Note 3. Share-Based Compensation

The following table summarizes share-based compensation expense:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2018			2017			2018			2017
Performance unit incentive plan (“PUP”)	$	1,324		$	1,927		$	1,518		$	3,243
Restricted stock		667			774			1,170			1,397
Restricted stock units		54			47			74			107
Share-based compensation before income tax benefit		2,045			2,748			2,762			4,747
Income tax benefit		(515	)		(1,028	)		(696	)		(1,772	)
Share-based compensation, net of income tax benefit	$	1,530		$	1,720		$	2,066		$	2,975

We did not record any share-based compensation expense through restructuring expense during the three and six months ended June 30, 2018 or 2017.

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, 2017		239,338		$	32.80		206,899		$	33.16		12,750		$	30.94
Granted		76,925		$	52.03		47,157		$	51.93		3,669		$	52.28
Vested		(75,761	)	$	27.29		(62,684	)	$	27.28		(4,300	)	$	27.35
Forfeited		—		$	—		(2,306	)	$	39.84		(258	)	$	37.69
Balance at June 30, 2018		240,502		$	40.68		189,066		$	39.71		11,861		$	38.70

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 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 June 30, 2018, there were 1,667,216 shares available for future grant under the 2017 Plan.

PUP Awards

The vesting of PUP award shares is based upon achievement of certain performance-based criteria. The performance period of the shares is three years.

During the six months ended June 30, 2018, we granted PUP awards with a grant date fair value of $4.0 million of which $1.6 million are payable in shares. Liabilities related to PUP awards were $6.0 million as of June 30, 2018 and $11.0 million as of December 31, 2017. In March 2018, PUP awards granted in 2015 vested and we distributed cash payouts of $5.9 million. In March 2017, PUP awards granted in 2014 vested and we distributed cash payouts of $3.7 million.

Restricted Stock

As of June 30, 2018, the unamortized cost of outstanding restricted stock awards was $3.7 million, which we expect to recognize over a weighted-average period of approximately 1.4 years. We repurchased 19,237 shares for $1.0 million during the six months ended June 30, 2018 and 25,642 shares for $1.2 million during the six months ended June 30, 2017 related to tax withholding requirements on vested share-based awards.

Restricted Stock Units

Aggregate liabilities related to restricted stock units were $0.3 million as of June 30, 2018 and $0.5 million as of December 31, 2017. In February 2018, the 2015 restricted stock units vested and we distributed $0.2 million in cash payouts. In February 2017, portions of the 2012 and 2014 restricted stock units vested and we distributed $0.3 million in cash payouts.

Stock Options

The following table summarizes stock option activity:

	Shares			Weighted-Average Exercise Price
Options outstanding and exercisable at December 31, 2017		63,773		$	16.62
Exercised		(5,084	)	$	16.62
Options outstanding and exercisable at June 30, 2018		58,689		$	16.62