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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company has stock incentive plans for executives and eligible employees. Stock awards include stock options, restricted stock, and performance shares. Stock-based compensation expense for the years ended December 31, 2019, 2018, and 2017 was $9.3 million, $8.3 million and $10.5 million, respectively. At December 31, 2019, there was $6.7 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years.
Restricted Stock
Restricted stock granted under the Company’s incentive plans are accounted for based on the market value of the underlying shares on the date of grant and vest in equal installments annually over three years. Restricted stock awards are accounted for as equity awards. Holders of restricted stock are entitled to vote the shares and to receive any dividends declared on the shares.
The following table summarizes restricted stock activity for the years ended December 31, 2019, 2018, and 2017:
 
Restricted Stock
 
Number of
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding at December 31, 2016
2,433,915

 
4.48

Granted
799,165

 
8.78

Vested
(1,023,708
)
 
5.14

Canceled/Forfeited
(53,527
)
 
5.90

Outstanding at December 31, 2017
2,155,845

 
5.72

Granted
1,000,690

 
7.63

Vested
(1,277,076
)
 
5.30

Canceled/Forfeited
(337,811
)
 
6.51

Outstanding at December 31, 2018
1,541,648

 
7.14

Granted
1,586,590

 
4.90

Vested
(797,025
)
 
6.36

Canceled/Forfeited
(146,538
)
 
5.70

Outstanding at December 31, 2019
2,184,675

 
$
5.89


At December 31, 2019, there was $3.8 million of unrecognized compensation cost related to restricted stock awards to be recognized over a weighted-average period of 1.4 years.
Performance Shares
Performance shares granted under the Company’s incentive plans are accounted for as equity awards at fair value using a Monte Carlo simulation valuation model. Performance shares granted during and subsequent to 2018 will vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric. The relative stockholder return metric is included in the determination of the grant date fair value of the performance shares however the recognition of compensation cost for performance share awards is based on the results of the internal performance metrics. Outstanding performance shares granted prior to 2018 will vest at the end of a three-year service period if relative stockholder return and internal performance metrics are met. The existence of a market condition requires recognition of compensation cost for the performance share awards over the requisite period regardless of whether the relative stockholder return metric is met.
The following table summarizes performance shares activity for the years ended December 31, 2019, 2018, and 2017:
 
Performance Shares
 
Number of
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding at December 31, 2016
2,372,632

 
4.53

Granted
316,213

 
11.58

Vested
(66,696
)
 
14.18

Canceled/Forfeited
(253,868
)
 
11.56

Outstanding at December 31, 2017
2,368,281

 
4.44

Granted (1)
869,421

 
7.41

Vested
(1,086,058
)
 
6.83

Canceled/Forfeited
(613,329
)
 
5.41

Outstanding at December 31, 2018
1,538,315

 
4.05

Granted (2)
946,000

 
4.71

Vested
(969,903
)
 
1.77

Canceled/Forfeited (2)
(300,267
)
 
1.84

Outstanding at December 31, 2019
1,214,145

 
6.93


(1) Includes 461,242 additional shares granted in connection with the vesting of the 2015 award in 2018 due to above-target performance in accordance with the terms of the awards.
(2) Includes 207,264 additional shares granted and 300,267 shares cancelled in connection with the vesting of the 2016 award in 2019 due to above-target and below target performance, respectively, in accordance with the terms of the award.
At December 31, 2019, there was $2.9 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.9 years.
Stock Options and Stock Appreciation Rights
Stock options and stock appreciation rights (SARs) granted under the Company’s incentive plans vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. Stock options are accounted for as equity awards and SARs are accounted for as liability awards and remeasured at each reporting date. SARs, when vested, provide the participant the right to receive cash equal to the excess of the market price of the shares over the exercise price when exercised.
The following table sets forth the weighted average fair value of stock options and the assumptions used to estimate the fair value of the stock options using the Black-Scholes option valuation model:
 
2019
 
2018
 
2017
Weighted average fair value of stock options granted
$
—

 
$
4.09

 
$
3.91

Volatility
—

 
66.86
%
 
67.07
%
Expected life in years
0

 
4.00

 
4.00

Risk-free interest rate
—

 
2.07
%
 
1.69
%
Dividend yield
—

 
—

 
—


The following table summarizes stock option and SAR activity for the years ended December 31, 2019, 2018, and 2017:
 
Stock Options
 
SARs
 
Shares
 
Weighted
Average
Exercise
Price
 
Shares
 
Weighted
Average
Exercise
Price
Outstanding at December 31, 2016
656,611

 
10.76

 
42,152

 
14.14

Granted
14,820

 
7.60

 
—

 
—

Exercised
(26,966
)
 
3.28

 
—

 
—

Canceled/forfeited
(27,019
)
 
21.88

 
—

 
—

Outstanding at December 31, 2017
617,446

 
10.53

 
42,152

 
14.14

Granted
14,310

 
7.91

 
—

 
—

Exercised
(159,069
)
 
3.35

 
—

 
—

Canceled/forfeited
(153,601
)
 
11.48

 
—

 
—

Outstanding at December 31, 2018
319,086

 
13.53

 
42,152

 
14.14

Exercised
(11,055
)
 
5.57

 
—

 
—

Canceled/forfeited
(11,519
)
 
9.31

 
—

 
—

Expired
(4,733
)
 
10.00

 
(9,870
)
 
10.00

Outstanding at December 31, 2019
291,779

 
14.05

 
32,282

 
15.40


The following table summarizes outstanding stock options as of December 31, 2019.
Range of
Exercise Price
Number
Outstanding
 
Weighted Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Life (Years)
 
Aggregate Intrinsic Value (in thousands)
$ 0.00-$10.00
181,188

 
$
7.64

 
5.3
 
—

$10.00-$20.00
14,634

 
$
16.28

 
2.9
 
—

$20.00-$30.00
95,957

 
$
25.83

 
2.3
 
—

Outstanding
291,779

 
$
14.05

 
4.2
 
$
—

Vested and expected to vest
290,892

 
$
14.07

 
4.2
 
$
—

Exercisable
277,299

 
$
14.38

 
4.0
 
$
—


The total intrinsic value of options exercised for the year ended December 31, 2019 was nil. Cash received from options exercised for the year ended December 31, 2019 was $0.1 million for which there was no related tax benefit. The grant date fair value for stock options vested during the years ended December 31, 2019, 2018, and 2017 was nil, $0.2 million and $0.5 million, respectively.