Annual report pursuant to Section 13 and 15(d)

CAPITAL TRANSACTIONS (Tables)

v2.4.1.9
CAPITAL TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2014
Summary of repurchases of common shares

 

Period

 

Number of
Shares

 

Average
Price Paid per Share

 

Program Balance Used
for Repurchases

 

July 1 — September 30, 2014

 
177 

 

$
15.49 

 

$
2,731 

 

October 1 — December 31, 2014

 
319 

 
14.80 

 
4,724 

 

 

 
496 

 

$
15.03 

 

$
7,455 

 

 

Schedule of stock option activity

 

 

 

Number of
Shares (in
thousands)

 

Weighted Average Exercise
Price Per Share

 

Options outstanding at January 1, 2012

 
1,374

 

$
9.88

 

Granted

 
686

 
15.11

 

Forfeited or canceled

 
(35

)
13.60

 

Exercised

 
(241

)
9.95

 

Options outstanding at December 31, 2012

 
1,784

 
11.81

 

Granted

 
832

 
15.85

 

Forfeited or canceled

 
(184

)
13.65

 

Exercised

 
(506

)
8.56

 

Options outstanding at December 31, 2013

 
1,926

 
12.54

 

Granted

 
258

 
15.38

 

Forfeited or canceled

 
(23

)
13.33

 

Exercised

 
(124

)
6.42

 

Options outstanding at December 31, 2014

 
2,037

 

$
11.69

 

 

Schedule of weighted-average assumptions using Black-Scholes option-pricing model for estimating fair value of each option granted

 

 

 

2014

 

2013

 

2012

 

Weighted average grant date fair value of grants

 

$
6.53 

 

$
6.55 

 

$
7.21 

 

Expected life (in years)

 
6.0 

 

5.0 to 6.0

 

4.0 to 6.0

 

Risk-free interest rate

 
1.5 

 

0.6 to 1.5

 

0.3 to 0.9

 

Expected volatility

 
56.7 

 

55.9 to 58.2

 

58.5 to 66.0

 

Dividend yield

 
2.6 

 

2.1 to 2.7

 

0.0 to 1.3

 

 

Summary of options outstanding and exercisable

 

The following table summarizes information about options outstanding and exercisable at December 31, 2014.

 

 

 

Options Outstanding

 

Options Exercisable

 

Range of Option
Prices Per Share

 

Options
Outstanding

 

Weighted-Avg.
Remaining
Contractual Life

 

Weighted-Avg.
Exercise Price
Per Share

 

Options
Exercisable

 

Weighted-Avg.
Remaining
Contractual Life

 

Weighted-Avg.
Exercise Price
Per Share

 

$2.35 to $9.99

 
340 

 
5.5 

 

$
5.33 

 
340 

 
5.5 

 

$
5.33 

 

$10.00 to $13.99

 
1,487 

 
7.8 

 
12.42 

 
642 

 
7.2 

 
12.17 

 

$14.00 to $17.70

 
210 

 
8.8 

 
16.83 

 
87 

 
8.8 

 
16.73 

 

 

 
2,037 

 
7.5 

 

$
11.69 

 
1,069 

 
6.8 

 

$
10.36 

 

 

Schedule of restricted stock unit activity

 

 

 

Number of
Shares

 

Weighted Average
Grant Date
Fair Value

 

Units outstanding at January 1, 2012

 

—

 

$

—

 

Granted

 
18

 
12.07

 

Issued

 

—

 

—

 

Forfeited

 

—

 

—

 

Units outstanding at December 31, 2012

 
18

 
12.07

 

Granted

 
17

 
12.90

 

Issued

 
(3

)
12.07

 

Forfeited

 

—

 

—

 

Units outstanding at December 31, 2013

 
32

 
12.47

 

Granted

 
156

 
10.73

 

Issued

 

—

 

—

 

Forfeited

 
(8

)
15.37

 

Units outstanding at December 31, 2014

 
180

 
15.09

 

 

Schedule of stock appreciation right activity

 

 

 

Number of
Shares

 

Weighted Average
Grant Date
Fair Value

 

Units outstanding at January 1, 2014

 

—

 

$

—

 

Granted

 
30 

 
5.47 

 

Forfeited or cancelled

 

—

 

—

 

Exercised

 

—

 

—

 

Units outstanding at December 31, 2014

 
30 

 
5.47 

 

 

SARs  
Schedule of weighted-average assumptions using Black-Scholes option-pricing model for estimating fair value of each option granted

 

 

 

2014

 

Weighted average grant date fair value of grants

 

$
5.47 

 

Expected life (in years)

 
6.0 

 

Risk-free interest rate

 
1.5 

 

Expected volatility

 
53.8 

 

Dividend yield

 

2.7 to 3.0