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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation | NOTE 9 – SHARE-BASED COMPENSATION Equity Compensation Plan Under the Company’s 2009 Omnibus Incentive Plan, as amended (the “Incentive Plan”), 2,518,131 shares remained reserved for issuance and were available for new awards under the Incentive Plan as of December 31, 2016. Awards under the Incentive Plan may include incentive stock options, non-qualified stock option awards (“Stock Option”), stock appreciation rights, non-vested shares of Common Stock (“Restricted Stock”), restricted stock units, performance share units (“PSUs”), other share-based awards and cash-based incentive awards. Awards under the Incentive Plan may be granted to employees, directors, consultants or other persons providing services to the Company or its affiliates. The Incentive Plan also provides for awards that are intended to qualify as “performance-based compensation” in order to preserve the deductibility of such compensation by the Company under Section 162(m) of the Internal Revenue Code. The following table provides certain information related to Stock Options, Restricted Stock, and PSUs during the year ended December 31, 2016 (in thousands, except per share data):
|  | For the Year Ended December 31, 2016 |
|  | Stock Options |  |  | Restricted Stock |  |  | Performance Share Units |
|  |  |  |  |  | Weighted |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |  |  |  |  |  |  | Weighted |  |  |  |  |  |  | Average |  |  |  |  |  |  | Average |
|  |  |  |  |  | Exercise |  |  | Aggregate |  |  | Average |  |  |  |  |  |  | Grant Date |  |  | Number |  |  | Grant Date |
|  | Number of |  |  | Price per |  |  | Intrinsic |  |  | Remaining |  |  | Number |  |  | Fair Value |  |  | of Share |  |  | Fair Value |
|  | Options |  |  | Share (1) |  |  | Value |  |  | Term |  |  | of Shares (2) |  |  | per Share (1) |  |  | Units (2) |  |  | per Share (1) |
Outstanding as of December 31, 2015 |  |  | 2,269 |  |  | $ | 13.22 |  |  |  |  |  |  |  |  |  |  |  | 615 |  |  | $ | 26.04 |  |  |  | — |  |  | $ | — |
Granted |  |  | 1,114 |  |  |  | 19.56 |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 173 |  |  |  | 23.18 |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |
Exercised |  |  | (124 | ) |  |  | 7.29 |  |  |  |  |  |  |  |  |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |
Vested |  | n/a |  |  | n/a |  |  |  |  |  |  |  |  |  |  |  | (615 | ) |  |  | 26.04 |  |  |  | — |  |  |  | — |
Expired |  |  | (45 | ) |  |  | 4.70 |  |  |  |  |  |  |  |  |  |  | n/a |  |  | n/a |  |  | n/a |  |  | n/a |
Outstanding as of December 31, 2016 |  |  | 3,214 |  |  | $ | 15.77 |  |  | $ | 40,589 |  |  |  | 5.05 |  |  |  | — |  |  | $ | — |  |  |  | 173 |  |  | $ | 23.18 |
Exercisable as of December 31, 2016 |  |  | 1,249 |  |  | $ | 11.23 |  |  | $ | 21,438 |  |  |  | 2.49 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Unless otherwise specified, such as in the case of the exercise of Stock Options, the per share prices were determined using the closing price of the Company’s Common Stock as quoted on the exchanges on which the Company was listed. Shares issued upon exercise of options represent original issuances in private transactions pursuant to Section 4(2) of the Securities Act of 1933, as amended or issuances under the Company's Incentive Plan.
(2) | All shares outstanding as of December 31, 2016 are expected to vest.
n/a | Not applicable
The following table provides certain information in connection with the Company’s share-based compensation arrangements for the periods presented (in thousands):
|  | Years Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Compensation expense: |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 3,641 |  |  | $ | 1,389 |  |  | $ | 675 |
Restricted stock |  |  | 3,433 |  |  |  | 15,997 |  |  |  | 11,667 |
Performance share units |  |  | 3,214 |  |  |  | — |  |  |  | — |
Total |  | $ | 10,288 |  |  | $ | 17,386 |  |  | $ | 12,342 |
Deferred tax benefits: |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 1,392 |  |  | $ | 532 |  |  | $ | 260 |
Restricted stock |  |  | 1,312 |  |  |  | 4,816 |  |  |  | 83 |
Performance share units |  |  | 1,229 |  |  |  | — |  |  |  | — |
Total |  | $ | 3,933 |  |  | $ | 5,348 |  |  | $ | 343 |
Realized tax benefits: |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 724 |  |  | $ | 5,369 |  |  | $ | 7,321 |
Restricted stock |  |  | 4,326 |  |  |  | — |  |  |  | 967 |
Performance share units |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 5,050 |  |  | $ | 5,369 |  |  | $ | 8,288 |
Excess tax benefits (shortfall): |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 642 |  |  | $ | 5,310 |  |  | $ | 6,472 |
Restricted stock |  |  | (1,796 | ) |  |  | — |  |  |  | 534 |
Performance share units |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | (1,154 | ) |  | $ | 5,310 |  |  | $ | 7,006 |
Weighted average fair value per option or share: |  |  |  |  |  |  |  |  |  |  |  |
Stock option grants |  | $ | 6.01 |  |  | $ | 6.34 |  |  | $ | 3.39 |
Restricted stock grants |  | $ | — |  |  | $ | 26.04 |  |  | $ | 12.88 |
Performance share unit grants |  | $ | 23.18 |  |  | $ | — |  |  | $ | — |
Intrinsic value of options exercised |  | $ | 1,894 |  |  | $ | 14,734 |  |  | $ | 18,979 |
Fair value of restricted stock vested |  | $ | 11,319 |  |  | $ | 17,505 |  |  | $ | 28,350 |
Cash received for strike price and tax withholdings |  | $ | 119 |  |  | $ | 519 |  |  | $ | 73 |
Shares acquired through cashless exercise (1) |  |  | 325 |  |  |  | 611 |  |  |  | 1,787 |
Value of shares acquired through cashless exercise (1) |  | $ | 6,238 |  |  | $ | 15,445 |  |  | $ | 26,947 |
(1) | All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of options exercised or Restricted Stock vested. These shares have been cancelled by the Company.
The following table provides the amount of unrecognized compensation expense as of the most recent balance sheet date and the weighted average period over which those expenses will be recorded for both Stock Options, Restricted Stock, and PSUs (dollars in thousands):
|  | As of December 31, 2016 |
|  | Stock |  |  | Restricted |  | Performance |
|  | Options |  |  | Stock |  | Share Units |
Unrecognized expense |  | $ | 7,854 |  |  | $ | — |  | $ | 786 |
Weighted average remaining years |  |  | 1.92 |  |  |  | — |  |  | 1.56 |
Stock Options Stock Options granted by the Company generally expire between 5 to 10 years from the grant date and generally vest over a 1 to 3 year service period commencing on the grant date. The Company used the modified Black-Scholes model to estimate the fair value of employee Stock Options on the date of grant utilizing the assumptions noted below. The risk-free rate is based on the U.S. Treasury bill yield curve in effect at the time of grant for the expected term of the option. The expected term of options granted represents the period of time that the options are expected to be outstanding. Expected volatilities are based on historical volatilities of our Common Stock. The dividend yield was based on expected dividends at the time of grant. The following table provides the assumptions utilized in the Black-Scholes model for Stock Options granted during the periods presented:
|  | Years Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Weighted-average risk-free interest rate |  |  | 1.40 | % |  |  | 0.54 | % |  |  | 0.48 | %
Expected term of option in years |  |  | 5.44 |  |  |  | 3.38 |  |  |  | 2.98 |
Weighted-average volatility |  |  | 45.2 | % |  |  | 44.3 | % |  |  | 40.3 | %
Dividend yield |  |  | 3.4 | % |  |  | 3.4 | % |  |  | 3.9 | %
Weighted average grant date fair value per share |  | $ | 6.01 |  |  | $ | 6.34 |  |  | $ | 3.39 |
Restricted Stock Grants Restricted Stock grants are awarded to certain employees in consideration for services rendered pursuant to terms of employment agreements and or to provide to those employees with a continued incentive to share in the success of the Company. Restricted Stock generally vests over a three year service period commencing on the grant date. Performance Share Units PSUs are awarded to certain employees in consideration for services rendered pursuant to terms of employment agreements and to provide to those employees with a continued incentive to share in the success of the Company. Each performance share unit has a value equal to one share of common stock and generally vests over a three year service period commencing on the grant date.

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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=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
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