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EQUITY | 12 Months Ended
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Dec. 31, 2016
EQUITY |
EQUITY | 10. EQUITY Common Stock The Company has paid quarterly dividends on its common stock since January 1999. Treasury Stock In September 2004, our Board of Directors approved a $5.0 million stock buyback plan (the “2004 Repurchase Plan”). Through September 19, 2016, we repurchased $4.1 million of our common stock, under the 2004 Repurchase Plan. On September 19, 2016, our Board of Directors authorized the repurchase of up to $50.0 million of our common stock, from time to time, on the open market or in privately negotiated transactions (the “2016 Repurchase Plan”). The 2016 Repurchase Plan replaces the 2004 Repurchase Plan. As of December 31, 2016, we have $49.9 million available to be repurchased under the 2016 Repurchase Plan. During the years ended December 31, 2016, 2015 and 2014, the Company repurchased the following shares under the 2004 Repurchase Plan and the 2016 Repurchase Plan:
|  |  |  | Aggregate |  |  |  |
|  | Shares |  | Cost |  | Average |
Year ended December 31, |  | Repurchased |  | (in thousands) |  | Repurchase Price |
2016 |  | 32,407 |  | $ | 2,195 |  | $ | 64.72 |
2015 |  | — |  |  | — |  |  | — |
2014 |  | — |  |  | — |  |  | — |
During the years ended December 31, 2016, 2015 and 2014, the Company repurchased the following shares from employees to satisfy tax withholding and stock options exercise obligations incurred in connection with the vesting of restricted stock awards and the exercise of stock options:
|  |  |  | Aggregate |  |  |  |
|  | Shares |  | Cost |  | Average |
Year ended December 31, |  | Repurchased |  | (in thousands) |  | Repurchase Price |
2016 |  | 38,279 |  | $ | 2,775 |  | $ | 72.50 |
2015 |  | 37,567 |  |  | 2,705 |  |  | 72.01 |
2014 |  | 34,293 |  |  | 2,160 |  |  | 63.01 |
Stock‑Based Compensation The Company has 2,000,000 shares reserved for the grant of stock options, restricted stock, restricted stock units, stock equivalents and awards of shares of common stock that are not subject to restrictions or forfeiture. Stock Options Stock options have a term of ten years and vest annually and ratably over a period of four years. The following table summarizes stock option activity for the years ended December 31, 2016 and 2015:
|  | Year Ended December 31, 2016 |
|  |  |  |  |  |  | Weighted Average |  |  |  |
|  |  |  | Weighted Avg. |  | Remaining |  |  |  |
|  | Number of |  | Exercise |  | Contractual |  | Aggregate |
|  | Options |  | Price |  | Term (Years) |  | Intrinsic Value |
Outstanding at January 1, 2016 |  | 268,875 |  | $ | 38.64 |  |  |  |  |  |
Granted |  | — |  |  | — |  |  |  |  |  |
Exercised |  | (43,053) |  |  | 32.70 |  |  |  |  |  |
Outstanding at December 31, 2016 |  | 225,822 |  |  | 39.77 |  | 3.9 |  | $ | 9,114,963 |
Vested and expected to vest at December 31, 2016 |  | 225,554 |  |  | 39.73 |  | 3.9 |  | $ | 9,112,630 |
Exercisable at December 31, 2016 |  | 222,072 |  |  | 39.23 |  | 3.8 |  | $ | 9,082,338 |
|  | Year Ended December 31, 2015 |
|  |  |  |  |  |  | Weighted Average |  |  |  |
|  |  |  |  |  |  | Remaining |  |  |  |
|  | Number of |  | Weighted Avg. |  | Contractual |  | Aggregate |
|  | Options |  | Exercise Price |  | Term (Years) |  | Intrinsic Value |
Outstanding at January 1, 2015 |  | 351,253 |  | $ | 36.55 |  |  |  |  |  |
Granted |  | 5,000 |  |  | 71.43 |  |  |  |  |  |
Exercised |  | (87,378) |  |  | 32.14 |  |  |  |  |  |
Outstanding at December 31, 2015 |  | 268,875 |  |  | 38.64 |  | 4.7 |  | $ | 10,646,006 |
Vested and expected to vest at December 31, 2015 |  | 268,011 |  |  | 38.53 |  | 4.7 |  | $ | 10,640,134 |
Exercisable at December 31, 2015 |  | 248,875 |  |  | 38.05 |  | 4.5 |  | $ | 9,998,956 |
The unvested options as of December 31, 2016 represent $0.1 million in unamortized stock‑based compensation which will be recognized over a weighted average term of 2.6 years. The following table summarizes information relating to options granted and exercised during the years ended December 31, 2016, 2015 and 2014 (in thousands, except fair value of options granted data):
|  | 2016 |  | 2015 |  | 2014 |
Weighted-average fair value of options granted |  | $ | — |  | $ | 30.70 |  | $ | N/A |
Aggregate intrinsic value of options exercised |  |  | 1,591 |  |  | 3,488 |  |  | 1,098 |
Cash proceeds received upon exercise of options |  |  | 1,060 |  |  | 1,999 |  |  | 1,621 |
Excess tax benefits from share-based compensation |  |  | 591 |  |  | 1,423 |  |  | 513 |
The aggregate intrinsic value represents the total pre‑tax intrinsic value (the difference between our closing common stock price on December 31st and the exercise price, multiplied by the number of the in‑the‑money stock options) that would have been received by the stock option holders had all stock options holders exercised their stock options on December 31st. The amount of aggregate intrinsic value will change based on the fair market value of our common stock. The Company did not grant any options during 2016 or 2014. The estimated fair value of the options granted during 2015 were determined using a Black Scholes option pricing model, based on the following weighted average assumptions:
Risk-free interest rate |  | 1.55 | %
Expected dividend yield |  | 1.76 | %
Expected life |  | 6.25 | years
Expected volatility |  | 51.85 | %
The Company recognized $0.1 million, $0.9 million and $1.4 million, respectively, of stock compensation expense relating to the granted options during 2016, 2015, and 2014, respectively. Restricted Stock Restricted stock issued under the 2008 Equity Investment Plan vest ratably over four years. The following table summarizes restricted stock activity during the year ended December 31, 2016:
|  |  |  | Weighted Avg. |
|  | Shares |  | Fair Value |
Unvested as of January 1, 2016 |  | 218,401 |  | $ | 60.60 |
Granted |  | 100,005 |  |  | 73.34 |
Forfeited |  | (1,125) |  |  | 66.44 |
Vested and issued |  | (88,241) |  |  | 58.01 |
Unvested as of December 31, 2016 |  | 229,040 |  | $ | 67.13 |
The following table summarizes restricted stock activity during the year ended December 31, 2015:
|  |  |  | Weighted Avg. |
|  | Shares |  | Fair Value |
Unvested as of January 1, 2015 |  | 195,143 |  | $ | 55.13 |
Granted |  | 93,864 |  |  | 66.26 |
Forfeited |  | (1,687) |  |  | 65.18 |
Vested and issued |  | (68,919) |  |  | 52.70 |
Unvested as of December 31, 2015 |  | 218,401 |  | $ | 60.60 |
In connection with the grant of restricted shares, the Company recognized $6.2 million, $4.3 million and $3.4 million of compensation expense within its income statements for the years ended December 31, 2016, 2015, and 2014, respectively. In addition, the Company recognized $0.1 million of compensation expense within its income statement for the year ended December 31, 2016 for shares of the Company’s subsidiaries granted to the management team of those subsidiaries. The unvested shares as of December 31, 2016 represent $11.2 million in unamortized stock based compensation which will be recognized over a weighted average period of 2.5 years.

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