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Shareholder's Equity and Stock-Based Compensation
 6 Months Ended
Jun. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Shareholder's Equity and Stock-Based Compensation

(9) Shareholder’s Equity and Stock-Based Compensation

The Company granted 27,500 and 727,550 stock option awards, vesting after four years, to employees under the 2016 Incentive Award Plan, during the three and six months ended June 30, 2017. The Company granted an additional 41,346 stock option awards, vesting after one year, to non-employee directors under the 2016 Incentive Award Plan, during the three and six months ended June 30, 2017.  The Company granted 34,812 stock options vesting equally over four years and 11,111 restricted awards, which immediately vested upon issuance, to employees under the 2014 Equity Incentive Plan during the six months ended June 30, 2016.

 

Award Activity

The following table sets forth the Company’s stock option activity:

 

 

 

Six Months Ended June 30, 2017

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

Stock Options

 

 

Exercise Price

 

 

Outstanding -

   beginning of

   period

 

 

2,350,166

 

 

$

17.57

 

 

Granted

 

 

768,896

 

 

$

28.35

 

 

Exercised

 

 

(72,579

)

 

$

15.24

 

 

Forfeited/Expired

 

 

(125,707

)

 

$

20.80

 

 

Outstanding - end of

   period

 

 

2,920,776

 

 

$

20.32

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable - end of

   period

 

 

859,212

 

 

$

15.34

 

 

 

The following table sets forth the Company’s Restricted Share activity:

 

 

 

Six Months Ended

 

 

 

 

June 30, 2017

 

 

 

 

Shares

 

 

Outstanding and unvested - beginning of

   period

 

 

59,258

 

 

Granted

 

 

-

 

 

Vested

 

 

-

 

 

Forfeited

 

 

-

 

 

Outstanding and unvested - end of period

 

 

59,258

 

 

 

 

 

 

 

 

Cumulative vested shares - end of period

 

 

1,854,658

 

 

 

Stock-based compensation expense recognized in the condensed consolidated statements of operations related to all outstanding stock based compensation awards is summarized below (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

 

2016

 

Direct costs, excluding depreciation and amortization

 

$

573

 

 

$

1,911

 

 

$

1,115

 

 

 

$

2,474

 

Selling, general and administrative

 

 

627

 

 

 

1,355

 

 

 

1,119

 

 

 

 

1,801

 

Total stock-based compensation expense

 

$

1,200

 

 

$

3,266

 

 

$

2,234

 

 

 

$

4,275