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Share-based Compensation
 3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Share-based Compensation
(4) Share-based Compensation 
The Company accounts for its share-based compensation by recognizing the grant date fair value of share-based awards, net of estimated forfeitures, as share-based compensation expense over the underlying requisite service periods of the related awards. The grant date fair value is based upon the Company's share price on the date of the grant.
The following table reflects the total share-based compensation expense amounts reported in the accompanying Consolidated Statements of Operations:
 Three Months Ended
March 31,
 20202019
 (In thousands)
Cost of ATM operating revenues $545  $261  
Selling, general, and administrative expenses 4,648  4,223  
Total share-based compensation expense $5,193  $4,484  
For the three months ended March 31, 2020, total share-based compensation expense increased by $0.7 million compared to the same period of 2019, respectively. This increase is attributable to the amount, timing and terms of share-based payment awards granted during the periods, net of estimated forfeitures.
Restricted Stock Units. The Company grants restricted stock units (“RSUs”) under its Long-Term Incentive Plan (“LTIP”), which is an annual equity award program under the Fourth Amended and Restated 2007 Stock Incentive Plan. The ultimate number of RSUs, that are determined to be earned under the LTIP are approved by the Compensation Committee of the Company’s Board of Directors ("Board"), based on the Company’s achievement of previously specified performance levels at the end of the associated performance period. RSU grants are service-based (“Time-RSUs”), performance-based (“Performance-RSUs”), or market-based (“Market-Based-RSUs”). Each is recognized ratably over the associated service period. For Time-RSUs and Market-Based-RSUs, the Company recognizes the related compensation expense based on the grant date fair value. The grant date fair value of the Time-Based RSUs is the Company's closing stock price on the date of grant while the grant date fair value of the Market-Based-RSUs is derived from a Monte Carlo simulation. For Performance-RSUs, the Company recognizes the related compensation expense based on the estimated performance levels that management believes will ultimately be met. Time-RSUs are convertible into the Company’s common shares upon passage of the annual graded vesting periods, which begin 1-2 years after the grant date and extend 3-4 years. Performance-RSUs and Market-Based RSUs will be earned to the extent the Company achieves the associated performance-based or market-based vesting conditions and these awards are convertible into the Company’s common shares after the passage of the vesting periods which extend 3-4 years from the grant date. Although these RSUs are not considered to be earned and outstanding until the vesting conditions are met, the Company recognizes the related compensation expense over the requisite service period (or to an employee’s qualified
retirement date, if earlier) using a graded vesting methodology. RSUs may also be granted outside of LTIPs, with or without performance-based vesting requirements.
The number of the Company’s earned non-vested RSUs as of March 31, 2020, and changes during the three months ended March 31, 2020, are presented below:
 Number of SharesWeighted Average Grant Date Fair Value
Non-vested RSUs as of December 31, 2019742,352  $29.44  
Granted 703,557  22.98  
Vested (393,094) 29.47  
Forfeited(10,488) 33.14  
Non-vested RSUs as of March 31, 20201,042,327  $25.03  
The above table only includes earned RSUs. Performance-RSUs and Market-Based RSUs that are not yet earned are not included. The number of Market-Based RSUs granted in 2018, net of forfeitures, was 134,989 units with a weighted average grant date fair value of $24.13. The number of Performance-RSUs granted at target in 2019, net of forfeitures, was 114,607 units with a weighted average grant date fair value of $33.76 per unit. The number of Performance-RSUs granted at target in 2020, net of forfeitures, was 101,438 units with a weighted average grant date fair value of $20.92 per unit. The number of Market-Based RSUs granted in 2019, net of forfeitures, was 114,529 units with a weighted average grant date fair value of $49.23 per unit. The number of Market-Based RSUs granted in 2020, net of forfeitures, was 101,434 units with a weighted average grant date fair value of $25.85. Time-RSUs are included in the listing of outstanding RSUs as granted.
As of March 31, 2020, the unrecognized compensation expense associated with earned RSUs was $10.4 million, which will be recognized using a graded vesting schedule for Performance-RSUs and a straight-line vesting schedule for Time-RSUs, over a remaining weighted average vesting period of approximately 2.08 years. 
Options. The number of the Company’s outstanding stock options as of March 31, 2020, and changes during the three months ended March 31, 2020, are presented below:
 Number of SharesWeighted Average Exercise Price
Options outstanding as of December 31, 2019380,180  $26.01  
Granted233,888  20.92  
Exercised(13,020) 22.31  
Forfeited(2,855) 31.99  
Options outstanding as of March 31, 2020598,193  $24.07  
Options vested and exercisable as of March 31, 2020199,223  $24.80  
As of March 31, 2020, the unrecognized compensation expense associated with outstanding options was approximately $6.5 million, which will be recognized over the remaining weighted average vesting period of approximately 2.63 years. The weighted average contractual term associated with outstanding options was 8.93 years as of March 31, 2020.