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FORM 10-K
66
The following table summarizes activity related to restricted stock awarded by the Company for the years ended December 31, 2013,
2012 and 2011:
For the Year Ended December 31,
2013 2012 2011
Compensation expense for restricted shares awarded (in millions) $ 2.2 $ 2.0 $ 1.7
Income tax benefit from compensation expense related to restricted shares (in
millions) $ 0.8 $ 0.8 $ 0.6
Total fair value of restricted shares at vest date (in millions) $ 3.3 $ 2.7 $ 2.6
Shares awarded under the plans (in thousands) 21.2 23.7 49.9
Average grant-date fair value of shares awarded under the plans $ 102.63 $ 90.10 $ 56.18
The remaining unrecognized compensation expense related to unvested restricted share awards at December 31, 2013, was $2.9 million
and the weighted-average period of time over which this cost will be recognized is 2.1 years.
Employee stock purchase plan:
The Company’s employee stock purchase plan (the “ESPP”) permits eligible employees to purchase shares of the Company’s common
stock at 85% of the fair market value. Employees may authorize the Company to withhold up to 5% of their annual salary to participate
in the plan. The fair value of shares issued under the ESPP is based on the average of the high and low market prices of the Company’s
common stock during the offering periods. Compensation expense is recognized based on the discount between the grant-date fair value
and the employee purchase price for the shares sold to employees.
The following table summarizes activity related to the Company’s ESPP for the years ended December 31, 2013, 2012 and 2011:
For the Year Ended December 31,
2013 2012 2011
Compensation expense for shares issued under the ESPP (in millions) $ 1.7 $ 1.5 $ 1.3
Income tax benefit from compensation expense for shares issued under the ESPP
(in millions) $ 0.6 $ 0.6 $ 0.5
Shares issued under the ESPP (in thousands) 100.6 114.6 134.5
Weighted-average price of shares issued under the ESPP $ 95.51 $ 75.42 $ 53.93
Profit sharing and savings plan:
The Company sponsors a contributory profit sharing and savings plan that covers substantially all employees who are at least 21 years
of age and have at least six months of service. The Company makes matching contributions equal to 100% of the first 2% of each
employee’s wages that are contributed and 25% of the next 4% of each employee’s wages that are contributed. The Company may also
make additional discretionary profit sharing contributions to the plan on an annual basis as determined by the Board of Directors. The
Company did not issue any shares under this plan for the years ended December 31, 2013, 2012 or 2011. The Company does not anticipate
funding the plan with the issuance of shares in the future. The Company made monetary matching contributions to the plan in the amounts
of $16.5 million, $15.6 million and $11.8 million for the years ended December 31, 2013, 2012 and 2011, respectively.
NOTE 13 – COMMITMENTS
Construction commitments:
As of December 31, 2013, the Company had construction commitments in the amount of $80.8 million.
Letter of credit commitments:
As of December 31, 2013, the Company had outstanding letters of credit, primarily to satisfy workers’ compensation, general liability
and other insurance policies, in the amount of $51.7 million (see Note 5).
Debt financing commitments:
The Company’s senior notes are redeemable in whole, at any time, or in part, from time to time, at the Company’s option upon not less
than 30 nor more than 60 days’ notice at a redemption price, plus any accrued and unpaid interest to, but not including the redemption
date, equal to the greater of (i) 100% of the principal amount thereof or (ii) the sum of the present value of the remaining scheduled
payments of principal and interest thereon discounted to the redemption date on a semiannual basis at the applicable Treasury Yield plus
basis points identified in the indentures governing the notes. In addition, if at any time the Company undergoes a Change of Control
Triggering Event (as defined in the indentures governing the notes), the holders may require the Company to repurchase all or a portion