
	STOCK-BASED COMPENSATION

Compensation expense for our stock-based plans was $4.4 million, $(0.1) million, and $5.8 million for 2017, 2016, and 2015, respectively.

2012 Long-Term Incentive Plan – Under our Second Amended and Restated Long-Term Incentive Plan (“LTIP”), we are authorized to issue up to 3,500,000 shares of non-voting stock. As of December 31, 2017, 1,806,315 shares remained available for grant. Time-vested restricted stock units granted under the LTIP generally have forfeiture restrictions that lapse 100% after three years. Performance-based restricted stock units that have been granted under the LTIP, whose vesting is contingent upon meeting company-wide performance goals, have forfeiture restrictions that lapse, at the end of a three-year performance period if all performance and continued service conditions are met.

Non-Voting Time-Vested Restricted Stock Units – The following table summarizes the activity for non-voting time-vested restricted stock units granted to employees for the year ended December 31, 2017.



	Share Units		Weighted Average Grant-Date Fair Value		Remaining Average Contractual Life (in years)	Aggregate Value (in thousands)
Outstanding at January 1, 2017	202,560		$	37.91	1.25	$	7,679
Granted	480,065		11.42
Forfeited	(10,211	)	10.01
Vested and released to participants	(137,703	)	41.76
Outstanding at December 31, 2017	534,711		$	12.80	2.26	$	6,844

The weighted average grant-date fair value of time-vested restricted stock units granted during 2017 and 2016 was $11.42 and $20.07 per share, respectively. The total fair value of awards that vested in 2017 was $1.5 million. The total fair value of awards that vested in 2016 was $0.2 million. The total fair value of awards forfeited in 2017 was $0.4 million. The total fair value of awards forfeited in 2016 was $0.1 million. As of December 31, 2017, there was $4.1 million that is expected to be recognized over a weighted average period of 2.26 years.

The following table summarizes the activity for non-voting time-vested restricted stock units granted to non-employee directors for the year ended December 31, 2017.



	Share Units		Weighted Average Grant-Date Fair Value		Remaining Average Contractual Life (in years)	Aggregate Value (in thousands)
Outstanding at January 1, 2017	11,559		$	23.01	2.13	$	266
Granted	10,323		11.91
Forfeited	—		—
Vested and released to participants	(2,202	)	44.04
Outstanding at December 31, 2017	19,680		$	14.94	2.71	$	292

Non-Voting Performance-Based Restricted Stock Units – The following table summarizes the activity for non-voting performance-based restricted stock units for the year ended December 31, 2017.



	Share Units		Weighted Average Grant-Date Fair Value		Remaining Average Contractual Life (in years)	Aggregate Value (in thousands)
Outstanding at January 1, 2017	569,418		$	25.83	1.19	$	14,708
Granted	371,045		15.11
Forfeited	(122,313	)	41.64
Vested and released to participants	—		—
Outstanding at December 31, 2017	818,150		$	18.60	1.20	$	15,218

The aggregate value of the awards in the above table reflects the impact of current expectations of achievement through the end of the performance cycle. The average grant-date fair value of performance based restricted stock units granted during 2017 was $15.11 per share. The total fair value of awards that vested in 2017 was $0. Total fair value of awards forfeited in 2017 was $5.1 million. As of December 31, 2016, the Company determined that the performance thresholds set for the performance based restricted stock units were unlikely to be met. As a result, we recorded a $2.8 million reduction in compensation expense. As of December 31, 2017, there was a total of $3.3 million of unrecognized compensation cost related to the non-vested performance-based restricted stock units.