15. RESTRICTED STOCK UNITS, STOCK OPTIONS, AND STOCK APPRECIATION RIGHTS (SARs)

As of December 31, 2015, the Company had restricted stock units, stock options, and stock-settled stock appreciation rights, or SARs, outstanding from three stock incentive plans. Two of these plans were terminated in October 2009. The Company grants employees and non-employee directors restricted stock units from the Amended and Restated 2007 and 2014 Equity Incentive Stock Plans. The Company grants employees and non-employee directors restricted stock units. Non-employee directors receive equity awards with a value of $90,000 after each annual meeting.

The maximum number of remaining shares that can be issued under the 2007 Incentive Stock Plan is 296,431. The maximum number of remaining shares that can be issued under the 2014 Incentive Stock Plan is 526,460.

Compensation cost arising from share-based arrangements is shown in the following table:



	Years Ended December 31,
	2015		2014		2013
	(In thousands)
Recognition of fair value of restricted stock units, stock options and SARs over vesting period; and issuance of stock	$	4,019	$	4,318	$	2,967
Contributions of stock to the Company’s 401(k) plan	3,729		1,764		2,355
Total share-based compensation expense	$	7,748	$	6,082	$	5,322

Restricted Stock Units

The Company may issue restricted stock units, which requires no payment from the employee. Restricted stock units typically vest ratably over three years. Upon vesting, the Company can elect to settle the restricted stock units in either cash or the Company’s common stock. Compensation expense is based on the fair value on the grant date and is recorded ratably over the vesting period.

In April 2015, the Company granted 233,974 restricted stock units, of which 117,003 units will vest ratably over a three-year period. The remaining 116,971 units are performance based, which will vest and pay out at the end of a three-year period if performance goals are met. The Company’s management believes it is probable that the target performance condition will be met.

A summary of restricted stock award activity for the year ended December 31, 2015 is as follows:



	Units		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense (In thousands)
Non-vested at December 31, 2014	409,362		$	15.17
Granted	262,555		$	28.26
Vested	(256,937	)	$	11.27
Forfeited	(60,669	)	$	11.13
Non-vested at December 31, 2015	354,311		$	28.44	$	6,572	⁽¹⁾

____________________


(1)	Expected to be recognized over the next three years.

Additional information related to restricted stock units:



Years Ended December 31:	Weighted Average Grant-Date Fair Value		Total Grant- Date Fair Value of Restricted Stock Units that Vested (In thousands)
2015	$	28.26	$	2,884
2014	$	30.67	$	3,536
2013	$	11.70	$	1,689

Stock Options

Stock options generally vest over three years, expire ten years from the date of grant, and have an option price equal to the market value of the stock on the date of grant.

Information with respect to stock option activity for the year ended December 31, 2015, is as follows:



	Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In years)	Aggregate Intrinsic Value (In thousands)		Unamortized Compensation Expense (In thousands)
Outstanding at December 31, 2014	110,806		$	22.15
Exercised	—
Expired	(1,500	)	$	21.40
Outstanding and exercisable at December 31, 2015	109,306		$	22.16	2.2	$	—	$	—

Additional information related to stock options:



Years Ended December 31:	Intrinsic Value of Stock Options Exercised
2015	$	—
2014	$	11.81
2013	$	—

There were no stock options granted during 2015, 2014 or 2013.

SARs

SARs generally vest over three years, expire ten years from the date of grant, and have a base price equal to the market value of the stock on the date of grant. Upon vesting, the holders may exercise the SARs and receive a number of shares of common stock having a value equal to the appreciation in the value of the common stock between the grant date and the exercise date.

Information with respect to SARs granted and outstanding for the year ended December 31, 2015 is as follows:



	SARs	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In years)	Aggregate Intrinsic Value (In thousands)		Unamortized Compensation Expense (In thousands)
Outstanding at December 31, 2014	16,943	$	25.44
Exercised	—
Expired	—
Outstanding and exercisable at December 31, 2015	16,943	$	25.44	0.4	$	—	$	—

Additional information related to SARs:



Years Ended December 31:	Intrinsic Value of SARs Exercised
2015	$	—
2014	$	11.50
2013	$	—

There were no SARs granted or vested during 2015, 2014, or 2013.