SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2016

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

SHARE-BASED COMPENSATION

12. SHARE-BASED COMPENSATION

The Company grants employees and non-employee directors restricted stock units. The Company recognized compensation expense from share-based arrangements shown in the following table:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(In thousands)
Recognition of fair value of restricted stock units, stock options and SARs over vesting period; and issuance of stock	$	1,391	$	1,100	$	3,733	$	2,924
Contributions of stock to the Company’s 401(k) plan	—		842		2,192		2,664
Total share-based compensation expense	$	1,391	$	1,942	$	5,925	$	5,588

Restricted Stock Units

Unamortized compensation expense is expected to be recognized over the next three years. A summary of outstanding restricted stock units as of September 30, 2016 is as follows:

	Units		Weighted Average Grant-Date Fair Value		Unamortized Compensation Expense (In thousands)
Non-vested at December 31, 2015	354,311		$	28.44
Granted	484,121		7.78
Vested	(92,719	)	26.46
Forfeited	(2,400	)	7.86
Non-vested at September 30, 2016	743,313		$	15.30	$	6,767

Stock Options

No stock options were granted, vested, or forfeited during the nine months ended September 30, 2016. A summary of stock options outstanding as of September 30, 2016 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 September 30, 2016	109,306	$	22.16	1.4	$	—	$	—

SARs

There were no SARs granted during the nine months ended September 30, 2016. A summary of SARs activity for the nine months ended September 30, 2016 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, 2015	16,943		$	25.44
Expired	(16,943	)	25.44
Outstanding at September 30, 2016	—		$	—	0.0	$	—	$	—

During 2015, the Company contributed 269,567 common shares to match employees’ contributions to their 401k plans. For the nine months ended September 30, 2016, the Company contributed 342,353 common shares. In May 2016, the Company discontinued matching employees’ contributions with common shares and elected instead to match with cash contributions.