Employee Benefit Plans

Share-based Compensation: As of March 31, 2016, we had approximately 7.4 million share-based awards outstanding, including common stock options, restricted stock units, and performance stock units, which are detailed below. Our 2015 Equity and Performance Incentive Plan has approximately 0.2 million share-based awards available for grant as of March 31, 2016. We recorded share-based compensation expense as follows:



	For the three months ended March 31,
	2016		2015
	(in millions)
Share-based compensation expense	$	4.4	$	4.1

Stock options: The following table summarizes information related to our common stock options:



	Number of Stock Options		Weighted Average Exercise Price
Options outstanding as of January 1, 2016	5,375,476		$	16.04
Granted	—		$	—
Exercised	(14,405	)	$	14.90
Canceled or forfeited	(2,675	)	$	23.23
Options outstanding as of March 31, 2016	5,358,396		$	16.04
Options exercisable as of March 31, 2016	3,766,337		$	13.13
Expected to vest as of March 31, 2016	1,301,667		$	23.09

The unamortized compensation costs not yet expensed related to stock options totaled approximately $11.3 million as of March 31, 2016. The weighted average period over which the costs are expected to be recognized is approximately one year. The aggregate amount of cash we received from the exercise of stock options was $0.2 million and $6.1 million for the three months ended March 31, 2016, and 2015, respectively. The associated shares were newly issued common stock. The following information is provided for our stock options:



	For the three months ended March 31,
	2016		2015
Weighted-average grant date fair value	$	—	$	9.44

Restricted Stock Units: The following table summarizes information related to our restricted stock units:



	Number of Units		Weighted Average Grant Date Fair Value
Non-vested as of January 1, 2016	1,311,423		$	25.16
Granted	4,105		$	31.68
Vested	(44,579	)	$	26.50
Canceled or forfeited	(4,443	)	$	28.74
Non-vested as of March 31, 2016	1,266,506		$	25.12

The unamortized compensation costs not yet expensed related to non-vested restricted stock units, totaled approximately $23.4 million as of March 31, 2016. The weighted average period over which the costs are expected to be recognized is approximately one year.

Performance Stock Units: The following table summarizes information related to our performance stock units:



	Number of Units	Weighted Average Grant Date Fair Value
Non-vested as of January 1, 2016	408,228	$	23.23
Granted	—	$	—
Canceled or forfeited	—	$	—
Non-vested as of March 31, 2016	408,228	$	23.23

Share-Based Awards After the Spin-Off and Merger: As a result of the Spin-Off and Merger, each vested and non-vested equity awards granted on or prior to July 16, 2015 were converted into a combination of (1) corresponding equity awards of OpCo which will continue to vest on the same schedule as Former Pinnacle’s outstanding equity and non-equity awards based on service with OpCo and (2) fully-vested shares of common stock of GLPI. The relative split of the value of equity awards between OpCo awards and GLPI shares was based on the relative values of OpCo and Former Pinnacle prior to the Merger. The strike prices of options were also proportionately adjusted.

Each of Former Pinnacle’s equity awards granted after July 16, 2015 were converted into OpCo equity awards with the same intrinsic value and will continue to vest on the same schedule as Former Pinnacle’s outstanding equity awards based on service with OpCo.