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Share-Based Compensation
 9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Share-Based Compensation
Share-Based Compensation
The following table summarizes share-based compensation expense:
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
(in thousands)
2015
 
2014
 
2015
 
2014
Restricted stock
$
523

 
$
653

 
$
1,623

 
$
2,066

Performance unit incentive plan (“PUP”)
456

 
(600
)
 
1,444

 
(505
)
Restricted stock units
46

 
6

 
64

 
1

Share-based compensation before income tax benefit
1,025

 
59

 
3,131

 
1,562

Income tax benefit
(381
)
 
(17
)
 
(1,180
)
 
(587
)
Share-based compensation, net of income tax benefit
$
644

 
$
42

 
$
1,951

 
$
975


Viad recorded no share-based compensation expense for the three months ended September 30, 2015 and approximately $0.1 million for the nine months ended September 30, 2015 through restructuring expense.
On January 24, 2014, Viad’s Board of Directors declared a special cash dividend of $1.50 per share, or $30.5 million in the aggregate, which was paid on February 14, 2014. In accordance with the mandatory provisions of the 2007 Viad Corp Omnibus Incentive Plan (the “2007 Plan”) and the 1997 Viad Corp Omnibus Incentive Plan, the Human Resources Committee of Viad’s Board of Directors approved equitable adjustments to the outstanding long-term incentive awards of stock options and PUP awards issued pursuant to those plans in order to prevent the special dividend from diluting the rights of participants under those plans. The equitable adjustment to the outstanding stock options reduced the exercise price and increased the number of shares of common stock underlying such options. The equitable adjustment to the PUP awards reflects the effect of the special dividend, but will be paid only if certain performance goals are met at the end of the three-year performance period.
The following table summarizes the activity of the outstanding share-based compensation awards:
 
Restricted Stock
 
PUP Awards
 
Restricted Stock Units
 
Shares
 
Weighted-Average
Grant Date
Fair Value
 
Units
 
Weighted-Average
Grant Date
Fair Value
 
Units
 
Weighted-Average
Grant Date
Fair Value
Balance, December 31, 2014
328,602

 
$
23.30

 
267,120

 
$
23.51

 
25,370

 
$
23.17

Granted
82,000

 
$
27.36

 
91,100

 
$
27.31

 
4,800

 
$
27.35

Vested
(105,115
)
 
$
20.52

 
(103,555
)
 
$
20.60

 
(11,623
)
 
$
20.91

Forfeited
(27,765
)
 
$
24.19

 
(22,300
)
 
$
24.92

 
—

 
$
—

Balance, September 30, 2015
277,722

 
$
25.47

 
232,365

 
$
26.16

 
18,547

 
$
25.67


As of September 30, 2015, the unamortized cost of all outstanding restricted stock awards was $3.1 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.6 years. During the nine months ended September 30, 2015 and 2014, the Company repurchased 34,364 shares for $0.9 million and 45,711 shares for $1.1 million, respectively, related to tax withholding requirements on vested share-based awards. As of September 30, 2015, there were 964,960 total shares available for future grant in accordance with the provisions of the 2007 Plan.
As of September 30, 2015 and December 31, 2014, Viad had liabilities recorded of $1.9 million and $3.5 million, respectively, related to PUP awards. In March 2015, the PUP units granted in 2012 vested and cash payouts of $2.4 million were distributed. In March 2014, the PUP units granted in 2011 vested and cash payouts of $2.9 million were distributed.
As of September 30, 2015 and December 31, 2014, Viad had aggregate liabilities recorded of $0.3 million and $0.5 million, respectively, related to restricted stock unit liability awards. In February 2015, portions of the 2010, 2011, and 2012 restricted stock unit awards vested and cash payouts of $0.2 million were distributed. Similarly, in February 2014, portions of the 2009, 2010, and 2011 restricted stock unit awards vested and cash payouts of $0.2 million were distributed.
The following table summarizes stock option activity:
 
Shares
 
Weighted-
Average
Exercise Price
 
Options
Exercisable
Options outstanding at December 31, 2014
247,590

 
$
17.82

 
247,590

Exercised
(54,076
)
 
$
16.62

 
 
Forfeited or expired
(129,741
)
 
$
18.91

 
 
Options outstanding at September 30, 2015
63,773

 
$
16.62

 
63,773


As of September 30, 2015, there were no unrecognized costs related to non-vested stock option awards.