Stock-Based Compensation Plans

9 Months Ended

Sep. 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 nine months ended September 30, 2017 and 2016 was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(In thousands)
Employees	$	3,280	$	3,387	$	10,273	$	9,963
Non-employee directors		241		312		716		673
Total stock-based compensation	$	3,521	$	3,699	$	10,989	$	10,636

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 nine months ended September 30, 2017, the Company granted to employees and directors a total of 65,462 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 $156.79 and $168.89, 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 September 30, 2017, the total unrecognized compensation cost related to all non-vested awards was $26.7 million. That cost is expected to be recognized over a weighted-average period of 2.1 years.