Share-Based Compensation

9 Months Ended

Sep. 30, 2016

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						Nine Months Ended
	September 30,						September 30,
(in thousands)	2016			2015			2016			2015
Performance unit incentive plan (“PUP”)	$	1,601		$	456		$	2,952		$	1,444
Restricted stock		523			523			1,597			1,623
Restricted stock units		86			46			160			64
Share-based compensation before income tax benefit		2,210			1,025			4,709			3,131
Income tax benefit		(812	)		(381	)		(1,750	)		(1,180	)
Share-based compensation, net of income tax benefit	$	1,398		$	644		$	2,959		$	1,951

Viad recorded zero and $0.2 million of share-based compensation expense through restructuring expense for the three and nine months ended September 30, 2016, respectively, and zero and $0.1 million for the three and nine months ended September 30, 2015, respectively.

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		Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2015		279,217		$	25.65		231,165		$	26.15		16,447		$	25.69
Granted		75,250		$	27.13		104,084		$	26.88		5,500		$	26.98
Vested		(73,280	)	$	26.77		(73,188	)	$	27.35		(5,965	)	$	27.18
Forfeited		(12,747	)	$	24.85		(6,556	)	$	25.84		—		$	—
Balance at September 30, 2016		268,440		$	25.80		255,505		$	26.11		15,982		$	25.58

Restricted Stock

As of September 30, 2016, the unamortized cost of all outstanding restricted stock awards was $2.9 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.4 years. During the nine months ended September 30, 2016 and 2015, the Company repurchased 24,432 shares for $0.7 million and 34,364 shares for $0.9 million, respectively, related to tax withholding requirements on vested share-based awards. As of September 30, 2016, there were 863,127 total shares available for future grant in accordance with the provisions of the 2007 Viad Corp Omnibus Incentive Plan (the “2007 Plan”).

PUP Awards

In February 2016, the PUP Plan was amended to provide that PUP awards earned under the 2007 Plan may be payable in the form of cash or in shares of Viad common stock (or a combination of both). Previously, payouts could only be made in cash. The vesting of shares is based upon achievement of certain performance-based criteria. The performance period of the shares is for a three-year period.

During the nine months ended September 30, 2016, Viad granted $2.7 million of PUP awards of which $0.9 million are payable in shares. As of September 30, 2016 and December 31, 2015, Viad had recorded liabilities of $4.9 million and $2.4 million, respectively, related to PUP awards. In March 2016, the PUP awards granted in 2013 vested and cash payouts of $0.2 million were distributed. In March 2015, the PUP awards granted in 2012 vested and cash payouts of $2.4 million were distributed.

Restricted Stock Units

As of September 30, 2016 and December 31, 2015, Viad had aggregate liabilities recorded of $0.3 million for both periods related to restricted stock units. In February 2016, portions of the 2011, 2012, and 2013 restricted stock units vested and cash payouts of $0.2 million were distributed. Similarly, in February 2015, portions of the 2010, 2011, and 2012 restricted stock units vested and cash payouts of $0.3 million were distributed.

Stock Options

During the three and nine months ended September 30, 2016, there was no stock option activity. As of both September 30, 2016 and December 31, 2015 there were 63,773 stock options outstanding and exercisable with a weighted-average exercise price of $16.62. As of September 30, 2016, there were no unrecognized costs related to non-vested stock option awards.