Share-Based Compensation

3 Months Ended

Mar. 31, 2018

NOTE 9. Share-Based Compensation

Restricted Stock Unit Activity

A summary of the activity with respect to the Company’s nonvested restricted stock units during the three months ended March 31, 2018 is as follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2017		1,014		$	14.88
Granted		109		$	27.36
Vested		(159	)	$	12.52
Forfeited		(7	)	$	13.37
Nonvested at March 31, 2018		957		$	16.71

Included in the number of shares granted in the table directly above are 53 market performance-based restricted stock units (MPRSUs) granted to executives for 2018. Vesting of these MPRSUs is contingent upon the Company meeting certain total shareholder return (TSR) levels as compared to a select peer group over three years from the year granted. The 2018 MPRSUs cliff vest at the end of the three-year period and have a maximum potential to vest at 200% (105 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 $30.76.

As of March 31, 2018 and December 31, 2017, there was $10,791 and $9,420 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 2.2 years for each of the respective periods.