Annual report pursuant to Section 13 and 15(d)

Stock Plans and Management Compensation (Tables)

v3.3.1.900
Stock Plans and Management Compensation (Tables)
 12 Months Ended
Dec. 31, 2015
Share-based Compensation [Abstract]  
Non-vested stock award activity
Non-vested stock award activity for all plans for the three years ended December 31 was as follows:
(in thousands)
2015
 
2014
 
2013
Outstanding at January 1
880

 
815

 
798

Granted
258

 
322

 
298

Released
(293
)
 
(220
)
 
(266
)
Forfeited
(11
)
 
(37
)
 
(15
)
Outstanding at December 31
834

 
880

 
815

SARs and stock option activity
SARs and stock option activity for all plans for the three years ended December 31, 2015, 2014 and 2013, was as follows:
 
2015
 
2014
 
2013
(in thousands, except exercise price and terms)

SARs/Stock
Options
Outstanding
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining Contractual Term
 
Aggregate Intrinsic Value
 

SARs/Stock
Options
Outstanding
 
Weighted
Average
Exercise
Price
 

SARs/Stock
Options
Outstanding
 

Weighted
Average
Exercise
Price
Outstanding on January 1
2,705

 
$
16.91

 
 
 
 
 
3,825

 
$
19.09

 
8,166

 
$
17.33

Granted
—

 
$
—

 
 
 
 
 
—

 
$
—

 
—

 
$
—

Exercised
(464
)
 
$
22.15

 
 
 
$
14,615

 
(1,084
)
 
$
24.02

 
(4,156
)
 
$
14.80

Forfeited
(7
)
 
$
29.99

 
 
 


 
(36
)
 
$
35.10

 
(185
)
 
$
37.38

Outstanding on December 31
2,234

 
$
15.78

 
4.1 years
 
$
77,580

 
2,705

 
$
16.91

 
3,825

 
$
19.09

Exercisable on December 31
2,151

 
$
15.47

 
4.1 years
 
$
75,372

 
2,294

 
$
16.03

 
2,607

 
$
19.73

Vested and expected to vest on December 31
2,234

 
$
15.78

 
4.1 years
 
$
77,580

 
2,705

 
$
16.91

 
3,825

 
$
19.09

SARs and stock options outstanding
The following table summarizes information about SARs and stock options outstanding as of December 31, 2015:
 
 
Outstanding
 
Exercisable


Range of Exercise
Price
 


Number
(in thousands)
 
Weighted
Average Remaining Years of
Contractual
Life
 
Weighted
Average
Exercise
Price
 


Number
(in thousands)
 
Weighted
Average Remaining Years of
Contractual
Life
 
Weighted
Average
Exercise
Price
$3.37 to $5.99
 
274

 
3.2
 years
 
$
5.21

 
274

 
3.2
 years
 
$
5.21

$6.00 to $19.90
 
1,093

 
3.9
 years
 
$
12.20

 
1,093

 
3.9
 years
 
$
12.20

$19.91 to $39.56
 
867

 
4.7
 years
 
$
23.64

 
784

 
4.6
 years
 
$
23.63

Fair value assumptions for performance awards
The fair values of the senior executives' performance share award grants with a TSR modifier at the grant date in 2015, 2014 and 2013 were $56.17, $41.38 and $35.93, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions:
 
2015
 
2014
 
2013
Risk-free interest rate
1.0
%
 
0.6
%
 
0.4
%
Dividend yield
0.9
%
 
1.0
%
 
0.1
%
Volatility factor
39.2
%
 
43.7
%
 
53.0
%
Expected life of award
2.9 years

 
2.9 years

 
2.9 years

Performance award activity
Performance award activity for the years ended December 31, 2015, 2014 and 2013 was as follows:
(in thousands)
2015
 
2014
 
2013
Outstanding at January 1
376

 
249

 
96

Granted
167

 
152

 
153

Released
(116
)
 
—

 
—

Forfeited
(3
)
 
(25
)
 
—

Outstanding at December 31
424

 
376

 
249