Share-Based Compensation

9 Months Ended

Sep. 30, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

Note 2. Share-Based Compensation

The following table summarizes share-based compensation expense:

	Three months ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012
	(in thousands)
Restricted stock	$	802		$	890		$	2,522		$	2,610
Performance unit incentive plan (“PUP”)		347			548			871			1,220
Stock options		3			148			104			450
Restricted stock units		50			84			72			244
Total share-based compensation before income tax benefit		1,202			1,670			3,569			4,524
Income tax benefit		(445	)		(571	)		(1,326	)		(1,606	)
Total share-based compensation, net of income tax benefit	$	757		$	1,099		$	2,243		$	2,918

In addition, $253,000 of share-based compensation costs were included in restructuring charges during the nine months ended September 30, 2012, including $94,000 related to the PUP awards presented below.

The following table summarizes the activity of the outstanding share-based compensation awards:

	Restricted Stock					Restricted Stock Units					PUP Awards
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Grant Date					Grant Date					Grant Date
	Shares			Fair Value		Units			Fair Value		Units			Fair Value
Balance at January 1, 2013		516,351		$	21.25		40,500		$	20.82		210,600		$	21.70
Granted		101,300			27.28		8,600			27.35		93,100			27.35
Vested		(161,186	)		20.74		(11,300	)		19.10		—			—
Forfeited		(5,966	)		23.07		(8,840	)		22.33		(432	)		20.60
Balance at September 30, 2013		450,499			22.76		28,960			22.98		303,268			23.43

The unamortized cost of all outstanding restricted stock awards as of September 30, 2013 was $4.1 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.9 years. During the nine months ended September 30, 2013 and 2012, the Company repurchased 48,937 shares for $1.3 million and 53,019 shares for $1.0 million, respectively, related to tax withholding requirements on vested share-based awards. As of September 30, 2013, there were 1,005,372 total shares available for future grant.

As of September 30, 2013 and December 31, 2012, Viad had liabilities recorded of $405,000 and $633,000, respectively, related to restricted stock unit liability awards. Portions of the 2009 and 2010 restricted stock unit awards vested in February 2013 and February 2012 and cash payouts of $300,000 and $257,000 were distributed in February 2013 and 2012, respectively. In addition, a portion of the 2009 performance-based restricted stock unit awards vested effective December 31, 2009 and cash payouts of $35,000 were distributed in January 2012.

As of September 30, 2013 and December 31, 2012, Viad had liabilities recorded of $4.6 million and $3.7 million, respectively, related to PUP awards. There were no PUP awards which vested during the nine months ended September 30, 2013 or 2012. Furthermore, there were no cash settlements of PUP awards during the nine months ended September 30, 2013 or 2012.

The following table summarizes stock option activity:

				Weighted-
				Average		Options
	Shares			Exercise Price		Exercisable
Options outstanding at January 1, 2013		363,896		$	22.03		276,009
Exercised		(47,343	)		19.48
Forfeited or expired		(27,419	)		28.22
Options outstanding at September 30, 2013		289,134			21.87		287,134

The total unrecognized cost related to non-vested stock option awards was $3,000 as of September 30, 2013, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of less than one year. No stock options were granted during the nine months ended September 30, 2013.