Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Certain Information Related to Stock Options and PSUs

The following table provides certain information related to Stock Options, Restricted Stock, PSUs and RSUs during the year ended December 31, 2019 (in thousands, except per share data):



	For the Year Ended December 31, 2019
	Stock Options							Restricted Stock				Performance Share Units				Restricted Stock 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 Units (1)		Number of Share Units (2)		Weighted Average Grant Date Fair Value per Share Units (1)
Outstanding as of December 31, 2018	1,776		$	25.51				63		$	34.38	220		$	30.10	—		$	—
Granted	400		31.52					50		30.73		77		33.47		50		26.47
Forfeited	—		—					n/a		n/a		n/a		n/a		n/a		n/a
Exercised	(151	)	17.67					n/a		n/a		n/a		n/a		n/a		n/a
Vested	n/a		n/a					(97	)	33.10		(148	)	29.81		(25	)	26.47
Expired	—		—					n/a		n/a		n/a		n/a		n/a		n/a
Outstanding as of December 31, 2019	2,025		$	27.28	$	5,076	6.73	16		$	30.85	149		$	32.13	25		$	26.47
Exercisable as of December 31, 2019	1,051		$	24.07	$	4,866	5.90

(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, 2019, 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,
	2019			2018		2017
Compensation expense:
Stock options	$	6,516		$	7,579	$	6,907
Restricted stock	3,104			609		—
Performance share units	2,508			4,598		3,608
Restricted stock units	880			—		—
Total	$	13,008		$	12,786	$	10,515
Deferred tax benefits:
Stock options	$	1,522		$	1,877	$	2,640
Restricted stock	47			8		—
Performance share units	185			945		1,379
Restricted stock units	—			—		—
Total	$	1,754		$	2,830	$	4,019
Realized tax benefits:
Stock options	$	577		$	7,957	$	5,831
Restricted stock	37			—		—
Performance share units	1,163			920		1,264
Restricted stock units	—			—		—
Total	$	1,777		$	8,877	$	7,095
Excess tax benefits (shortfall):
Stock options	$	415		$	5,330	$	5,548
Restricted stock	(18		)	—		—
Performance share units	244			97		245
Restricted stock units	—			—		—
Total	$	641		$	5,427	$	5,793
Weighted average fair value per option or share:
Stock option grants	$	9.82		$	11.74	$	10.18
Restricted stock grants	$	30.73		$	33.64	$	—
Performance share unit grants	$	33.47		$	32.51	$	27.20
Restricted stock unit grants	$	26.47		$	—	$	—
Intrinsic value of options exercised	$	2,343		$	32,217	$	15,256
Fair value of restricted stock vested	$	2,783		$	632	$	—
Fair value of performance share units vested	$	5,520		$	3,726	$	3,307
Fair value of restricted stock units vested	$	657		$	—	$	—
Cash received for strike price and tax withholdings	$	238		$	120	$	—
Shares acquired through cashless exercise (1)	186			1,361		491
Value of shares acquired through cashless exercise (1)	$	6,133		$	49,199	$	12,808

(1)

All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of Stock Options exercised, Restricted Stock vested, PSUs vested or RSUs 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, PSUs and RSUs (dollars in thousands):



	As of December 31, 2019
	Stock Options		Restricted Stock		Performance Share Units		Restricted Stock Units
Unrecognized expense	$	4,309	$	514	$	1,242	$	443
Weighted average remaining years	1.53		1.00		1.40		0.67

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,
	2019			2018			2017
Weighted-average risk-free interest rate	2.44		%	2.69		%	1.94		%
Expected term of option in years	6.00			6.00			5.84
Weighted-average volatility	38.1		%	40.2		%	45.1		%
Dividend yield	2.4		%	1.7		%	2.0		%
Weighted average grant date fair value per share	$	9.82		$	11.74		$	10.18