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Share-Based Compensation
3 Months Ended
Mar. 31, 2019
Share Based Compensation [Abstract]  
Share-Based Compensation

NOTE 11. Share-Based Compensation

Restricted Stock Unit Activity

A summary of the Company’s restricted stock unit activity with respect to the three months ended March 31, 2019 is as follows:

 

 

 

Number of Shares

 

 

Weighted Average

Grant Date Fair Value

 

Nonvested at December 31, 2018

 

 

794

 

 

$

19.51

 

Granted

 

 

288

 

 

$

23.50

 

Vested

 

 

(124

)

 

$

14.21

 

Forfeited

 

 

(5

)

 

$

20.28

 

Nonvested at March 31, 2019

 

 

953

 

 

$

21.40

 

 

Included in the number of shares granted in the table directly above are 55 market performance-based restricted stock units (“MPRSUs”) granted to executives in 2019.  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 2019 MPRSUs cliff vest at the end of the three-year period and have a maximum potential to vest at 200% (111 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 $26.72.

As of March 31, 2019 and December 31, 2018, there was $14,034 and $9,517 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 2.6 years and 2.1 years for each of the respective periods.