STOCK BASED COMPENSATION

The Company’s Board of Directors has adopted various stock-based compensation plans. The plans provide for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and performance stock units. Pursuant to the plans, shares are reserved for future issuance by the Company upon exercise of stock options or awarding of bonus shares granted to directors, officers and other key employees.

Share and per share information regarding Stock-Based Compensation Plans has been adjusted to reflect the effects of the Company’s two-for-one stock split which became effective on February 8, 2018. The table below summarizes the transactions under the Company’s active stock compensation plans for the six months ended June 30, 2018:



	Stock Options Outstanding				Non-vested Stock Awards Outstanding				Non-vested Stock Units Outstanding
	Number of Shares (000)		Weighted Average Exercise Price		Number of Shares (000)		Weighted Average Exercise Price		Number of Shares (000)		Weighted Average Exercise Price
Balance, January 1, 2018	812		$	21.98	162		$	20.86	652		$	27.92
Granted	—		—		—		—		319		29.22
Stock Options Exercised	(110	)	19.33		—		—		—		—
Stock Awards/Units Vested	—		—		(42	)	17.94		(160	)	27.70
Forfeited/Expired	(6	)	21.73		(10	)	19.81		(71	)	28.32

Balance, June 30, 2018	696		$	22.40	110		$	22.06	740		$	28.48

Exercisable, June 30, 2018	662		$	22.35

The following table summarizes information about stock options under the plans outstanding at June 30, 2018:



					Options Outstanding			Options Exercisable
Range of Exercise Prices					Number of Shares (000)	Weighted Average Remaining Contractual Life (Years)	Weighted Average Exercise Price	Number of Shares (000)	Weighted Average Exercise Price
$	8.78	—	$	8.78	1	0.56	$8.78	1	$8.78
9.46		—	9.46		1	3.55	9.46	1	9.46
10.65		—	10.65		4	4.57	10.65	4	10.65
10.76		—	10.76		2	1.55	10.76	2	10.76
20.29		—	20.29		71	6.50	20.29	71	20.29
20.36		—	20.36		3	6.38	20.36	1	20.36
22.20		—	22.20		74	6.73	22.20	74	22.20
22.75		—	22.75		436	7.11	22.75	436	22.75
23.51		—	23.51		97	7.56	23.51	65	23.51
24.07		—	24.07		7	7.21	24.07	7	24.07
$	8.78	—	$	24.07	696	7.02	$22.40	662	$22.35

Stock-based compensation expense was $6,504,000 and $4,499,000 during the six months ended June 30, 2018 and 2017, respectively. Stock-based compensation expense is recognized ratably over the requisite service period for all stock-based awards. There was $113,000 of unrecognized stock-based compensation expense related to stock options at June 30, 2018. Unrecognized stock-based compensation expense related to non-vested stock awards was $23,335,000 at June 30, 2018. At such date, the weighted-average period over which this unrecognized expense is expected to be recognized was 2.1 years.

The intrinsic value of stock options outstanding and stock options exercisable at June 30, 2018 was $5,222,000 and $5,003,000. Aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $29.90 as of June 30, 2018, and the exercise price multiplied by the number of options outstanding. The total intrinsic value of stock options exercised during the six months ended June 30, 2018 and June 30, 2017, was $1,180,000 and $765,000, respectively.

The fair value of the Company’s employee stock options granted is estimated on the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. There were no stock options granted during the six months ended June 30, 2018 and 2017.