Note 2. Share-Based Compensation

The following table summarizes share-based compensation expense:

	Year Ended December 31,
(in thousands)	2017			2016			2015
Performance unit incentive plan (“PUP”)	$	8,088		$	5,703		$	1,692
Restricted stock		2,594			2,073			2,111
Restricted stock units		287			262			45
Share-based compensation before income tax benefit		10,969			8,038			3,848
Income tax benefit		(4,079	)		(2,988	)		(1,454	)
Share-based compensation, net of income tax benefit	$	6,890		$	5,050		$	2,394

We recorded share-based compensation expense through restructuring expense of $0.1 million during 2017, $0.2 million in 2016, and $45,000 in 2015. The 2017 and 2016 amounts relate to PUP and restricted stock units. The 2015 amount related to restricted stock units. No share-based compensation costs were capitalized during 2017, 2016, or 2015.

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

	PUP Awards					Restricted Stock					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, 2016		255,505		$	26.11		267,051		$	25.96		15,982		$	25.58
Granted		73,557		$	47.44		67,029		$	46.99		2,950		$	47.45
Vested		(76,082	)	$	24.07		(112,548	)	$	24.04		(6,182	)	$	24.97
Forfeited		(13,642	)	$	34.99		(14,633	)	$	35.31		—		$	—
Balance at December 31, 2017		239,338		$	32.80		206,899		$	33.16		12,750		$	30.94

Viad Corp Omnibus Incentive Plan

We grant share-based compensation awards to our officers, directors, and certain key employees pursuant to the 2017 Viad Corp Omnibus Incentive Plan (the “2017 Plan”). The 2017 Plan was approved by our stockholders and was effective May 18, 2017. The 2017 Plan replaced the 2007 Viad Corp Omnibus Stock Plan (the “2007 Plan”). No further awards may be made under the 2007 Plan, although awards previously granted under the 2007 Plan will remain outstanding in accordance with their respective terms. The 2017 Plan has a 10-year life and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards; and (f) certain other stock-based awards. In June 2017, we registered 1,750,000 shares of common stock issuable under the 2017 Plan. As of December 31, 2017, there were 1,744,546 shares available for future grant under the 2017 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 our 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 three years.

During the year ended December 31, 2017, we granted $3.5 million PUP awards of which $1.4 million are payable in shares. Liabilities related to PUP awards were $11.0 million as of December 31, 2017 and $7.6 million as of December 31, 2016. In March 2017, PUP awards granted in 2014 vested and we distributed cash payouts of $3.7 million. In March 2016, PUP awards granted in 2013 vested and we distributed cash payouts of $0.2 million. In March 2015, PUP awards granted in 2012 vested and we distributed cash payouts of $2.4 million.

Restricted Stock

The grant date fair value of vested restricted stock was $2.7 million in 2017, $2.0 million in 2016, and $2.2 million in 2015. As of December 31, 2017, the unamortized cost of outstanding restricted stock awards was $2.5 million, which we expect to recognize over a weighted-average period of approximately 1.2 years. We repurchased 41,532 shares for $2.1 million in 2017 and 25,432 shares for $0.7 million in 2016 related to tax withholding requirements on vested share-based awards. During 2015, we repurchased 141,462 shares on the open market for $3.8 million and 35,649 shares for $1.0 million related to tax withholding requirements on vested share-based awards.

Restricted Stock Units

Aggregate liabilities related to restricted stock units was $0.5 million as of December 31, 2017 and $0.4 million as of December 31, 2016. In February 2017, portions of the 2012 and 2014 restricted stock units vested and we distributed cash payouts of $0.3 million. In February 2016, portions of the 2011, 2012, and 2013 restricted stock units vested and we distributed cash payouts of $0.2 million. In February 2015, portions of the 2010, 2011, and 2012 restricted stock units vested and we distributed cash payouts of $0.3 million.

Stock Options

During the year ended December 31, 2017, there was no stock option activity. As of both December 31, 2017 and 2016, there were 63,773 stock options outstanding and exercisable with a weighted-average exercise price of $16.62 and a weighted-average remaining contractual life of 2 years. As of December 31, 2017, there were no unrecognized costs related to non-vested stock option awards.

The following table provides additional stock option information:

	December 31,
(in thousands)	2017		2016		2015
Total intrinsic value of stock options outstanding⁽¹⁾	$	2,473	$	1,753	$	740
Total intrinsic value of stock options exercised	$	—	$	—	$	1,474
Cash received from the exercise of stock options	$	—	$	—	$	898
Tax benefits realized for tax deductions related to stock option exercises	$	—	$	—	$	104

⁽¹⁾	The intrinsic value of stock options outstanding represents the difference between our closing stock price on December 31 of each year and the exercise price, multiplied by the number of in-the-money stock options.