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Shared-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Components of Share-Based Compensation Expense by Type of Award
The following table lists the components of share-based compensation expense by type of award. 
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Stock options
 
$
371

 
$
173

 
$
732

 
$
531

Restricted stock
 
446

 
388

 
1,407

 
1,244

Performance share units
 
334

 
530

 
991

 
1,650

Change in estimate of share-based award vesting
 
(1,275
)
 
(802
)
 
(1,275
)
 
(802
)
Share-based compensation expense
 
$
(124
)
 
$
289

 
$
1,855

 
$
2,623
Weighted Average Assumptions Relevant to Determining the Fair Value at the Dates of Grant and Stock Option Modification
The following table shows the weighted average assumptions relevant to determining the fair value of stock options granted in 2019.
 
2019
Expected term
6 years

Risk free interest rate
2.47
%
Dividend yield
3.53
%
Expected volatility
49.53
%
Expected forfeiture rate
4.00
%
Reconciliation of Option Activity
The following table presents stock option activity for the nine months ended September 30, 2019.
 
 
 
Number of Options
(in thousands)
 
Weighted-
Average
Exercise
Price
(per share)
 
Weighted-
Average
Remaining
Contractual
Term (years)
 
Aggregate
Intrinsic
Value
 
 
Outstanding at January 1, 2019
 
771

 
$
15.17

 
 
 
 
 
 
Granted
 
210

 
7.93

 
 
 
 
 
 
Exercised
 
(5
)
 
4.42

 
 
 
$
7

 
 
Forfeited or expired
 
(139
)
 
15.61

 

 

 
 
Outstanding at September 30, 2019
 
837

 
$
13.34

 
6.0
 
$
—

 
(1) 
Exercisable at September 30, 2019
 
570

 
$
14.24

 
4.6
 
$
—

 
(1) 
_______________________________ 
(1)
The aggregate intrinsic value is the sum of intrinsic values for each exercisable individual option grant. The intrinsic value is the amount by which the closing market price of our stock at September 30, 2019, was greater than the exercise price of any individual option grant.
Reconciliation of Restricted Stock Option Activity
The following table presents the status of unvested restricted stock awards as of September 30, 2019, and changes during the nine months then ended.
 
 
Nonvested
Restricted
Shares
(in thousands)
 
Weighted
Average
Grant-Date
Fair Value
(per share)
Nonvested at January 1, 2019
 
146

 
$
22.07

Granted
 
309

 
7.85

Vested
 
(144
)
 
18.14

Forfeited
 
(79
)
 
10.09

Nonvested at September 30, 2019
 
232

 
$
9.62
Schedule of Performance Based Awards Goals with Respect to TSR and ROIC
The following table presents the goals with respect to TSR Awards and ROIC Awards granted in 2019.
TSR Awards:
 
Threshold Performance
(50% of Shares)
 
Target Performance
(100% of Shares)
 
Maximum Performance
(150% of Shares)
2019 grants
 
35th Percentile
 
50th Percentile
 
75th Percentile
 
 
 
 
 
 
 
ROIC Awards:
 
Threshold Performance
(35% of Shares)
 
Target Performance
(100% of Shares)
 
Maximum Performance
(150% of Shares)
2019 grants (1)
 
4.7
%
 
5.8
%
 
7.0
%
(1)
For the ROIC Awards granted in 2019, the denominator of the calculation is different than in prior years, and therefore the target percentages are not comparable to historical target percentages.
Schedule of Number of Awards Granted and Grant Date Fair Value of Each Award in Periods
The following table presents the number of PSUs granted and the grant date fair value in the period presented.
 
 
TSR Awards
 
ROIC Awards
Award Year
 
Shares
(in thousands)
 
Grant Date
Fair Value
(per share)
 
Shares
(in thousands)
 
Grant Date Fair
Value (per share)
2019
 
136

 
$
9.28

 
174

 
$
7.93
Summary of Status of Unvested PSU Awards
The following table presents the status of unvested PSUs as of September 30, 2019, and changes during the nine months then ended.
 
 
Nonvested TSR Awards
 
Nonvested ROIC Awards
 
 
Shares
(in thousands)
 
Weighted
Average
Grant-Date
Fair Value
(per share)
 
Shares
(in thousands)
 
Weighted
 Average
Grant-Date
Fair Value
(per share)
Nonvested at January 1, 2019
 
94

 
$
26.84

 
100

 
$
24.39

Granted
 
136

 
9.28

 
174

 
7.93

Forfeited
 
(139
)
 
16.76

 
(164
)
 
14.20

Nonvested at September 30, 2019
 
91

 
$
16.03

 
110

 
$
13.53