Stock-Based Compensation

9 Months Ended

Sep. 30, 2017

13. Stock-Based Compensation

During the three months ended September 30, 2017, we granted 0.2 million shares of restricted stock units with a weighted average grant date fair value of $20.36 per share, which vest over a two or five year period from the grant date. These awards were issued in connection with our acquisition of UCP Inc., to UCP employees as replacement awards for the restricted stock units they held with UCP prior to the acquisition. During the nine months ended September 30, 2017, we granted 0.5 million shares of restricted stock units with a weighted average grant date fair value of $21.64 per share, which vest over a one to five year period from the grant date.

A summary of our outstanding awards of restricted common stock and restricted stock units are as follows (in thousands, except years):


		As of September 30, 2017
	Restricted Stock Awards		Restricted Stock Units		Total
Unvested awards/units		139		732		871
Unrecognized compensation cost	$	909	$	9,323	$	10,232
Period to recognize compensation cost		0.4 years		2.1 years		1.9 years (average)

During the three months ended September 30, 2017 and 2016, we recognized stock-based compensation of $2.6 million and $1.6 million, respectively. During the nine months ended September 30, 2017 and 2016, we recognized stock-based compensation of $6.5 million and $5.1 million, respectively. Stock-based compensation expense is included in selling, general, and administrative on our consolidated statements of operations.