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Stock-based Compensation Plans
 3 Months Ended
Mar. 31, 2020
Stock-Based Compensation Plans [Abstract]  
Stock-Based Compensation Plans STOCK-BASED COMPENSATION PLANS
We have stock-based employee compensation plans with awards outstanding under the Churchill Downs Incorporated 2016 Omnibus Stock Incentive Plan (the "2016 Plan") and the Executive Long-Term Incentive Compensation Plan, which was adopted pursuant to the 2016 Plan. Our total stock-based compensation expense, which includes expenses related to restricted stock awards ("RSAs"), restricted stock unit awards ("RSUs"), performance share unit awards ("PSUs"), and stock options associated with our employee stock purchase plan was $4.3 million for the three months ended March 31, 2020 and $4.7 million for the three months ended March 31, 2019.
During the three months ended March 31, 2020, the Company awarded RSUs to employees and RSUs and PSUs to certain named executive officers ("NEOs"). The vesting criteria for the PSU awards granted in 2020 were based on a three-year service period with two performance conditions and a market condition related to relative total shareholder return ("TSR") consistent with prior year grants. The total compensation cost we will recognize under the PSUs will be determined using the Monte Carlo valuation methodology, which factors in the value of the TSR market condition when determining the grant date fair value of the PSU. Compensation cost for each PSU is recognized during the performance and service period based on the probable achievement of the two performance criteria. The PSUs are converted into shares of our common stock at the time the PSU award value is finalized.
On February 12, 2020, the Compensation Committee of the Board of Directors offered, and the NEOs accepted, to settle the 2017 PSU Awards in cash.
A summary of the RSUs and PSUs granted during 2020 is presented below (units in thousands):
Grant YearAward TypeNumber of Units AwardedVesting Terms
2020RSU44
Vest equally over three service periods ending in 2021, 2022, and 2023
2020RSU37
Vest equally over three service periods ending in 2020, 2021, and 2022
2020PSU37
Three year performance and service period ending in 2022