Stock-based Compensation Plans

9 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation Plans

Stock-based Compensation Plans

Grant Activities

During the nine months endedSeptember 30, 2017 and 2016, the Company granted 167,086 and 124,077 time-vesting restricted stock units to employees and non-employee directors under the 2010 Long-Term Incentive Plan at a weighted-average grant date fair value of $38.78 and $38.21, respectively.

For the nine months endedSeptember 30, 2017, the Company granted 126,220 performance-based restricted stock units to certain of its employees at a weighted-average grant date fair value of $39.34. The 126,220 performance shares represent the maximum number that can be earned. The number of performance shares that employees ultimately earn will be based on the Company’s achievement of certain specified performance targets for the full year of 2017, to be measured in early 2018. For the nine months endedSeptember 30, 2016, the Company granted 156,576 performance-based shares to certain of its employees at a weighted-average grant date fair value of $38.47, of which none were ultimately earned and the shares have been canceled.

Stock-based Compensation Cost

Total stock-based compensation cost recognized in the unaudited condensed consolidated statements of operations as a component of selling, general and administrative expenses was $1.2 million and $1.9 million for the three months endedSeptember 30, 2017 and 2016, respectively. During the nine months endedSeptember 30, 2017 and 2016, the Company recognized stock-based compensation cost of $3.5 million and $5.5 million, respectively. Total unrecognized compensation cost related to unvested share-based compensation arrangements was $10.6 million at September 30, 2017, which is expected to be recognized over a weighted-average period of 1.7 years. Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares.