Annual report pursuant to Section 13 and 15(d)

Stock Plans and Management Compensation (Tables)

v3.19.3.a.u2
Stock Plans and Management Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Non-Vested Stock Award Activity
The weighted average price per Non-vested stock award at grant date was $49.12, $59.05 and $60.30 for awards granted in 2019, 2018 and 2017, respectively. Non-vested stock award activity for the year ended December 31, 2019 was as follows:
(in thousands, except grant date fair value)
Non-vested Stock Award Activity
 
Weighted Average Grant Date Fair Value ($)
Non-vested awards, unvested at January 1, 2019
574

 
54.82

Awarded
374

 
49.12

Forfeited
(183
)
 
41.45

Vested
(321
)
 
57.74

Non-vested awards, unvested at December 31, 2019
444

 
53.42


SARs and Stock Option Activity
SARs activity for all plans for the years ended December 31, 2019, 2018 and 2017, was as follows:
 
2019
 
2018
 
2017
(in thousands, except exercise price and terms)

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

SARs
Outstanding
 
Weighted
Average
Exercise
Price
 
Aggregate Intrinsic Value
 

SARs
Outstanding
 

Weighted
Average
Exercise
Price
 
Aggregate Intrinsic Value
Outstanding on January 1
343

 
$
16.04

 
 
 
 
 
594

 
$
14.40

 
 
 
978

 
$
14.43

 
 
Exercised
(224
)
 
$
13.13

 
 
 
$
10,494

 
(248
)
 
$
12.10

 
$
12,636

 
(352
)
 
$
14.37

 
$
16,071

Forfeited
0

 
$
5.86

 
 
 
 
 
(3
)
 
$
17.06

 
 
 
(32
)
 
$
15.76

 
 
Outstanding on December 31
119

 
$
21.57

 
1.4 years
 
$
4,571

 
343

 
$
16.04

 
$
10,439

 
594

 
$
14.40

 
$
24,261

Exercisable and Vested on December 31
119

 
$
21.57

 
1.4 years
 
$
4,571

 
343

 
$
16.04

 
$
10,439

 
594

 
$
14.40

 
$
24,261



SARs and Stock Options Outstanding
The following table summarizes information about SARs outstanding as of December 31, 2019:
 
 
Outstanding and Exercisable


Exercise
Price
 


Number
(in thousands)
 
Weighted
Average Remaining Years of
Contractual
Life
$11.08
 
2.8

 
0.1
 years
$14.68
 
7.4

 
1.7
 years
$21.52
 
71.1

 
1.1
 years
$23.79
 
37.6

 
2.1
 years

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 2019, 2018 and 2017 were $49.64, $61.59 and $64.82, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions:
 
2019
 
2018
 
2017
Risk-free interest rate
2.9
%
 
2.4
%
 
1.5
%
Dividend yield
1.7
%
 
1.3
%
 
1.1
%
Volatility factor
41.0
%
 
38.9
%
 
38.3
%
Expected life of award
2.9 years

 
2.9 years

 
2.9 years


Performance Award Activity
Performance award activity for the year ended December 31, 2019 was as follows:
(in thousands, except grant date fair value)
Performance Awards
 
Weighted Average Grant Date Fair Value ($)
Performance awards, unvested at January 1
91

 
61.32

Awarded
137

 
48.92

Forfeited
(59
)
 
49.30

Vested and earned
(81
)
 
57.49

Performance awards, unvested at December 31
88

 
53.55