Share-Based Compensation

9 Months Ended

Sep. 30, 2018

NOTE 10. Share-Based Compensation

Restricted Stock Unit Activity

A summary of the activity with respect to the Company’s unvested restricted stock units during the nine months ended September 30, 2018 is as follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2017		1,014		$	14.88
Granted		274		$	28.25
Vested		(300	)	$	14.22
Forfeited		(68	)	$	17.50
Nonvested at September 30, 2018		920		$	18.89

Included in the number of shares granted in the table directly above are 53 market performance-based restricted stock units (“MPRSUs”) granted to executives in 2018. Vesting of these MPRSUs is contingent upon the Company meeting certain total shareholder return (“TSR”) levels as compared to a select peer group over three years from the year granted. The 2018 MPRSUs cliff vest at the end of the three-year period and have a maximum potential to vest at 200% (105 shares) based on TSR performance. The related share-based compensation expense is determined based on the estimated fair value of the underlying shares on the date of grant and is recognized straight-line over the vesting term. The estimated fair value per share of the MPRSUs was $30.76.

As of September 30, 2018 and December 31, 2017, there was $11,088 and $9,420 of total unrecognized compensation cost related to restricted stock units granted under the Company’s stock plans, respectively. That cost is expected to be recognized over a weighted average period of 2.1 years and 2.2 years for each of the respective periods.