STOCK COMPENSATION PLANS

6 Months Ended

Jun. 30, 2016

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

STOCK COMPENSATION PLANS

NOTE 11—STOCK COMPENSATION PLANS

Pursuant to the Company’s 2016 Stock Incentive Plan, as amended, the Company may issue stock options, restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) to employees. The Company did not issue any stock options or RSAs during the six months ended June 30, 2016 and 2015. All RSAs have vested during 2015.

RSUs are granted under the Company’s long-term incentive plan at no cost to the recipient. RSUs vest ratably over three years or cliff vest after three or five years of continued employment from the date of the grant. RSUs entitle the recipient to receive cash dividends equivalent to any dividends paid on the underlying common stock. The RSU dividends are accrued during the vesting period and are paid at the time of vesting. While a portion of the RSUs are time-vesting awards, others vest subject to the attainment of specified performance goals. All RSUs are subject to forfeiture until vested.

The following table presents the total stock compensation expense and the related net tax benefit associated with the Company’s various employee share-based compensation plans for the three and six months ended June 30, 2016 and 2015:

($ in thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Stock compensation costs	$	4,635	$	3,698	$	9,210	$	7,652
Net tax benefit recognized in equity for stock compensation plans	$	19	$	51	$	1,005	$	3,196

The following table presents a summary of the activity for the Company’s time-based and performance-based RSUs for the six months ended June 30, 2016 based on the target amount of awards:

	Six Months Ended June 30, 2016
	Time-Based RSUs				Performance-Based RSUs
	Shares		Weighted Average Grant-Date Fair Value		Shares		Weighted Average Grant-Date Fair Value
Outstanding at beginning of period	933,312		$	36.83	389,358		$	34.21
Granted	486,607		31.37		159,407		29.18
Vested	(114,824	)	25.12		(138,019	)	25.25
Forfeited	(56,581	)	35.95		—		—
Outstanding at end of period	1,248,514		$	35.82	410,746		$	35.27

Compensation cost for the time-based awards is based on the quoted market price of the Company’s stock at the grant date. Performance-based awards granted that include discretionary performance-based vesting conditions are subject to variable accounting. As of June 30, 2016, total unrecognized compensation cost related to time-based and performance-based RSUs amounted to $31.0 million and $11.4 million, respectively. This cost is expected to be recognized over a weighted average period of 2.01 years and 1.86 years, respectively.