Stock-Based Compensation

6 Months Ended

Jun. 30, 2018

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

Stock-Based Compensation

Stock-Based Compensation

A summary of Holdings' restricted share activity for the six months ended June 30, 2018 is as follows:

	2018
	Time-Based				Performance-Based
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
	(In whole shares)				(In whole shares)
Outstanding - beginning of year	342,859		$	34.71	165,000		$	38.10
Granted	242,550		39.56		—		—
Vested	(155,283	)	40.09		(55,000	)	38.10
Performance-based to time-based(a)	110,000		38.10		(110,000	)	38.10
Canceled or expired	(4,500	)	37.55		—		—
Outstanding - end of period	535,626		$	34.71	—		$	—

(a) During the second quarter of 2018, 55,000 of the performance-based restricted shares granted in 2017 fully vested based on achievement of the performance criteria. In accordance with the grant agreements, the remaining 110,000 shares converted to time-based awards, vesting over the remaining two years of the requisite service period.

Total stock-based compensation expense included in SG&A expenses during the first six months of 2018 and 2017 was $4.6 million and $4.1 million, respectively. As of June 30, 2018, there was $14.0 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted-average period of 2.3 years.