Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Certain Information Related to Stock Options and PSUs

The following table provides certain information related to Stock Options, Restricted Stock and PSUs during the year ended December 31, 2018 (in thousands, except per share data):



	For the Year Ended December 31, 2018
	Stock Options							Restricted Stock				Performance Share Units
	Number of Options (2)		Weighted Average Exercise Price per Share (1)		Aggregate Intrinsic Value		Weighted Average Remaining Term	Number of Shares (2)		Weighted Average Grant Date Fair Value per Share (1)		Number of Share Units (2)		Weighted Average Grant Date Fair Value per Share (1)
Outstanding as of December 31, 2017	3,207		$	20.82				—		$	—	205		$	26.07
Granted	463		28.85					80		33.64		142		32.51
Forfeited	(4	)	21.86					n/a		n/a		n/a		n/a
Exercised	(1,890	)	19.35					n/a		n/a		n/a		n/a
Vested	n/a		n/a					(17	)	30.85		(127	)	26.29
Expired	—		—					n/a		n/a		n/a		n/a
Outstanding as of December 31, 2018	1,776		$	24.48	$	23,869	6.96	63		$	34.38	220		$	30.10
Exercisable as of December 31, 2018	410		$	19.94	$	7,367	3.42

(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, 2018, are expected to vest.



n/a	Not applicable

Certain Information Regarding Company's Share-Based Compensation

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,
	2018		2017		2016
Compensation expense:
Stock options	$	7,579	$	6,907	$	3,641
Restricted stock	609		—		3,433
Performance share units	4,598		3,608		3,214
Total	$	12,786	$	10,515	$	10,288
Deferred tax benefits:
Stock options	$	1,877	$	2,640	$	1,392
Restricted stock	8		—		1,312
Performance share units	945		1,379		1,229
Total	$	2,830	$	4,019	$	3,933
Realized tax benefits:
Stock options	$	7,957	$	5,831	$	724
Restricted stock	—		—		4,326
Performance share units	920		1,264		—
Total	$	8,877	$	7,095	$	5,050
Excess tax benefits (shortfall) (1):
Stock options	$	5,330	$	5,548	$	642
Restricted stock	—		—		(1,796		)
Performance share units	97		245		—
Total	$	5,427	$	5,793	$	(1,154	)
Weighted average fair value per option or share:
Stock option grants	$	11.74	$	10.18	$	6.01
Restricted stock grants	$	33.64	$	—	$	—
Performance share unit grants	$	32.51	$	27.20	$	23.18
Intrinsic value of options exercised	$	32,217	$	15,256	$	1,894
Fair value of restricted stock vested	$	632	$	—	$	11,319
Fair value of performance share units vested	$	3,726	$	3,307	$	—
Cash received for strike price and tax withholdings	$	120	$	—	$	119
Shares acquired through cashless exercise (2)	1,361		491		325
Value of shares acquired through cashless exercise (2)	$	49,199	$	12,808	$	6,238


(1)	Excess tax benefits (shortfalls) for the years ended December 31, 2018 and 2017 were recognized within income and within additional paid in capital for the year ended December 31, 2016.

(2)

All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of options exercised, Restricted Stock vested or PSUs vested. These shares have been canceled by the Company.

Unrecognized Compensation Expense and Weighted Average Period

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 Stock Options, Restricted Stock and PSUs (dollars in thousands):



	As of December 31, 2018
	Stock Options		Restricted Stock		Performance Share Units
Unrecognized expense	$	6,898	$	2,082	$	1,183
Weighted average remaining years	1.54		1.24		1.43

Summary of Assumptions Utilized in the Black-Scholes Model for Stock Options Granted

The following table provides the assumptions utilized in the Black-Scholes model for Stock Options granted during the periods presented:



	Years Ended December 31,
	2018			2017			2016
Weighted-average risk-free interest rate	2.69		%	1.94		%	1.40		%
Expected term of option in years	6.00			5.84			5.44
Weighted-average volatility	40.2		%	45.1		%	45.2		%
Dividend yield	1.7		%	2.0		%	3.4		%
Weighted average grant date fair value per share	$	11.74		$	10.18		$	6.01