Share-Based Payments

9 Months Ended

Sep. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The Company’s 2002 Stock Award and Incentive Plan (the “Plan”), as amended, provides for the awarding of stock options, restricted stock and restricted stock units to certain key employees, executive officers and non-employee directors. Current awards under the Plan include grants to directors, executive officers and certain key employees of restricted stock awards and units, with vesting contingent upon (a) the completion of specified service periods ranging from one to five years and/or (b) meeting certain financial performance and/or market-based metrics. Unlike the restricted stock awards, the shares for the restricted stock units are not issued until they vest. The Plan is more fully described in Notes 15 and 17 to the Consolidated Financial Statements in the Company’s 2018 Annual Report on Form 10-K.

The following table summarizes the total share-based compensation expense recognized for the three and nine months ended September 30, 2019 and 2018 (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Share-based compensation expense	$	857	$	760	$	1,872	$	1,747

Restricted Stock Awards

Restricted stock award activity (including those with performance-based vesting criteria) for the nine months ended September 30, 2019 is summarized as follows:



	Restricted Stock Awards
	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding, December 31, 2018	2,950,782		$	2.41
Awarded	3,389,455		1.07
Released	(692,464	)	2.49
Forfeited	(54,704	)	1.47
Outstanding, September 30, 2019	5,593,069		1.60

As of September 30, 2019, there was $3.5 million of total unrecognized compensation cost related to non-vested restricted stock awards, which is expected to be recognized over a weighted-average period of 2.39 years.

Restricted Stock Units

Restricted stock unit activity (including those with performance-based vesting criteria) for the nine months ended September 30, 2019 is summarized as follows:



	Restricted Stock Units
	Number of Shares		Weighted Average Grant Date Fair Value
Outstanding, December 31, 2018	1,052,166		$	3.72
Awarded	742,574		0.81
Released	(161,486	)	3.80
Forfeited	(159,456	)	4.51
Outstanding, September 30, 2019	1,473,798		2.16

As of September 30, 2019, there was $1.2 million of total unrecognized compensation cost related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 1.66 years.