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Stock Compensation Expense
9 Months Ended
Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock Compensation Expense
Stock Compensation Expense

The Company recorded stock compensation expense of approximately $4.2 million and $7.9 million for the three months ended September 30, 2018 and 2017, respectively, and $13.2 million and $24.1 million for the nine months ended September 30, 2018 and 2017, respectively. As of September 30, 2018, there was approximately $52.2 million of total unrecognized compensation costs related to non-vested share-based employee compensation arrangements granted under the Company’s equity compensation plans. The Company expects to recognize those costs, exclusive of $31.9 million related to performance goals discussed below, over a weighted average period of 1.9 years.

During the nine months ended September 30, 2018, the Company granted 3,417,600 stock options to certain of its employees, which will vest upon the achievement of specified performance goals. Stock compensation expense during the performance period is estimated using the most probable outcome of the performance goals, and adjusted as the expected outcome changes and is recognized ratably over the applicable vesting period. The Company will not begin recognizing expenses of $31.9 million related to these awards until certain performance conditions are probable of being met as defined under GAAP.

During the nine months ended September 30, 2018 and 2017, the Company issued a total of 753,452 and 1,754,744, respectively, of shares of its common stock upon the exercise of stock options, grants of restricted stock, and purchases under the Company’s 2010 employee stock purchase plan (ESPP). Cash received from the exercise of stock options and purchases through the ESPP during the nine months ended September 30, 2018 and 2017 was $15.6 million and $40.7 million, respectively, and is included within the financing activities section of the accompanying condensed consolidated statements of cash flows.