Share-Based Compensation

3 Months Ended

Mar. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

10. Share-Based Compensation

The Company accounts for share-based compensation in accordance with Accounting Standards Codification (“ASC”) Topic 718, “Compensation – Stock Compensation,” which requires the Company to recognize compensation expense for share-based awards, measured at the fair value of the awards at the grant date. The Company recognized $0.8 million and $0.6 million of share compensation related expense during the three-month periods ended March 31, 2019 and 2018, respectively.

The Company granted zero options during the three-month periods ended March 31, 2019 and 2018, respectively.

The Company granted approximately 400,000 and 20,000 restricted stock units during the three-month periods ended March 31, 2019 and 2018, respectively.  The weighted-average fair value of restricted stock units was estimated at $7.24 and $4.27 per unit granted during the three-months ended March 31, 2019 and 2018, 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 zero and approximately 2,000 options exercised during the three-months ended March 31, 2019 and 2018, respectively.  The Company received zero and $4,000 in cash from employees exercising options during the three-months ended March 31, 2019 and 2018. The intrinsic value of options exercised during the three-months ended March 31, 2019 and 2018 was zero and $6,000, respectively.