Share-Based Compensation

6 Months Ended

Jun. 30, 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 $0.8 million and $0.7 million of stock compensation related expense during the three-month periods ended June 30, 2018 and 2017, respectively, and $1.4 million and $0.7 million during the six-month periods ended June 30, 2018 and 2017, respectively. Share based compensation expense was lower in 2017 primarily due to a large amount of forfeitures related to the former Chief Executive Officer’s departure from the Company.

The Company granted no options during the three and six-month periods ended June 30, 2018 and granted 128,000 options during the three and six-month periods ended June 30, 2017, respectively.

The Company granted approximately 910,000 and 351,000 restricted stock units during the three-month periods ended June 30, 2018 and 2017, respectively, and approximately 930,000 and 405,000 restricted stock units during the six-month periods ended June 30, 2018 and 2017, respectively. The weighted-average fair value of restricted stock units was estimated at $5.10 and $9.87 per unit granted during the six months ended June 30, 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 8,000 and 282,000 options exercised during the six months ended June 30, 2018 and 2017, respectively. The Company received $28,000 and $1.1 million in cash from employees and non-employee directors exercising options during the six months ended June 30, 2018 and 2017, respectively. The intrinsic value of options exercised during the six months ended June 30, 2018 and 2017 was $19,860 and $1.8 million, respectively.