Equity Awards

Stock Options

The Company did not grant any stock option awards during the three months ended March 31, 2018. Information related to stock options at March 31, 2018 is as follows:



	Number of Stock Options	Weighted Average Option Price		Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2018	206,854	$	13.19
Granted	—	—
Exercised	—	—
Cancelled	—	—
Expired	—	—
Outstanding at March 31, 2018	206,854	$	13.19	6.3	$	2,700,523

As of March 31, 2018, 106,854 stock options outstanding were exercisable under the Plans. As of March 31, 2018, there was approximately $0.2 million of unrecognized compensation cost related to stock options that is expected to be recorded over a weighted average period of 1.3 years.

The Company recognized approximately $0.1 million and $0.2 million of stock-based compensation expense related to stock options during the three months ended March 31, 2018 and 2017, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income.

Restricted Stock Units

The Company issued 2,657 restricted stock units ("RSUs") related to director fee deferrals for the three months ended March 31, 2018. The Company allows for its non-employee independent directors to make an annual election to defer all or a portion of their directors fees and to receive the deferred amount in cash or equity. Certain of the Company's directors have elected to defer all or a portion of their directors fees and to receive the amount in Company common stock at a future date.

During 2015, the Company awarded performance-based RSUs to certain Company key employees which were earned based upon the Company's total shareholder return ("TSR") relative to the TSR of the common stock of a pre-defined industry peer-group and measured over a period beginning September 10, 2015 and ending on December 31, 2017. Depending on the performance achieved, the amount of shares earned could vary from 0% of the target award to a maximum of 200% of the target award. The Company attained 126.9% of the target on a weighted average basis, resulting in an increase of 31,021 shares during the three months ended March 31, 2018.

Information related to RSUs at March 31, 2018 is as follows:



	Number of Unvested RSUs		Weighted Average Grant Date Fair Value		Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2018	726,936		$	22.60
Granted	33,678		22.76
Vested	(288,895	)	22.18
Cancelled	(13,971	)	21.67
Outstanding at March 31, 2018	457,748		$	22.90	1.1	$	12,015,885

As of March 31, 2018, there was approximately $4.3 million of unrecognized compensation cost related to unvested RSUs that is expected to be recorded over a weighted average period of 1.8 years.

The Company recognized stock-based compensation expense related to RSUs of approximately $1.1 million and $1.3 million during the three months ended March 31, 2018 and 2017, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income.