Stock-Based Compensation [Text Block] | Stock-Based Compensation Our 2011 Management Incentive Plan (the Plan) was designed to attract, retain and motivate key employees. Awards granted under the Plan are settled in shares of Class A common stock. At the beginning of each year, the Plan provides that the number of shares available for issuance automatically increases by an amount equal to 1.5% of the total number of shares of Class A and Class B common stock outstanding on December 31 st of the previous year. On January 2, 2015 , there were 560,584 additional shares made available for issuance under the Plan. Through September 30, 2015 , the Board of Directors has authorized the issuance of up to 12,817,107 shares under this plan. Through September 30, 2015 , the remaining aggregate number of shares of our common stock available for future grants under the Plan was 5,046,249 . The Plan expires in May 2021 . The Plan is administered by the compensation committee of our Board of Directors, along with its delegates. Subject to the express provisions of the Plan, the committee has the Board of Directors’ authority to administer and interpret the Plan, including the discretion to determine the exercise price, vesting schedule, contractual life and the number of shares to be issued. For the three months ended September 30, 2015 and 2014 , we recorded $1.5 million and $1.1 million of stock-based compensation expense, respectively. For the nine months ended September 30, 2015 and 2014 , we recorded $4.2 million and $3.3 million of stock-based compensation expense, respectively. No compensation expense of employees with stock awards, including stock-based compensation expense, was capitalized during the periods. For the nine months ended September 30, 2015 and 2014 , the total recognized tax deficiency from the exercise of stock options, cancellation of vested stock options, and the vesting of restricted stock was $2.6 million and $2.8 million , respectively. Stock Options —Under the Plan, we have issued stock options. A stock option granted gives the holder the right, but not the obligation, to purchase a certain number of shares at a predetermined price for a specific period of time. During the nine months ended September 30, 2015 and 2014 , we issued options that vest over three years in equal annual installments beginning on the first anniversary of the date of grant and expire five years from the date of grant. Under the terms of the Plan, the contractual life of the option grants may not exceed eight years . The related compensation expense is recognized over the service period and is based on the grant date fair value of the stock and the number of shares expected to vest. Fair Value Determination —We have used the Black-Scholes-Merton option pricing model to determine fair value of our awards on the date of grant. We will reconsider the use of the Black-Scholes-Merton model if additional information becomes available in the future that indicates another model would be more appropriate or if grants issued in future periods have characteristics that cannot be reasonably estimated under this model. The following weighted-average assumptions were used for option grants during the nine months ended September 30, 2015 and 2014 : Volatility —The expected volatility of the options granted was estimated based upon historical volatility of our share price through weekly observations of our trading history. Expected Term —The expected term of options granted to employees during the nine months ended September 30, 2015 and 2014 was determined from historical exercises of the grantee population. For all grants valued during the nine months ended September 30, 2015 and 2014 , the options had graded vesting over three years in equal annual installments beginning on the first anniversary of the date of grant and a contractual term of five years . Risk-free Interest Rate —The yield on zero-coupon U.S. Treasury strips was used to extrapolate a forward-yield curve. This “term structure” of future interest rates was then input into a numeric model to provide the equivalent risk-free rate to be used in the Black-Scholes-Merton model based on the expected term of the underlying grants. Dividend Yield —The Black-Scholes-Merton valuation model requires an expected dividend yield as an input. We have calculated our expected dividend yield based on an expected annual cash dividend of $0.84 per share. The following table summarizes weighted-average assumptions used in our calculations of fair value for the nine months ended September 30, 2015 and 2014 : Nine months ended 2015 2014 Volatility 26.95 % 29.88 % Expected life of options 3 years 3 years Risk-free interest rate 1.13 % 0.85 % Dividend yield 3.00 % 3.00 % Stock Option Activity —The weighted-average fair value of options granted during the nine months ended September 30, 2015 and 2014 , as determined under the Black-Scholes-Merton valuation model, was $4.89 and $4.90 , respectively. Option grants that vested during the nine months ended September 30, 2015 and 2014 had a combined fair value of $1.8 million and $2.6 million , respectively. The following table summarizes stock option activity for the year ended December 31, 2014 and the nine months ended September 30, 2015 : Number of Shares Weighted Average Exercise Price Aggregate Intrinsic Value Stock options at December 31, 2013 3,400,120 $ 35.51 $ 4,488 Granted 946,576 $ 29.12 Exercised (158,371 ) $ 24.78 $ 754 Cancelled and expired (797,293 ) $ 41.75 Stock options at December 31, 2014 3,391,032 $ 32.76 $ 4,722 Granted 140,340 $ 31.88 Exercised (162,139 ) $ 27.65 $ 856 Cancelled and expired (738,038 ) $ 40.28 Stock options at September 30, 2015 2,631,195 $ 30.91 $ 40 The following table summarizes non-vested stock options for the nine months ended September 30, 2015 : Number of Shares Weighted Average Fair Value Non-vested stock options at December 31, 2014 1,673,528 $ 4.83 Granted 140,340 $ 4.89 Vested (355,186 ) $ 5.06 Cancelled (177,507 ) $ 4.80 Non-vested stock options at September 30, 2015 1,281,175 $ 4.78 The following table includes information concerning stock options exercisable and stock options expected to vest at September 30, 2015 : Number of Shares Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value Stock options exercisable 1,350,020 2 years $ 33.01 $ 40 Stock options expected to vest 1,175,417 4 years $ 28.66 $ — Stock options exercisable and expected to vest 2,525,437 Unrecognized compensation expense related to outstanding stock options expected to vest as of September 30, 2015 was $3.4 million , which is expected to be recognized over a weighted-average period of 1 year and will be adjusted for any future changes in estimated forfeitures. Restricted Stock —Under the Plan, we have issued restricted stock. A restricted stock award is an issuance of shares that cannot be sold or transferred by the recipient until the vesting period lapses. Restricted stock issued to members of our Board of Directors vests in one year . The related compensation expense is recognized over the service period and is based on the grant date fair value of the stock and the number of shares expected to vest. Restricted Stock Activity —The following table summarizes the restricted stock activity during the year ended December 31, 2014 and the nine months ended September 30, 2015 : Number of Shares Weighted Average Fair Value Non-vested restricted stock at December 31, 2013 21,000 $ 27.65 Granted 21,000 $ 30.61 Vested (21,000 ) $ 27.65 Non-vested restricted stock at December 31, 2014 21,000 $ 30.61 Granted 21,000 $ 28.98 Vested (21,000 ) $ 30.61 Non-vested restricted stock at September 30, 2015 21,000 $ 28.98 Restricted Stock Units —Under the Plan, we issued restricted stock units (RSUs). RSUs are not actual shares, but rather a right to receive shares in the future based on the level of achievement of performance criteria. The shares are not issued and the employee cannot sell or transfer shares prior to vesting and has no voting rights until the RSUs vest. Employees who are granted RSUs do not receive dividend payments during the service period. The employees' RSUs will result in the delivery of shares if (a) performance criteria is met and (b) the employee remains employed, in good standing, through the date of the performance period. The performance period is 2 years ( January 1, 2015 to December 31, 2016 ). The grant date fair value of the RSUs is equal to the closing market price of our common stock on the grant date less the present value of dividends expected to be awarded during the service period. We recognize the grant date fair value of RSUs of shares we expect to issue as compensation expense ratably over the requisite service period. Restricted Stock Unit Activity —The following table summarizes the nonvested restricted stock unit activity during the nine months ended September 30, 2015 : Number of Units Weighted Average Fair Value Non-vested restricted stock units at December 31, 2014 — $ — Granted 105,900 $ 30.85 Forfeited (9,300 ) $ 30.92 Non-vested restricted stock units at September 30, 2015 96,600 $ 30.85 |