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Employee Stock Plans | 3 Months Ended
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Mar. 31, 2020
Employee Stock Plans |
Employee Stock Plans | 14.Employee Stock Plans ​ 2010 Stock Incentive Plan ​ In May 2010, the Company’s Board of Directors and stockholders adopted the 2010 Stock Incentive Plan (the “2010 Plan”). The Company’s Board of Directors approved an amendment and restatement of the 2010 Plan on March 5, 2014, contingent on stockholder approval of the performance goals under the 2010 Plan, and the amendment and restatement became effective upon stockholder approval of the performance goals at the 2014 annual meeting of stockholders held on April 30, 2014. The 2010 Plan provides for the issuance of nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock awards and restricted stock units (“RSUs”), any of which may be performance-based, and for incentive bonuses, which may be paid in cash or stock or a combination of both, to eligible employees, officers, non-employee directors and other service providers to the Company and its subsidiaries. A maximum of 2,130,000 shares of common stock may be issued pursuant to all awards under the 2010 Plan. ​ Equity awards issued to management include a retirement provision under which members of management who either (1) are age 65 or older or (2) have at least ten years of service and are at least age 55 will continue to vest in unvested equity awards upon retirement. The retirement provision also stipulates that the employee remain employed by the Company for six months after the first day of the fiscal year of the grant. As the retirement provision does not qualify as a substantive service condition, the Company incurred $303 and $343 in the three months ended March 31, 2020 and 2019, respectively, in additional expense for employees who meet the thresholds of the retirement provision. In 2013, the Company’s nominating and governance committee approved a retirement provision for the RSUs issued to non-employee directors that accelerates the vesting of such awards upon retirement. Such awards are fully expensed immediately upon grant in accordance with ASC 718, as the retirement provision eliminates substantive service conditions associated with the awards. ​ Performance Share Unit Awards ​ The Company granted performance share units as performance-based awards under the 2010 Plan in the first quarters of 2020 and 2019 that are subject to performance conditions over a three year performance period beginning in the year of the grant. Upon meeting the prescribed performance conditions, employees will be issued shares which vest immediately at the end of the measurement period. For performance share grants in years prior to 2018, upon meeting the prescribed performance conditions, in the first quarter of the year subsequent to grant, employees were issued RSUs, a portion of which is subject to vesting over the two years following the end of the performance period. In accordance with ASC 718, such awards are being expensed over the vesting period from the date of grant through the requisite service period, based upon the most probable outcome. The fair value per share of the awards is the closing stock price on the date of grant, which was $53.50. The Company recognized $484 and $294 of compensation expense related to the awards in the three months ended March 31, 2020 and 2019, respectively. The unrecognized compensation expense calculated under the fair value method for shares that were, as of March 31, 20120 expected to be earned through the requisite service period was approximately $2,813 and is expected to be recognized through 2023. ​ Restricted Stock Unit Awards ​ RSUs are granted to both non-employee directors and management. RSUs do not carry voting rights. While all non-employee director RSUs participate in dividend equivalents, there are two classes of management RSUs, one that participates in dividend equivalents, and a second that does not participate in dividend equivalents. Each RSU represents the right to receive one share of the Company’s common stock and is subject to time-based vesting restrictions. Participants are not required to pay any consideration to the Company at either the time of grant of a RSU or upon vesting. ​ A summary of RSU activity for the three months ended March 31, 2020 is as follows: ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Weighted | ​ | Average
​ | ​ | ​ | ​ | Average | ​ | Remaining
​ | ​ | ​ | ​ | Grant Date | ​ | Contractual
​ | ​ | Shares | ​ | Fair value | ​ | Term
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unvested at December 31, 2019 | ​ | 35,676 | ​ | $ | 36.49 | ​ | 1.40 | years
Granted | ​ | 40,941 | ​ | $ | 53.50 | ​ | 1.11 | years
Vested | ​ | (27,158) | ​ | $ | 42.00 | ​ | ​ | ​
Cancelled and forfeited | ​ | - | ​ | $ | 53.50 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unvested at March 31, 2020 | ​ | 49,459 | ​ | $ | 47.55 | ​ | 1.47 | years
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Expected to vest in the future at March 31, 2020 | ​ | 49,459 | ​ | $ | 47.55 | ​ | 1.47 | years
​ The Company recognized $884 and $760 of compensation expense related to the RSU awards in the three months ended March 31, 2020 and 2019, respectively. The unrecognized compensation expense, calculated under the fair value method for shares that were, as of March 31, 2020, expected to be earned through the requisite service period was approximately $2,039 and is expected to be recognized through 2023. ​ For 2020 and 2019 grants to non-employee directors, vesting occurs as of the grant date. Vested director RSUs are ‘‘settled’’ by the delivery to the participant or a designated brokerage firm of one share of common stock per vested RSU as soon as reasonably practicable following a termination of service of the participant that constitutes a separation from service, and in all events no later than the end of the calendar year in which such termination of service occurs or, if later, two and one-half months after such termination of service. Vested management RSUs are “settled” by the delivery to the participant or a designated brokerage firm of one share of common stock per vested RSU as soon as reasonably practicable following vesting.

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