Incentive Plan

The following table reflects compensation activity related to the management incentive plan for the nine-month period ending September 30, 2017 (dollar amounts in thousands):



	Compensation expense for three months ended September 30, 2017		Compensation expense for nine months ended September 30, 2017		Unrecognized compensation expense		Weighted average remaining life	Fair value of share based awards vested

Restricted stock	$	4,880	$	13,708	$	36,744	1.9	$	101
Restricted stock options	$	1,011	$	2,907	$	9,320	9.3	$	—

During the three and nine months ended September 30, 2017 and 2016, there was no excess tax benefit related to equity incentive compensation. Awards granted prior to the Effective Date were subsequently cancelled. All outstanding awards at September 30, 2017 were granted after the Effective Date as part of the Prepackaged Plan or during the current nine-month period, and relate to the Company's newly issued shares of common stock.

Stock Option Awards

The fair value of each stock option is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Stock options granted under the Company's management incentive plan expire ten years from the date they are granted, and vest over a three-year service period.

The following table reflects changes during the nine-month period and a summary of stock options outstanding at September 30, 2017:



					Weighted
					Average
			Weighted		Remaining	Aggregate
	Number of		Average		Contractual	Intrinsic
	Options		Exercise		Term	Value
	Granted		Price		(Years)	(000's)
Non-statutory stock options:
Outstanding, beginning of period	323,770		$	36.55
Options granted	333,484		41.80
Options forfeited	(2,158	)	36.55
Options exercised	—		—
Outstanding, end of period	655,096		$	39.22	9.3	$	—
Exercisable, end of period	1,080		$	36.55	9.2	$	—
Vested or expected to vest, end of period	655,096		$	39.22	9.3	$	—

There were no stock options exercised during the nine months ended September 30, 2017 and 2016.

Restricted Stock Unit Awards

A summary of the status of Basic’s non-vested restricted stock units at September 30, 2017 and changes during the nine months ended September 30, 2017 is presented in the following table:



			Weighted Average
	Number of		Grant Date Fair
Non-vested Units	Shares		Value Per Share
Non-vested at beginning of period	539,606		$	36.55
Granted during period	860,402		41.37
Vested during period	(2,698	)	36.55
Forfeited during period	(2,698	)	36.55
Non-vested at end of period	1,394,612		$	39.53

Restricted Stock Awards

On May 25, 2017, Basic’s Board of Directors (the "Board") approved grants of restricted stock awards to non-employee members of the Board. The number of restricted shares granted was 26,700. These grants are subject to vesting over a ten-month period and are subject to accelerated vesting under certain circumstances.

Phantom Stock Awards

On March 15, 2017, the Board approved grants of phantom restricted stock awards to certain key employees. The number of phantom shares issued was 42,820. These grants remain subject to vesting annually in one-third increments over a two-year period, with the first portion vested on March 15, 2017, and are subject to accelerated vesting in certain circumstances.

On June 1, 2017 the Board approved grants of phantom restricted stock awards to certain key employees. The number of phantom shares issued was 79,440. Basic granted an additional 7,580 phantom shares during the third quarter of 2017. These grants remain subject to vesting annually in one-third increments over a three-year period, with the first portion vesting on March 15, 2018, and are subject to accelerated vesting in certain circumstances.