SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2016

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

NOTE K – SHARE‑BASED COMPENSATION

Stock Awards

As of December 31, 2016 and 2015, the Company had outstanding restricted stock units granted under the 2005 Ownership Incentive Plan (“the 2005 Plan”). The 2005 Plan, as amended, provides for the granting of 3.1 million shares, which may be awarded as incentive and nonqualified stock options, Stock Appreciation Rights (“SARs”), restricted stock, or restricted stock units. As of December 31, 2016, the Company had not elected to treat any exercised options as employer SARs and no employee SARs had been granted.

Restricted Stock Units

A summary of the Company’s restricted stock unit award program is presented below:

	Units
Outstanding – January 1, 2016	1,313,550
Granted	536,440
Vested	(236,105)
Forfeited	(136,348)
Outstanding – December 31, 2016	1,477,537

The Compensation Committee of the Company’s Board of Directors granted restricted stock units under the 2005 Plan during the years ended December 31, 2016, 2015, and 2014 as follows:

k

		Weighted-Average
		Grant Date
	Units	Fair Value
2016	536,440	$	15.89
2015	269,660	$	35.50
2014	232,450	$	40.19

The fair value of restricted stock awards that vested in 2016, 2015, and 2014 was $5.8 million, $9.8 million, and $9.4 million, respectively. Unrecognized compensation cost related to restricted stock awards outstanding as of December 31, 2016 was $16.4 million, which is expected to be recognized over a weighted‑average period of approximately two years.