STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2018

5.	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 March 31, 2018, there were 5,287,458 shares available for grant.

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

	Three months ended
	March 31,
(in thousands)	2018		2017
Pre-tax expense	$	2,555	$	2,687
After tax expense	$	1,929	$	1,706

Restricted Stock

The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2018:

	Shares			Weighted Average Grant-Date Fair Value
Non-vested shares at December 31, 2017		2,736,365		$	14.50
Granted		522,800			25.13
Vested		(731,008	)		13.02
Forfeited		(24,887	)		16.14
Non-vested shares at March 31, 2018		2,503,270		$	17.14

The total fair value of shares vested was approximately $16,190,000 during the three months ended March 31, 2018 and $17,527,000 during the three months ended March 31, 2017. Excess tax benefits realized from tax compensation deductions in excess of compensation expense are recorded as a discrete tax adjustment. This discrete tax adjustment was $1,604,000 for the three months ended March 31, 2018 and $2,536,000 for the three months ended March 31, 2017.

As of March 31, 2018, total unrecognized compensation cost related to non-vested restricted shares was $50,362,000, which is expected to be recognized over a weighted-average period of 4.0 years.