STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2019

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

6.    STOCK-BASED COMPENSATION

In April 2014, the Company reserved 8,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of 10 years expiring in April 2024. This plan provides for the issuance of various forms of stock incentives, including, among others, incentive and non-qualified stock options and restricted shares. As of September 30, 2019, there were 4,654,643 shares available for grant.

Stock-based employee compensation expense was as follows for the periods indicated:

	Three months ended				Nine months ended
	September 30,				September 30,
(in thousands)	2019		2018		2019		2018
Pre-tax expense	$	2,436	$	2,618	$	7,324	$	7,204
After tax expense	$	1,840	$	1,977	$	5,530	$	5,439

Restricted Stock

The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2019:

		Weighted Average
	Shares	Grant-Date Fair Value
Non-vested shares at December 31, 2018	2,352,150	$	17.15
Granted	858,150		11.39
Vested	(623,590)		14.73
Forfeited	(114,983)		15.78
Non-vested shares at September 30, 2019	2,471,727	$	13.21

The total fair value of shares vested was $7,018,000 during the nine months ended September 30, 2019 and $16,445,000 during the nine months ended September 30, 2018. Excess tax benefits or deficits realized from tax compensation deductions in excess of, or lower than compensation expense are recorded as either a beneficial or detrimental discrete tax adjustment. This discrete tax adjustment was a detriment of $530,600 for the nine months ended September 30, 2019 and a benefit of $1,620,000 for the nine months ended September 30, 2018.

As of September 30, 2019, total unrecognized compensation cost related to non-vested restricted shares was $45,948,000, which is expected to be recognized over a weighted-average period of 3.7 years.