Stock-Based Compensation

9 Months Ended

Sep. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

A summary of stock option activity for the nine months ended September 30, 2016 is as follows:



	2016
	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	(In whole shares)					(In millions)
Outstanding - beginning of year	60,000		$	19.41
Granted	—		—
Exercised	(2,000	)	15.61
Canceled or expired	—		—
Outstanding - end of period	58,000		$	19.54	1.1 years	$	1.0
Options exercisable	58,000		$	19.54	1.1 years	$	1.0

A summary of restricted share activity for the nine months ended September 30, 2016 is as follows:



	2016
	Time-Based				Performance-Based
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
	(In whole shares)				(In whole shares)
Outstanding - beginning of year	208,429		$	36.61	120,000		$	48.72
Granted	58,570		30.72		165,000		34.78
Vested	(107,831	)	40.09		(40,000	)	48.72
Performance-based to time-based ^(a)	80,000		48.72		(80,000	)	48.72
Canceled or expired	(1,334	)	39.82		—		—
Outstanding - end of period	237,834		$	37.63	165,000		$	34.78

(a) During the second quarter of 2016, 40,000 of the performance-based restricted shares granted in 2015 fully vested based on achievement of the performance criteria. In accordance with the grant agreements, the remaining 80,000 shares became time-based, vesting over the remaining two years of the requisite service period.

During the first quarter of 2016, 1,500 shares were awarded, vested and expensed at the time of the award. The value of the award was immaterial.

Total stock-based compensation expense included in selling, general and administrative expenses during the first nine months of 2016 and 2015 was $8.1 million and $5.3 million, respectively. As of September 30, 2016, there was $10.2 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted average period of 1.5 years.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details