Incentive Plan

The following table reflects compensation activity related to the management incentive plan for the three-month period ending March 31, 2018 (dollar amounts in thousands):



	Compensation expense for three months ended March 31, 2018		Compensation expense for three months ended March 31, 2017		Unrecognized compensation expense		Weighted average remaining life	Fair value of share based awards vested

Restricted stock awards and restricted stock units	$	5,732	$	3,616	$	32,223	2.0	$	4,882
Stock options	$	1,066	$	832	$	7,125	8.8	$	—

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 three-month period and a summary of stock options outstanding at March 31, 2018:



				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	654,016	$	39.23
Options granted	—	—
Options forfeited	—	—
Options exercised	—	—
Outstanding, end of period	654,016	$	39.23	8.8	$	—
Exercisable, end of period	222,354	$	39.23	8.8	$	—
Vested or expected to vest, end of period	431,662	$	39.23	8.8	$	—

There were no stock options exercised during the three months ended March 31, 2018 and 2017.

Restricted Stock Unit Awards

A summary of the status of Basic’s non-vested restricted stock units at March 31, 2018 and changes during the three months ended March 31, 2018 are 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	1,097,010		$	36.35
Granted during period	407,250		16.02
Vested during period	(284,904	)	36.21
Forfeited during period	—		—
Non-vested at end of period	1,219,356		$	29.59

Phantom Stock Awards

On February 8, 2018, the Compensation Committee approved grants of phantom restricted stock awards to certain key employees. Phantom shares are recorded as a liability at their current market value and are included in other current liabilities. The number of phantom shares issued on February 8, 2018 was 82,170. These grants remain subject to vesting annually in one-third increments over a three-year period, with the first portion vesting on March 15, 2019, and are subject to accelerated vesting in certain circumstances.