Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2018

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, 2018 and 2017 was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(In thousands)
Employees	$	3,393	$	3,292	$	7,085	$	6,993
Non-employee directors		257		232		516		475
Total stock-based compensation	$	3,650	$	3,524	$	7,601	$	7,468

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, 2018, the Company granted to employees a total of 46,545 shares of restricted stock or restricted stock units, 19,693 options to purchase shares of common stock and performance-based shares with an expected pay-out at target of 10,479 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 $203.67 and $202.04, respectively. Based on the Black-Scholes option pricing model, the weighted-average fair value for each option granted was $56.11 per share.

As of June 30, 2018, the total unrecognized compensation cost related to all non-vested awards was $27.2 million. That cost is expected to be recognized over a weighted-average period of 1.8 years.