EQUITY-BASED COMPENSATION

6 Months Ended

Jun. 30, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

EQUITY-BASED COMPENSATION

NOTE 9.  EQUITY–BASED COMPENSATION

We grant various forms of equity–based compensation to our senior management and directors.  These equity–based awards consist of non–qualified stock options and restricted stock units (“RSUs”).

In April 2018, we issued 10.4 million RSUs to our senior management.  These RSUs vest as follows: (a) one–fourth on July 29, 2019, (b) one–fourth on January 29, 2020, and (c) one–half on January 29, 2021.  The fair value of these RSUs on the date of grant was $13.8 million.  

We recognized equity–based compensation costs of $1.6 million and $0.6 million in the three months ended June 30, 2018 and 2017, respectively, and $2.6 million and $1.3 million in the six months ended June 30, 2018 and 2017, respectively.  These costs are included in “Selling, general and administrative expenses” in our unaudited condensed consolidated statements of operations.  Included in the six months ended June 30, 2018 is $0.8 million of equity–based compensation costs related to the accelerated vesting of all equity–based awards existing prior to the Exchange.

As of June 30, 2018, we had $12.2 million of unrecognized compensation cost, which is expected to be recognized over a weighted average period of 2.6 years.