SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 2018

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

SHARE-BASED COMPENSATION

13. SHARE-BASED COMPENSATION

Historically, we have granted employees and non-employee directors stock options, SARs and/or restricted stock units under our Long-Term Incentive Plan (“LTIP”). However, we do not anticipate granting any share-based compensation during the year ended December 31, 2018. We recognized compensation expense from share-based arrangements as shown in the following table:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(In thousands)
Recognition of fair value of stock options, SARs and restricted stock units over vesting period	$	25	$	1,133	$	1,860	$	2,480
Total share-based compensation expense	$	25	$	1,133	$	1,860	$	2,480

Cancellation Option for Restricted Stock Units

Due to the Company’s depressed stock price, the Company offered all holders of unvested restricted stock units an option to cancel their units in order to mitigate potential unfavorable individual tax ramifications. During the six months ended June 30, 2018, the majority of restricted stock unit holders accepted the cancellation option, resulting in the cancellation of 553,268 restricted stock units. As the cancellation was not accompanied by the concurrent grant of a replacement award or other valuable consideration, the cancellation was accounted for as a repurchase for no consideration, resulting in the recognition of $1.7 million of compensation expense that represented the remaining unamortized compensation expense for these units at the time of cancellation.

Restricted Stock Units

Unamortized compensation expense is expected to be recognized over the next three years. Changes in our restricted stock for the six months ended June 30, 2018 were as follows:

	Units		Weighted Average Grant-Date Fair Value			Unamortized Compensation Expense (In thousands)
Non-vested as of December 31, 2017	774,951		$	8.31
Vested and issued	(17,028	)	(6.04		)
Canceled	(553,268	)	(5.52		)
Forfeited	(100,528	)	(23.77		)
Non-vested as of June 30, 2018	104,127		$	8.59		$	20

Cash Units

Compensation expense related to the Cash Units was $0.2 million for the six months ended June 30, 2017. There was no compensation expense related to the Cash Units for the six months ended June 30, 2018. Because the cash units are settled in cash they are accounted for as a liability award. The accrued liability related to the Cash Units was $0.1 million as of December 31, 2017. There was no accrued liability related to the Cash Units as of June 30, 2018.