Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2019
Equity [Abstract]  



During the three months ended March 31, 2019, the Company paid $34.3 million or $0.105 per share in cash dividends compared to $30.6 million or $0.093 per share during the same period in 2018.


During the first quarter ended March 31, 2019 and during the same period in 2018 the Company did not repurchase shares on the open market.


The Company repurchases shares from employees for the payment of taxes on restricted shares that have vested. The Company repurchased $9.1 million and $9.2 million of common stock for the quarter ended March 31, 2019 and 2018, respectively.


As more fully discussed in Note 17 of the Company’s notes to the consolidated financial statements in its 2018 Annual Report on Form 10-K, time-lapse restricted shares and restricted stock units have been issued to officers and other management employees under the Company’s Employee Stock Incentive Plans.  The Company issues new shares from its authorized but unissued share pool. At March 31, 2019, approximately 5.5 million shares of the Company’s common stock were reserved for issuance.


Time Lapse Restricted Shares and Restricted Stock Units


The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense:


    Three Months Ended  
    March 31,  
(in thousands)   2019     2018  
Time lapse restricted stock:                
Pre-tax compensation expense   $ 3,889     $ 3,093  
Tax benefit     (821 )     (786 )
Restricted stock expense, net of tax   $ 3,068     $ 2,307  


The following table summarizes information on unvested restricted stock outstanding as of March 31, 2019:


    Number of
    Average Grant-
Date Fair Value
Unvested Restricted Stock at December 31, 2018     2,724     $ 21.08  
Forfeited     (21 )     22.45  
Vested     (689 )     15.63  
Granted     485       38.40  
Unvested Restricted Stock at March 31, 2019     2,499     $ 25.93  


At March 31, 2019 and December 31, 2018, the Company had $53.5 million and $39.2 million of total unrecognized compensation cost, respectively, related to time-lapse restricted shares that are expected to be recognized over a weighted average period of approximately 4.8 years and 4.1 years, respectively.