SHARE-BASED COMPENSATION

The Company’s share-based compensation awards are issued under the 2015 Equity Incentive Plan (“2015 Plan”) and two predecessor plans, the 2005 Equity Incentive Plan, and the 2007 Equity Incentive Plan (the “2007 Plan”). Any awards that expire or are forfeited under the 2007 Plan become available for issuance under the 2015 Plan. As of March 31, 2018, 2.2 million shares of common stock remained available for future issuance under all plans, subject to adjustment for future stock splits, stock dividends, and similar changes in capitalization.

Refer to Notes 1 and 10 of the Company’s Annual Report on Form 10-K for a detailed description of the Company’s share-based compensation awards, including information related to grant date fair value, vesting terms, performance, and other conditions.

Share-Based Compensation Expense

Pre-tax share-based compensation expense reported in the Company’s condensed consolidated statements of operations was:



	Three Months Ended March 31,
	2018		2017
	(in thousands)
Cost of sales	$	79	$	89
Selling, general and administrative expenses	2,595		2,522
Total share-based compensation expense	$	2,674	$	2,611

Stock Option Activity

Stock option activity during the three months ended March 31, 2018 was:



	Number of Options
	(in thousands)
Outstanding December 31, 2017	541
Granted	—
Exercised	(26	)
Forfeited or expired	(11	)
Outstanding March 31, 2018	504

As of March 31, 2018, the Company had $0.4 million of total unrecognized share-based compensation expense related to unvested options, which is expected to be amortized over the remaining weighted average period of 2.06 years.

Restricted Stock Awards and Restricted Stock Units Activity

The Company grants time-based Restricted Stock Awards (“RSAs”) as well as time-based and performance-based Restricted Stock Units (“RSUs”). RSA and RSU activity during the three months ended March 31, 2018 was:



	Restricted Stock Awards				Restricted Stock Units
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
	(in thousands, except fair value data)
Unvested at December 31, 2017	17		$	6.84	3,791		$	7.99
Granted	—		—		1,137		14.11
Vested	(8	)	6.84		(919	)	8.28
Forfeited	—		—		(761	)	6.96
Unvested at March 31, 2018	9		$	6.84	3,248		$	10.64

As of March 31, 2018, unrecognized share-based compensation expense for RSAs was less than $0.1 million, which is expected to amortize over a remaining weighted average period of 0.18 years.

RSUs vested during the three months ended March 31, 2018 consisted of 0.7 million time-based awards and 0.3 million performance-based awards. As of March 31, 2018, unrecognized share-based compensation expenses for time-based and performance-based awards were $12.6 million and $8.2 million, respectively, and are expected to amortize over remaining weighted average period of 1.87 years and 2.73 years, respectively.