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Stock-Based Compensation | 3 Months Ended
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Apr. 01, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | Stock-Based Compensation For the first quarter 2018, the Company recognized stock compensation expense of $2.5 million, and related tax benefit of $2.7 million. For the first quarter 2017, the Company recognized stock compensation expense of $4.4 million, and related tax benefit of $1.8 million. Performance Shares During 2018, the Company granted performance awards associated with the Company’s Class A stock to certain senior officers. The payment of performance shares, which will be satisfied with the issuance of shares out of treasury stock, is contingent upon the achievement of specific operating and pretax earnings and total shareholder return (“TSR”) goals over a stated period of time. The maximum number of performance shares that may be earned is 200% of the target shares originally granted. These awards have a three-year performance period and will cliff vest after the approval by the Compensation Committee, if not forfeited by the recipient. No dividends are paid on these performance shares. The financial measure performance shares may be earned upon the achievement of two financial goals. For each of the two financial measures, there are annual goals set in February of each year, with the total award payout for 2018 grants based on a cumulative measure of the 2018, 2019 and 2020 goals. Accordingly, the Company remeasures the fair value of the 2018 and 2017 financial measure performance shares each reporting period until the third year goals are set, after which the grant date fair value will be fixed for the remaining performance period. As of first quarter-end 2018, for the financial measure performance shares granted in 2018 and 2017, the current fair value for the financial measure performance shares was $28.17 and $28.18, respectively. In addition, as of first quarter-end 2018, the final year of goals was set for the performance shares granted in 2016. Therefore, the grant date fair value for the 2016 financial measure performance shares was set at $28.40, and will remain fixed for the remaining performance period. TSR performance shares may be earned based on the Company’s TSR relative to the S&P SmallCap 600 Index. The 2018 TSR performance shares have an estimated fair value of $31.38, which was computed using a Monte Carlo simulation model incorporating assumptions for inputs of expected stock price volatility, dividend yield and risk-free interest rate. A summary of the status of all nonvested performance shares at target as of first quarter-end 2018 is presented as follows below (in thousands of shares except per share data). The vested shares below are related to the 2015 performance share grant, which cliff-vested after approval from the Compensation Committee during the first quarter of 2018.
| Financial Measure Performance Shares |  | TSR Performance Shares
| Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Nonvested at year-end 2017 | 592 |  |  | $ | 22.32 |  |  | 240 |  |  | $ | 18.17 |
Granted | 163 |  |  | 28.64 |  |  | 59 |  |  | 31.38 |
Vested | (225 | ) |  | 16.53 |  |  | (109 | ) |  | 16.01 |
Forfeited | (20 | ) |  | 27.78 |  |  | (8 | ) |  | 22.75 |
Nonvested at first quarter-end 2018 | 510 |  |  | $ | 27.84 |  |  | 182 |  |  | $ | 23.54 |
Restricted Stock A summary of the status of nonvested restricted stock as of first quarter-end 2018 is presented as follows below (in thousands of shares except per share data).
| Shares |  | Weighted Average Grant Date Fair Value
Nonvested at year-end 2017 | 440 |  |  | $ | 18.76 |
Granted | 145 |  |  | 29.20 |
Vested | (86 | ) |  | 19.75 |
Forfeited | (20 | ) |  | 19.82 |
Nonvested at first quarter-end 2018 | 479 |  |  | $ | 21.70 |

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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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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