SHARE-BASED COMPENSATION PLANS

Share-based compensation expense is recognized on a straight-line basis over the requisite service period. Total share-based compensation is show in the table below:



	Three Months Ended December 31,					Six Months Ended December 31,
	2018			2017		2018			2017
Equity plan expense	$	4.4		$	9.0	$	10.8		$	17.1
Liability plan (income) expense	(2.6		)	0.4		(2.6		)	(0.9		)
Fringe expense	0.5			0.5		0.5			1.8
Total share-based compensation expense	$	2.3		$	9.9	$	8.7		$	18.0

The share-based compensation expense for the three and six months ended December 31, 2018 of $2.3 and $8.7, respectively, includes $8.2 and $17.5 expense for the period offset by $(5.9) and $(8.8) income for the period due to significant executive forfeitures of share-based compensation instruments during the period, respectively.

As of December 31, 2018, the total unrecognized share-based compensation expense related to unvested stock options, Series A Preferred Stock and restricted and other share awards is $36.5, $1.2 and $104.0, respectively. The unrecognized share-based compensation expense related to unvested stock options, Series A Preferred stock and restricted and other share awards is expected to be recognized over a weighted-average period of 3.74, 2.97 and 2.59 years, respectively.

Restricted Share Units and Other Share Awards

On October 1, 2018, the Company’s Board of Directors approved a modification of the vesting schedules for certain RSUs granted during fiscal 2017, 2018 and 2019 to improve the Company’s ability to retain the affected employees, from five year cliff vesting to graded vesting where 60% of each award granted vests after three years, 20% of each award granted vests after four years and 20% of each award granted vests after five years. Five hundred sixty employees held outstanding awards subject to the October 1, 2018 modification. The incremental stock based compensation expense resulting from the modification was $0.5 for the three months ended December 31, 2018.

The Company granted approximately 1.1 million and 6.1 million RSUs and other share awards during the three and six months ended December 31, 2018, respectively, with a weighted-average grant date fair value per share of $11.34, which vest, as granted, on the fifth anniversary of the grant date. The Fiscal 2019 Annual Equity Long Term Incentive Plan (“ELTIP”) RSUs, of which 5.0 million RSUs were awarded on September 4, 2018, was modified as noted above. The RSUs granted are accompanied by dividend equivalent rights and, as such, were valued at the closing market price of the Company’s Class A Common Stock on the date of grant. The Company recognized share-based compensation expense of $3.6 and $6.6 for the three months ended December 31, 2018 and 2017, respectively, and $7.7 and $12.5 for the six months ended December 31, 2018 and 2017, respectively.

Series A Preferred Stock

The Company granted no shares of Series A Preferred Stock during the three and six months ended December 31, 2018. The Company recognized share-based compensation (income) expense of $(4.1) and $0.7 for the three months ended December 31, 2018 and 2017, respectively, and $(4.2) and $(0.4) for the six months ended December 31, 2018 and 2017, respectively.

Non-Qualified Stock Options

The Company granted 2.3 million non-qualified stock options during the three and six months ended December 31, 2018. The Company recognized share-based compensation expense of $2.8 and $2.6 for the three months ended December 31, 2018 and 2017, respectively, and $5.2 and $5.9 for the six months ended December 31, 2018 and 2017, respectively.