CAPITAL TRANSACTIONS (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Capital Transactions |
|
| Summary of repurchases of common shares |
The following is a summary of the Company’s repurchases of common shares during the year ended December 31, 2015 (dollar and share amounts in thousands, except for per share information):
|
|
|
|
|
|
|
|
|
|
|
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|
Period |
|
Number of
Shares
|
|
Average
Price Paid per Share (includes commissions)
|
|
Program Balance Used
for Repurchases
|
January 1 — March 31, 2015 |
|
203 |
|
|
$ |
14.06 |
|
|
$ |
2,853 |
|
April 1 — June 30, 2015 |
|
94 |
|
|
13.13 |
|
|
1,228 |
|
July 1 — September 30, 2015 |
|
162 |
|
|
12.64 |
|
|
2,045 |
|
October 1 — December 31, 2015 |
|
42 |
|
|
12.07 |
|
|
519 |
|
|
|
501 |
|
|
$ |
13.26 |
|
|
$ |
6,645 |
|
|
| Schedule of stock option activity |
Stock option activity for 2015, 2014, and 2013 consisted of the following (share amounts in thousands, except for per share information):
|
|
|
|
|
|
|
|
|
Number of
Shares
|
|
Weighted Average Exercise
Price Per Share
|
Options outstanding at January 1, 2013 |
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 |
|
Granted |
335 |
|
|
14.04 |
|
Forfeited or canceled |
(284 |
) |
|
14.07 |
|
Exercised |
(405 |
) |
|
9.78 |
|
Options outstanding at December 31, 2015 |
1,683 |
|
|
$ |
12.21 |
|
|
| Schedule of weighted-average assumptions using Black-Scholes option-pricing model for estimating fair value of each option granted |
The fair value of each option grant was estimated on the date of the grant using the Black-Scholes option-pricing model with the following weighted average assumptions for the years ended December 31, 2015, 2014, and 2013:
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|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
2013 |
Weighted average grant date fair value of grants |
$ |
4.79 |
|
|
$ |
6.53 |
|
|
$ |
6.55 |
|
Expected life (in years) |
5.0 to 6.0 |
|
|
6.0 |
|
|
5.0 to 6.0 |
|
Risk-free interest rate |
1.5 to 1.8 |
|
|
1.5 |
|
|
0.6 to 1.5 |
|
Expected volatility |
42.6 to 52.3 |
|
|
56.7 |
|
|
55.9 to 58.2 |
|
Dividend yield |
2.8 to 3.6 |
|
|
2.6 |
|
|
2.1 to 2.7 |
|
|
| Summary of options outstanding and exercisable |
The following table summarizes information about options outstanding and exercisable at December 31, 2015 (share amounts in thousands, except per share information):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
179 |
|
|
4.3 |
|
$ |
4.97 |
|
|
179 |
|
|
4.3 |
|
$ |
4.97 |
|
$10.00 to $11.99 |
|
505 |
|
|
7.0 |
|
11.79 |
|
|
249 |
|
|
7.1 |
|
11.73 |
|
$12.00 to $13.99 |
|
579 |
|
|
6.7 |
|
12.85 |
|
|
405 |
|
|
6.2 |
|
12.52 |
|
$14.00 to $17.70 |
|
420 |
|
|
8.7 |
|
14.95 |
|
|
125 |
|
|
4.7 |
|
15.79 |
|
|
|
1,683 |
|
|
|
|
|
|
|
958 |
|
|
|
|
|
|
|
| Schedule of restricted stock unit activity |
Restricted stock unit activity for the period ended December 31, 2015, 2014, and 2013 is as follows: (share amounts in thousands, except per share information):
|
|
|
|
|
|
|
|
|
Number of
Shares
|
|
Weighted Average
Grant Date
Fair Value
|
Units outstanding at January 1, 2013 |
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 |
|
Granted |
679 |
|
|
12.61 |
|
Issued |
(30 |
) |
|
13.63 |
|
Forfeited |
(85 |
) |
|
12.84 |
|
Units outstanding at December 31, 2015 |
744 |
|
|
12.48 |
|
|
| Schedule of stock appreciation right activity |
Stock appreciation right activity for the period ended December 31, 2015, is as follows (share amounts in thousands, except per share information):
|
|
|
|
|
|
|
|
|
Number of
Shares
|
|
Weighted Average
Grant Date
Fair Value
|
Units outstanding at January 1, 2015 |
30 |
|
|
$ |
5.47 |
|
Granted |
— |
|
|
— |
|
Forfeited or canceled |
(10 |
) |
|
5.86 |
|
Exercised |
— |
|
|
— |
|
Units outstanding at December 31, 2015 |
20 |
|
|
5.27 |
|
|