Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2017 and 2016 was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
	(In thousands)
Employees	$	3,292	$	3,299	$	6,993	$	6,575
Non-employee directors		232		144		475		362
Total stock-based compensation	$	3,524	$	3,443	$	7,468	$	6,937

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 six months ended June 30, 2017, the Company granted to employees and directors a total of 57,257 shares of restricted stock or restricted stock units, performance-based shares with an expected pay-out at target of 22,338 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 $150.58 and $169.70, 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 June 30, 2017, the total unrecognized compensation cost related to all non-vested awards was $29.4 million. That cost is expected to be recognized over a weighted-average period of 2.3 years.