Stock-Based Compensation

6 Months Ended

Jun. 30, 2016

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

Stock-Based Compensation

STOCK-BASED COMPENSATION

During the six months ended June 30, 2016, we granted a total of 172,018 restricted stock units to certain employees and directors under an existing stock-based compensation plan. The aggregate fair value of the grants was $7.8 million. A portion of the units will vest on May 1, 2017, with the remaining units vesting on April 1, 2019. Grants of share based awards are generally expected to be amortized over their vesting period. The amortization period will be shorter if an employee attains age 62, and meets the plan’s service requirement provision prior to the vesting date. The Company recognizes compensation expense based on estimated grant date fair values for all share-based awards issued to employees and directors. Total compensation expense was $2.3 million and $4.5 million for the three and six months ended June 30, 2016, respectively. Total compensation expense was $1.9 million and $3.3 million for the three and six months ended June 30, 2015, respectively.