Share-Based Compensation

3 Months Ended

Mar. 31, 2018

Historically, the Company has provided compensation benefits by granting share-based awards to its employees and its directors. The Company has historically granted the majority of its share-based awards during the second quarter of each fiscal year, and no options or restricted stock units were granted in the three months ended March 31, 2018 and 2017. The grant of employee stock purchase rights and the issuance of shares under the employee stock purchase plan are made in the third quarter of each fiscal year and none were issued in the three-month periods ended March 31, 2018 and 2017.

The Company recognizes stock compensation expense based on an estimate of the fair value of awards granted to employees and directors under the Company’s omnibus incentive, stock option, director restricted stock and employee stock purchase rights plans. This expense, adjusted for expected forfeitures, is recognized in net earnings on a straight-line basis over the service periods as salaries and related costs.

Total stock compensation expense and the total related tax benefit recognized are as follows:



	Three months ended
	March 31,
	2018		2017
Stock compensation expense	$	11,267	$	10,623
Recognized tax benefit	$	1,517	$	2,213