Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2017
Stockholders' Equity Note [Abstract]  



During the six months ended June 30, 2017, the Company paid $50.1 million or $0.23 per share in cash dividends compared to $43.7 million or $0.20 per share during the same period in 2016.


During the second quarter ended June 30, 2017, the Company did not repurchase shares on the open market. During the same period 2016, the Company repurchased 0.4 million shares on the open market of its $1 par value common stock at a weighted average price of $26.88 per share. The Company did not repurchase shares of its common stock on the open market during the first six months of 2017. During the first six months of 2016, the Company repurchased approximately 0.4 million shares at a weighted average price of $26.61.


The Company repurchased $159,000 and $4,000 of common stock for the quarter ended June 30, 2017 and 2016, respectively, from employees for the payment of taxes on vesting restricted shares and $7.7 million and $7.4 million of common stock for the six months ended June 30, 2017 and 2016, respectively.


As more fully discussed in Note 15 of the Company’s notes to the consolidated financial statements in its 2016 Annual Report on Form 10-K, stock options, time lapse restricted shares (TLRS’s) 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 June 30, 2017, approximately 4.3 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   Six Months Ended
    June 30,   June 30,
(in thousands)   2017   2016   2017   2016
Time lapse restricted stock:                                
Pre-tax compensation expense   $ 3,107     $ 3,055     $ 6,375       6,380  
Tax benefit     (1,202 )     (1,182 )     (2,467 )     (2,469 )
Restricted stock expense, net of tax   $ 1,905     $ 1,873     $ 3,908     $ 3,911  


The Company adopted the amendments of Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting during its first quarter of 2017. Accordingly, the income tax provisions for the quarter ended June 30, 2017 and the six months ended June 30, 2017 include excess tax benefits of $0.3 million and $4.6 million, respectively. Under prior guidance, these excess tax benefits would have been recorded in additional paid-in capital.


The following table summarizes information on unvested restricted stock outstanding as of June 30, 2017:      


    Number of Shares   Weighted-Average Grant-Date Fair Value
Unvested Restricted Stock at December 31, 2016     2,261     $ 20.21  
Forfeited     (26 )     23.44  
Vested     (642 )     21.82  
Granted     448       33.80  
Unvested Restricted Stock at June 30, 2017     2,041     $ 24.19  


At June 30, 2017 and December 31, 2016, the Company had $38.1 million and $29.9 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 4.0 years and 3.8 years, respectively.