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Stock Based Compensation
12 Months Ended
Dec. 31, 2019
Stock Based Compensation  
Stock Based Compensation

17. Stock Based Compensation

The Company’s 2015 Performance and Equity Incentive Plan offers a stock incentive plan whereby awards are granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards are discretionary and determined by the Compensation Committee of the Board. Stock based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. As of December 31, 2019,  1,463,543 shares were available for awards under the 2015 Plan.

Total stock-based compensation recorded in other operating and corporate expenses on the consolidated statements of income is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

    

2019

    

2018

    

2017

Stock compensation expense before tax benefit

 

$

77

 

$

71

 

$

76

Income tax benefit

 

 

(19)

 

 

(19)

 

 

(22)

 

 

$

58

 

$

52

 

$

54

 

In 2019,  2018 and 2017, the Company granted 5,708,  2,778 and 5,334 shares, respectively, of restricted stock awards to certain of the Company’s directors as fees for services rendered under the 2015 Plan, of which 2,778,  5,334 and 2,229 vested during the years ended December 31, 2019,  2018 and 2017, respectively. As of December 31, 2019, the Company had 5,708 unvested restricted stock units outstanding, which will vest in May 2020. The weighted average grant date fair value of restricted stock units during 2019,  2018 and 2017 were $17.52,  $18.00 and $18.75, respectively. The total fair values of restricted stock units that vested were $0.1 million during each 2019,  2018 and 2017.

In 2018, the Company granted 9,956 shares, net of shares withheld for taxes, of restricted stock awards to certain of the Company’s NEO’s as their discretionary cash incentive award for 2017 performance under the 2015 Plan, of which all vested during the year ended December 31, 2018. The weighted average grant date fair value of the restricted stock units granted to the Company’s NEO’s during 2018 was $19.32. The total fair value of restricted stock units related to restricted stock awards to the Company’s NEO’s that vested were $0.2 million during 2018.