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Equity-Based Compensation
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION
NOTE P—EQUITY-BASED COMPENSATION
In July 2011, we adopted the U.S. Silica Holdings, Inc. 2011 Incentive Compensation Plan (the “2011 Plan”), which was amended and restated in May 2015. The 2011 Plan provides for grants of stock options, restricted stock, performance share units and other incentive-based awards. We believe our 2011 Plan aligns the interests of our employees and directors with those of our common stockholders. At December 31, 2019, we have 1,769,759 shares of common stock that may be issued under the 2011 Plan. We use a combination of treasury stock and new shares if necessary to satisfy option exercises or vesting of restricted awards and performance share units.
Stock Options

The following table summarizes the status of, and changes in, our stock option awards during the year ended December 31, 2019:
 
Number of
Shares
 
Weighted
Average
Exercise Price
 
Aggregate Intrinsic Value
 
Weighted
Average
Remaining Contractual Term in Years
Outstanding at December 31, 2018
901,996

 
$
28.52

 
$
18,566

 
4.8 years
Granted
—

 
—

 
—

 

Exercised
(10,000
)
 
12.87

 
—

 

Forfeited
—

 
—

 
—

 

Expired
(65,338
)
 
$
25.16

 
$
—

 

Outstanding at December 31, 2019
826,658

 
$
28.97

 
$
—

 
4.1 years
Exercisable at December 31, 2019
826,658

 
$
28.97

 
$
11,557

 
4.1 years


There were no grants of stock options during the years ended December 31, 2019, 2018 and 2017.
There were 10,000, 4,167 and 43,774 stock options exercised during the years ended December 31, 2019, 2018 and 2017, respectively. The total intrinsic value of stock options exercised was $12 thousand, $0.1 million and $1.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. Cash received from stock options exercised during the years ended December 31, 2019, 2018 and 2017 was $0.1 million, $0.1 million and $0.8 million, respectively. The tax benefit realized from stock option exercises was $3 thousand, $14 thousand and $0.4 million for the year ended December 31, 2019, 2018 and 2017, respectively.
As of December 31, 2019, there was no unrecognized compensation expense related to these options. We recognized $1.4 million and $2.5 million of equity-based compensation expense related to options during the years ended December 31, 2018 and 2017, respectively. We account for forfeitures as they occur.
Restricted Stock and Restricted Stock Unit Awards
The following table summarizes the status of, and changes in, our unvested restricted stock awards during the year ended December 31, 2019:
 
Number of Shares
 
Grant Date Weighted
Average Fair Value
Unvested, December 31, 2018
587,577

 
$
25.18

Granted
814,387

 
13.42

Vested
(306,806
)
 
26.18

Forfeited
(74,910
)
 
20.09

Unvested, December 31, 2019
1,020,248

 
$
15.86


We granted 814,387, 415,110 and 156,164 restricted stock and restricted stock unit awards during the years ended December 31, 2019, 2018 and 2017, respectively. The fair value of the awards was based on the market price of our stock at date of grant.
We recognized $8.2 million, $7.6 million and $7.1 million of equity-based compensation expense related to restricted stock awards during the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, there was $10.5 million of unrecognized compensation expense related to these restricted stock awards, which is expected to be recognized over a weighted-average period of 1.8 years.
Performance Share Unit Awards
The following table summarizes the status of, and changes in, our performance share unit awards during the year ended December 31, 2019:
 
Number of Shares
 
Grant Date Weighted
Average Fair Value
Unvested, December 31, 2018
838,188

 
$
39.44

Granted
607,130

 
15.58

Vested
(523,368
)
 
37.83

Forfeited/Cancelled
(83,228
)
 
25.60

Unvested, December 31, 2019
838,722

 
$
18.00


We granted 607,130, 261,500 and 90,501 of performance share unit awards during the years ended December 31, 2019, 2018 and 2017, respectively. The grant date weighted average fair value of these awards was estimated to be $15.58, $31.24 and $67.69 for the years ended December 31, 2019, 2018 and 2017, respectively, and the number of units that will vest will depend on the percentage ranking of the Company's total shareholder return ("TSR") compared to the TSR for each of the companies in the peer group over the three year period from January 1, 2019 through December 31, 2021 for the 2019 grant, January 1, 2018 through December 31, 2020 for the 2018 grant, and from January 1, 2017 through December 31, 2019 for the 2017 grant. The related compensation expense is recognized on a straight-line basis over the vesting period.
The grant date fair value for these awards was estimated using a Monte Carlo simulation model. The Monte Carlo simulation model requires the use of highly subjective assumptions. Our key assumptions in the model included the price and the expected volatility of our common stock and our self-determined peer group companies’ stock, risk-free rate of interest, dividend yields and cross-correlations between our common stock and our self-determined peer group companies' stock.
We recognized $7.7 million, $13.3 million and $15.5 million of compensation expense related to performance share unit awards during the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, there was $7.4 million of unrecognized compensation expense related to these performance share unit awards, which is expected to be recognized over a weighted-average period of 1.7 years.