SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

On November 8, 2017, the Company’s shareholders approved a new incentive plan (“2017 Incentive Plan”). The 2017 Incentive Plan provides for the issuance of up to 5.0 million shares, subject to certain adjustment provisions described in the 2017 Incentive Plan, for the granting of stock options, restricted stock awards, restricted stock units (“RSUs”), stock appreciation rights, performance awards and other awards that may be settled in or based upon our common stock. Awards may be granted to certain of our officers, employees, consultants and directors. The 2017 Incentive Plan provides that shares of common stock subject to awards granted become available for issuance if such awards expire, terminate, are canceled for any reason, or are forfeited by the recipient.

On February 5, 2018, the Company issued additional RSUs under the 2017 Incentive Plan. RSUs are typically valued at the date of grant based on the value of our common stock and are expensed using the straight-line method over the service period. Grants of RSUs do not confer full stockholder rights such as voting rights and cash dividends, but provide for additional dividend equivalent RSU awards in lieu of cash dividends. Unvested shares of restricted stock may be forfeited upon termination of employment with the Company depending on the circumstances of the termination, or failure to achieve the required performance condition, if applicable.

A summary of the status of non-vested restricted stock as of March 31, 2018, and changes during the period, is presented in the following table:



Non-vested Restricted Stock	Shares	Weighted Average Grant Date Fair Value
December 31, 2017	1,516,241	$	14.00
Granted	32,857	$	17.14
Vested	—	—
Forfeited	—	—
March 31, 2018	1,549,098	$	14.07

Share-based compensation expense for the three months ended March 31, 2018 and 2017, which includes compensation costs from stock options and RSUs, was $1.8 million and $0.1 million, respectively, and is included in the Interim Consolidated Statements of Income as a component of "Corporate, district and other" expense. The increased expense in the three months ended March 31, 2018 is primarily due to grants of RSUs in 2017, as further disclosed in our 2017 Annual Report on Form 10-K.

As of March 31, 2018, there was $20.2 million of unrecognized compensation cost, net of estimated forfeitures, related to share-based awards, which we will recognize over a weighted-average period of 2.7 years.