Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY

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STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2015
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY

NOTE 6.      STOCKHOLDERS’ EQUITY

      

During the three months ended March 31, 2015 the Company paid $17.5 million or $0.08 per share in cash dividends compared to $15.3 million or $0.07 per share during the same period in 2014.

 

During the first quarter ended March 31, 2015, the Company repurchased from the open market approximately 19 thousand shares of its $1 par value common stock at a weighted average price of $22.42 per share compared to approximately 50 thousand shares purchased at a weighted average price of $18.15 during the same period in 2014.

 

The Company repurchased $6.1 million of common stock for the three months ended March 31, 2015 and $5.7 million for the same period in 2014, from employees for the payment of taxes on vesting restricted shares.

 

As more fully discussed in Note 14 of the Company’s notes to the consolidated financial statements in its 2014 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 March 31, 2015, approximately 5.0 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)   2015   2014
Time lapse restricted stock:                
Pre-tax compensation expense   $ 2,865     $ 2,765  
Tax benefit     (1,109 )     (1,065 )
Restricted stock expense, net of tax   $ 1,756     $ 1,700  

 

The Company recognized a deferred tax benefit of approximately $2.3 million, $3.4 million and $4.7 million during the first quarters ended March 31, 2015 and 2014 and the year ended December 31, 2014, respectively, related to the vesting of restricted shares which have been recorded as increases to paid-in capital.

 

The following table summarizes information on unvested restricted stock outstanding as of March 31, 2015:

 

    Number of Shares   Weighted-Average Grant-Date Fair Value
Unvested Restricted Stock Units at December 31, 2014     3,100     $ 14.44  
Forfeited     (35 )     14.84  
Vested     (856 )     11.77  
Granted     682       22.43  
Unvested Restricted Stock Units at March 31, 2015     2,891     $ 17.11  

 

At March 31, 2015 and December 31, 2014, the Company had $41.3 million and $29.4 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 4.3 years and 3.7 years, respectively.