Share-Based and Long-Term Incentive Compensation

6 Months Ended

Jun. 30, 2017

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

Share-Based Compensation and Long-Term Incentive Compensation

Share-Based and Long-Term Incentive Compensation

Share-based and long-term incentive compensation expense consists of:

	Second Quarter					First Six Months
	2017		2016			2017		2016
	(In thousands)
Cash-settled awards	$	1,026	$	(494	)	$	1,113	$	125
Equity-settled awards	285		625			903		1,104
Restricted stock	—		6			—		12
Stock options	105		199			243		475
Total share-based compensation	1,416		336			2,259		1,716
Deferred cash	32		76			84		240
	$	1,448	$	412		$	2,343	$	1,956

Share-based and long-term incentive compensation expense is included in:

	Second Quarter				First Six Months
	2017		2016		2017		2016
	(In thousands)
General and administrative expense	$	823	$	338	$	1,486	$	1,844
Other operating expense	625		74		857		112
	$	1,448	$	412	$	2,343	$	1,956

Share-Based Compensation

We did not grant any new equity-settled or cash-settled awards to employees in first six months2017.

In first six months2017, we granted 58,212 restricted stock units to our board of directors, of which 34,746 were annual restricted stock units which vest 25 percent at grant date and 25 percent at each subsequent quarterly board meeting. Expense associated with annual restricted stock units is included in share-based compensation expense.

Excluded from share-based compensation expense in the table above are fees earned by our board of directors in the amount of $127,000 and $163,000 in second quarter of 2017 and 2016 and $314,000 and $428,000 in the first six months of 2017 and 2016 for which they elected to defer payment until retirement in the form of share-settled units. These expenses are included in general and administrative expense.

The fair value of awards granted to retirement eligible employees expensed at the date of grant was $600,000 in first six months2016. Unrecognized share-based compensation expense related to non-vested equity-settled awards, restricted stock and stock options is $1,144,000 at second quarter-end2017.

In first six months2017 and 2016, we issued 318,401 and 165,167 shares out of our treasury stock associated with vesting of stock-based awards or exercise of stock options, net of 75,870 and 23,691 shares withheld having a value of $980,000 and $205,000 for payroll taxes in connection with vesting of stock-based awards or exercise of stock options.

Long-Term Incentive Compensation

We did not grant any long-term incentive compensation to employees in first six months2017.