Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation Plans

7. Stock-Based Compensation Plans

Stock-based compensation expense for the three and six months ended June 30, 2016 and 2015 was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
		2016		2015		2016		2015
	(In thousands)
Employees	$	3,299	$	2,900	$	6,575	$	5,639
Non-employee directors		144		150		362		386
Total stock-based compensation	$	3,443	$	3,050	$	6,937	$	6,025

The Company records stock-based compensation for employees in employee compensation and benefits and for non-employee directors in general and administrative expenses in the Consolidated Statements of Operations.

  During the six months ended June 30, 2016, the Company granted to employees a total of 94,915 shares of restricted stock or restricted stock units, performance-based shares with an expected pay-out at target of 48,899 shares of common stock and 112,988 options to purchase shares of common stock. The fair value of the restricted stock and performance-based share awards was based on a weighted-average fair value per share at the grant date of $102.53 and $102.82, respectively. Based on the Black-Scholes option pricing model, the weighted-average fair value for each option granted was $31.80 per share.

  As of June 30, 2016, the total unrecognized compensation cost related to all non-vested awards was $28.4 million. That cost is expected to be recognized over a weighted-average period of 2.7 years.