Stock-Based Compensation

12 Months Ended

Dec. 31, 2019

Stock-Based Compensation [Abstract]

Stock-Based Compensation

17. Stock-Based Compensation

During the year ended December 31, 2019 and 2018, we granted performance share units (which we refer to as “PSUs”) covering up to 0.6 million shares of common stock, assuming maximum level of performance, with grant date fair values of $22.01 and $28.10, respectively, per share that are subject to both service and performance vesting conditions. The quantity of shares that will vest under the PSUs range from 0% to 250% of a targeted number of shares for each participant and will be determined based on an achievement of a three-year pre-tax income performance goal. During the year ended December 31, 2019, 2018 and 2017, we also granted restricted stock units (which we refer to as “RSUs”) covering 0.6 million, 0.3 million and 0.5 million shares of common stock, respectively, with grant date fair values of $23.85, $30.43 and $24.14 per share, respectively, that vest over a one to three-year period. Prior to 2017, we had granted restricted stock awards (“RSAs”) which fully vested during the year ended December 31, 2018.

The following table summarizes the activity of our RSUs, PSUs and RSAs for the years ended December 31, 2019, 2018 and 2017 (in thousands):

	Year Ended December 31,
	2019			2018			2017
	Shares		Weighted average per share grant date fair value	Shares		Weighted average per share grant date fair value	Shares		Weighted average per share grant date fair value
Outstanding, beginning of year	846	$	25.14	834	$	18.16	852	$	15.81
Granted	882		23.49	592		29.86	460		21.64
Vested	(430)		23.53	(491)		18.02	(452)		17.19
Forfeited	(79)		24.99	(89)		22.44	(26)		19.63
Outstanding, end of year	1,219	$	24.64	846	$	25.14	834	$	18.16

A summary of our outstanding RSUs and PSUs, assuming maximum level of performance, are as follows (in thousands, except years):

	As of December 31, 2019
Unvested units		1,219
Unrecognized compensation cost	$	12,568
Period to recognize compensation cost		1.6 years

During the years ended December 31, 2019, 2018 and 2017, the Company recognized stock-based compensation expense of $15.3 million, $13.7 million and $9.5 million, respectively, which is generally included in selling, general, and administrative on the consolidated statements of operations.