SHARE-BASED COMPENSATION

3 Months Ended

Jun. 30, 2019

13. SHARE-BASED COMPENSATION

Share-Based Plans

As of June 30, 2019, we had share-based awards outstanding under the following plans: (1) the 2017 Non-Employee Director Long-Term Incentive Plan (“2017 Director LTIP”), and (2) the 2012 Employee Long-Term Incentive Plan ("2012 Employee LTIP"). These share-based plans define fair market value as the previous trading day's closing price when the grant date falls on a date the stock was not traded.

Restricted Stock Activity

For the three months ended June 30, 2019, we granted 454 restricted shares under the 2017 Director LTIP, and 85,132 restricted shares under the 2012 Employee LTIP. For the three months ended June 30, 2018, we granted 841 restricted shares under the 2017 Director LTIP, and 69,847 restricted shares under the 2012 Employee LTIP. A summary of the restricted shares is as follows:

	Number of Shares			Weighted Average Grant- date Fair Value

Nonvested April 1, 2019		224,000		$	67.70
Granted		85,586		$	72.50
Vested		(107,238	)	$	60.92
Forfeited		(67	)	$	79.70
Nonvested June 30, 2019		202,281		$	73.32

Upon each vesting period of the restricted stock awards, employees are subject to minimum tax withholding obligations. Under the 2012 Employee LTIP, we may purchase a sufficient number of shares due to the participant to satisfy their minimum tax withholding on employee stock awards. For the three months ended June 30, 2019, the Company had withheld 38,811 shares of common stock at a value of $2.8 million, which was included in treasury stock.

Compensation Expense

We recognize compensation cost for awards of restricted stock with graded vesting on a straight-line basis over the requisite service period. There are no additional conditions for vesting other than service conditions. During the three months ended June 30, 2019 and 2018, we recognized $1.9 million and $1.7 million of total share-based compensation expense, respectively. Unrecognized compensation expense related to non-vested restricted stock was $13.6 million as of June 30, 2019, which will be fully recognized over the next 36 months.

We also provide our employees with a contributory 401(k) profit sharing plan, to which we may contribute from time to time at our sole discretion. Employer contributions to the plan are fully vested at all times. For the three months ended June 30, 2019 and 2018, our estimated contribution expense for the plan was $0.7 million and $0.5 million, respectively.