Share-Based Compensation

9 Months Ended

Sep. 30, 2017

NOTE 9. Share-Based Compensation

Restricted Stock Unit Activity

A summary of the Company’s nonvested restricted stock unit activity with respect to the nine months ended September 30, 2017 is as follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2016		1,136		$	12.30
Granted		274		$	22.62
Vested		(317	)	$	11.90
Forfeited		(47	)	$	12.92
Nonvested at September 30, 2017		1,046		$	15.10

Included in the number of shares granted in the table directly above are 38 market performance-based restricted stock units (MPRSUs) granted to executives. Vesting of these MPRSUs is contingent upon the Company meeting certain total shareholder return (TSR) levels as compared to a select peer group over the next three years. The MPRSUs cliff vest at the end of the three-year period and have a maximum potential to vest at 200% (76 shares) based on TSR performance. The related share-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized straight-line over the vesting term. The estimated fair value per share of the MPRSUs was $25.30 and was calculated using a Monte Carlo simulation model.

As of September 30, 2017 and December 31, 2016, there was $11,002 and $8,697 of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively. That cost is expected to be recognized over a weighted average period of 2.4 years and 2.7 years for the respective periods.