31, 2018 and 2017 were as follows:
| Three months ended
| March 31, 2018 |  | March 31, 2017
Expected dividend yield | 1.1 | % |  | 1.3 | %
Expected stock price volatility | 24.9 | % |  | 28.7 | %
Weighted average risk-free interest rate | 2.6 | % |  | 2.0 | %
Expected life of options (years) | 6.0 |  |  | 6.0 |
Weighted average grant date fair value | $ | 15 |  |  | $ | 13 |
The following tables summarize the Company’s employee stock option activity and related information:
| Three months ended March 31, 2018
|  |  |  |  |  |  | Weighted-
|  |  | Weighted- |  | Aggregate |  | Average
|  |  | Average |  | Intrinsic |  | Remaining
| Options |  | Exercise |  | Value |  | Contractual
| (000) |  | Price |  | (000) |  | Term
Outstanding at December 31, 2017 | 440 |  |  | $ | 45 |  |  |  |  |
Granted | 86 |  |  | 59 |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Forfeited | — |  |  | — |  |  |  |  |
Outstanding at March 31, 2018 | 526 |  |  | $ | 47 |  |  | $ | 3,075 |  |  | 4.5
Exercisable at March 31, 2018 | 313 |  |  | $ | 44 |  |  | $ | 2,877 |  |  | 3.5
| Three months ended
| March 31, 2018 |  | March 31, 2017
Share-based compensation for options | $ | 342 |  |  | $ | 363 |
Tax benefit for option compensation | $ | 88 |  |  | $ | 134 |
Unrecognized compensation cost for options, net of estimated forfeitures | $ | 2,589 |  |  | $ | 2,683 |
Weighted average period over which unrecognized compensation will be recognized (years) | 2.2 |  |  |
Employee Activity - Non-vested Shares Non-vested share grants to employees vest ratably over a three-year period. The non-vested shares’ fair values were estimated using closing market prices on the day of grant. The following tables summarize the Company’s employee non-vested share activity and related information:
| Three months ended March 31, 2018
|  |  | Weighted- |  | Aggregate
| Non-vested |  | Average |  | Grant Date
| Shares |  | Grant Date |  | Fair Value
| (000) |  | Fair Value |  | (000)
Outstanding and non-vested at December 31, 2017 | 227 |  |  | $ | 47 |  |  |
Granted | 122 |  |  | 58 |  |  |
Vested | (105 | ) |  | 56 |  |  |
Forfeited | (2 | ) |  | 52 |  |  |
Outstanding and non-vested at March 31, 2018 | 242 |  |  | $ | 52 |  |  | $ | 12,690 |
| Three months ended
| March 31, 2018 |  | March 31, 2017
Share-based compensation for non-vested shares | $ | 1,399 |  |  | $ | 1,246 |
Tax benefit for non-vested share compensation | $ | 360 |  |  | $ | 459 |
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | $ | 11,747 |  |  | $ | 10,470 |
Weighted average period over which unrecognized compensation will be recognized (years) | 2.3 |  |  |
Employee Activity - Performance Shares The Company annually grants performance shares to key employees. Under the terms of the performance share agreements, following the end of a three-year performance period, the Company will issue to the employees a calculated number of common stock shares based on the three year performance of the Company’s total shareholder return as compared to the total shareholder return of a selected peer group. No shares may be issued if the Company's total shareholder return outperforms 25% or less of the peer group, but the number of shares issued may be doubled if the Company's total shareholder return performs better than 90% of the peer group. The fair value of the performance shares was estimated using a Monte Carlo simulation. The weighted average assumptions used in the Monte Carlo estimate were as follows:
| Three months ended
| March 31, 2018 |  | March 31, 2017
Expected stock price volatility | 24.3 | % |  | 24.7 | %
Weighted average risk-free interest rate | 2.2 | % |  | 1.4 | %
The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information:
| Three months ended March 31, 2018
|  |  | Weighted- |  | Aggregate
| Performance |  | Average |  | Grant Date
| Shares |  | Grant Date |  | Fair Value
| (000) |  | Fair Value |  | (000)
Outstanding and non-vested at December 31, 2017 | 69 |  |  | $ | 58 |  |  |
Granted | 18 |  |  | 72 |  |  |
Forfeited | (22 | ) |  | $ | 67 |  |  |
Outstanding and non-vested at March 31, 2018 | 65 |  |  | $ | 58 |  |  | $ | 3,795 |
| Three months ended
| March 31, 2018 |  | March 31, 2017
Share-based compensation for performance shares | $ | 335 |  |  | $ | 184 |
Tax benefit for performance share compensation | $ | 86 |  |  | $ | 68 |
Unrecognized compensation cost for performance shares, net of estimated forfeitures | $ | 2,343 |  |  | $ | 2,612 |
Weighted average period over which unrecognized compensation will be recognized (years) | 2.2 |  |  |
Non-employee Director Activity - Non-vested Shares Grants of non-vested shares to non-employee directors vest ratably over the elected term to the Board of Directors, or approximately one year. The following tables summarize the Company’s non-employee non-vested share activity and related information:
| Three months ended March 31, 2018
|  |  | Weighted- |  | Aggregate
| Non-vested |  | Average |  | Grant Date
| Shares |  | Grant Date |  | Fair Value
| (000) |  | Fair Value |  | (000)
Outstanding and non-vested at December 31, 2017 | 11 |  |  | $ | 52 |  |  |
Granted | 1 |  |  | 61 |  |  |
Vested | — |  |  | — |  |  |
Forfeited | — |  |  | $ | — |  |  |
Outstanding and non-vested at March 31, 2018 | 12 |  |  | $ | 52 |  |  | $ | 615 |
| Three months ended
| March 31, 2018 |  | March 31, 2017
Share-based compensation for non-vested shares | $ | 185 |  |  | $ | 169 |
Tax benefit for non-vested share compensation | $ | 47 |  |  | $ | 63 |
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures | $ | 65 |  |  | $ | 77 |
Weighted average period over which unrecognized compensation will be recognized (years) | 0.1 |  |  |

X
- 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
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration