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SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
SHARE-BASED COMPENSATION
16. SHARE-BASED COMPENSATION
As of December 31, 2016, the Company had restricted stock units, stock options, and stock-settled stock appreciation rights, or SARs, outstanding from four 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 maximum number of remaining shares available for issuance under the 2007 Incentive Stock Plan is 263,761. The maximum number of remaining shares available for issuance under the 2014 Incentive Stock Plan is 815,278.
Compensation cost arising from share-based arrangements is shown in the following table: 
 
Years Ended December 31,
 
2016
 
2015
 
2014
 
(In thousands)
Recognition of fair value of restricted stock units, stock options and SARs over vesting period; and issuance of stock
$
5,392

 
$
4,019

 
$
4,318

Contributions of stock to the Company’s 401(k) plan
2,192

 
3,729

 
1,764

Total share-based compensation expense
$
7,584

 
$
7,748

 
$
6,082


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. The fair value of each performance unit is the market price of one common share on the date of grant. The fair value of each market-based performance unit was determined through the use of the Monte Carlo simulation method. Compensation expense is based on the fair value on the grant date and is recorded ratably over the vesting period.
In May 2016, the Company granted 405,192 restricted stock units to employees and 72,000 restricted stock units to the Board of Directors. The Board of Director units will vest in one year. Of the employee units, 151,947 will vest ratably over a three-year period. The remaining 253,245 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, 2016 is as follows: 
 
Units
 
Weighted Average
Grant-Date Fair
Value
 
Unamortized
Compensation
Expense
(In thousands) (1)
Non-vested at December 31, 2015
354,311

 
$
28.44

 
 
Granted
507,885

 
8.85

 
 
Vested
(93,852
)
 
26.48

 
 
Forfeited
(67,844
)
 
13.91

 
 
Non-vested at December 31, 2016
700,500

 
$
15.91

 
$
4,980

____________________ 
(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)
2016
$
8.85

 
$
2,485

2015
28.26

 
2,884

2014
30.67

 
3,536


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, 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 December 31, 2015
109,306

 
$
22.16

 
 
 
 
 
 
Expired
—

 


 
 
 
 
 
 
Outstanding and exercisable at December 31, 2016
109,306

 
$
22.16

 
1.2

 
$
—

 
$
—

Additional information related to stock options: 
Years Ended December 31:
Intrinsic Value of
Stock Options
Exercised
2016
$
—

2015
—

2014
11.81


There were no stock options granted during 2016, 2015 or 2014.
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 the 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. There were no SARs granted or vested during 2016, 2015, or 2014. At December 31, 2015, there were 16,943 SARs outstanding with a weighted average exercise price of $25.44. All outstanding SARs expired during 2016.