Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS' EQUITY

v3.8.0.1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Stockholders' Equity
STOCKHOLDERS' EQUITY
During the three months ended March 31, 2018, the Company paid $30.6 million or $0.14 per share in cash dividends compared to $25.1 million or $0.115 per share during the same period in 2017.
During the first quarter ended March 31, 2018 and during the same period in 2017 the Company did not repurchase shares on the open market.
The Company also repurchases shares from employees for the payment of taxes on vesting restricted shares. The Company repurchased $9.2 million and $7.5 million of common stock for the quarter ended March 31, 2018 and 2017, respectively, from employees for the payment of taxes on vesting restricted shares.
As more fully discussed in Note 15 of the Company’s notes to the consolidated financial statements in its 2017 Annual Report on Form 10-K, stock options, 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, 2018, approximately 3.9 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)
2018
 
2017
Time lapse restricted stock:
 

 
 

Pre-tax compensation expense
$
3,093

 
$
3,267

Tax benefit
(786
)
 
(1,264
)
Restricted stock expense, net of tax
$
2,307

 
$
2,003


The following table summarizes information on unvested restricted stock outstanding as of March 31, 2018:
 
Number of
Shares
 
Average Grant-
Date Fair
Value
Unvested Restricted Stock at December 31, 2017
2,017

 
$
24.50

Forfeited
(5
)
 
18.68

Vested
(586
)
 
19.69

Granted
384

 
47.88

Unvested Restricted Stock at March 31, 2018
1,810

 
$
31.00


At March 31, 2018 and December 31, 2017, the Company had $48.1 million and $32.9 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 4.5 years and 3.9 years, respectively.