Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation Plans

7. Stock-Based Compensation Plans

Stock-based compensation expense for the three months ended March 31, 2017 and 2016 was as follows:

	Three Months Ended March 31,
		2017		2016
	(In thousands)
Employees	$	3,699	$	3,276
Non-employee directors		244		218
Total stock-based compensation	$	3,943	$	3,494

The Company records stock-based compensation expense 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 three months ended March 31, 2017, the Company granted to employees and directors a total of 56,555 shares of restricted stock or restricted stock units, performance-based shares with an expected pay-out at target of 13,619 shares of common stock and 54,838 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 $150.47 and $156.85, respectively. Based on the Black-Scholes option pricing model, the weighted-average fair value for each option granted was $40.08 per share.

  As of March 31, 2017, the total unrecognized compensation cost related to all non-vested awards was $31.4 million. That cost is expected to be recognized over a weighted-average period of 2.5 years.