Stock-Based Compensation

9 Months Ended

Sep. 30, 2017

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

A summary of stock option activity for the nine months ended September 30, 2017 is as follows:



	2017
	Number of Shares		Weighted Average Exercise Price
	(In whole shares)
Outstanding - beginning of year	38,000		19.30
Granted	—		—
Exercised	(24,907	)	21.22
Canceled or expired	—		—
Outstanding - end of period	13,093		15.61
Options exercisable	13,093		15.61

A summary of restricted share activity for the nine months ended September 30, 2017 is as follows:



	2017
	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	216,916		$	36.94	165,000		$	34.78
Granted	104,670		38.41		165,000		38.10
Vested	(89,404	)	44.39		(55,000	)	34.78
Performance-based to time-based ^(a)	110,000		34.78		(110,000	)	34.78
Canceled or expired	(2,000	)	37.87		—		—
Outstanding - end of period	340,182		$	34.73	165,000		$	38.10

(a) During the first quarter of 2017, 55,000 of the performance-based restricted shares granted in 2016 fully vested based on the achievement of the performance criteria. In accordance with the grant agreements, the remaining 110,000 shares became time-based, vesting over the remaining two years of the requisite service period.

Total stock-based compensation expense included in selling, general and administrative expenses during the first nine months of 2017 and 2016 was $6.3 million and $8.1 million, respectively. As of September 30, 2017, there was $11.4 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 1.8 years.