Stock-Based Compensation

6 Months Ended

Jun. 30, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note (13)—Stock-Based Compensation:

The Company granted shares of common stock and restricted stock units as a part of its initial public offering and compensation arrangements for the benefit of employees, executive officers, and directors. Restricted stock unit grants are subject to time-based vesting. The total number of restricted stock units granted represents the maximum number of restricted stock units eligible to vest based upon the service conditions set forth in the grant agreements.

Following the initial public offering, participants in the EBI Plans were given the option to elect conversion of their outstanding cash-settled EBI Units to stock-settled EBI Units.

The following table summarizes information about vested and unvested restricted stock units outstanding at June 30, 2017:

	Six Months Ended
	June 30, 2017
	Restricted Stock Units Outstanding			Weighted Average Grant Date Fair Value
Balance at beginning of period		1,200,848		$	19.00
Grants		97,893			33.88
Released and distributed (vested)		(70,819	)		19.00
Forfeited/expired		(1,021	)		19.00
Balance at end of period		1,226,901		$	19.67

The total fair value of restricted stock units vested and released was $3 and $1,346 for the three and six months ended June 30, 2017.

The compensation cost related to stock grants and vesting of restricted stock units was $1,802 and $3,154 for the three and six months ended June 30, 2017, respectively. This included $277 paid to Company independent directors during the three months ended June 30, 2017 related to one time IPO grants and director compensation elected to be settled in stock.

As of June 30, 2017 and December 31, 2016, there were $15,579 and $15,721, respectively, of total unrecognized compensation cost related to nonvested restricted stock units which is expected to be recognized over a weighted-average period of 3.46years and 3.66 years, respectively.

At June 30, 2017 and December 31, 2016, there were 67,470 and 180,447 units valued at $2,442 and $4,683, respectively, remaining in the equity based incentive plans for employees who elected cash settlement of EBI units. Expense related to the cash settled EBI for the three and six months ended June 30, 3017 was $184 and $482, respectively.

Employee Stock Purchase Plan:

In 2016, the Company adopted an employee stock purchase plan (“ESPP”) under which employees, through payroll deductions, are able to purchase shares of Company common stock. The purchase price was 85% with respect to the first offering period, and is 95% with respect to the current offering period, of the lower of the market price on the first or last day of the offering period. The maximum number of shares issuable during any offering period is 200,000 shares, and a participant may not purchase more than 725 shares during any offering period (and, in any event, no more than $25,000 worth of common stock in any calendar year). There were not any shares issued under the ESPP during the three or six months ended June 30, 2017. As of June 30, 2017 and December 31, 2016, there were 2,479,623 shares available for issuance under the ESPP.