Share-Based Compensation

3 Months Ended

Mar. 31, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

10.	Share-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC Topic 718, “Compensation – Stock Compensation,” which requires the Company to recognize compensation expense for stock-based awards, measured at the fair value of the awards at the grant date. The Company recognized $0.6 million of stock compensation related expense and no stock compensation related expense during the three-month periods ended March 31, 2018 and 2017, respectively. There was no expense for the three-month period ended March 31, 2017 due to a large amount of forfeitures primarily related to the former Chief Executive Officer’s departure from the Company.

The Company granted no options during the three-month periods ended March 31, 2018 and 2017, respectively.

The Company granted approximately 20,000 and 55,000 restricted stock units during the three-month periods ended March 31, 2018 and 2017, respectively. The weighted-average fair value of restricted stock units was estimated at $4.27 and $14.19 per unit granted during the three months ended March 31, 2018 and 2017, respectively. The fair value of the restricted stock units was determined by using the value of stock in the open market on the date of grant.

The fair value of the stock-based awards granted is recorded as compensation expense on a straight-line basis over the vesting periods of the awards.

There were approximately 2,000 and 280,000 options exercised during the three months ended March 31, 2018 and 2017, respectively. The Company received $4,000 and $1.1 million in cash from employees exercising options during the three months ended March 31, 2018 and 2017, respectively. The intrinsic value of options exercised during the three months ended March 31, 2018 and 2017 was $6,000 and $1.8 million, respectively.