Share-Based Compensation

6 Months Ended

Jun. 30, 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 $1.0 million and $0.8 million of share compensation related expense during the three-month periods ended June 30, 2019 and 2018, respectively, and $1.8 million and $1.4 million during the six-month periods ended June 30, 2019 and 2018, respectively.

The Company granted zero options during the three-month and six-month periods ended June 30, 2019 and 2018, respectively.

The Company granted approximately 64,000 and 910,000 restricted stock units during the three-month periods ended June 30, 2019 and 2018, respectively and approximately 464,000 and 930,000 restricted stock units during the six-month periods ended June 30, 2019 and 2018.  The weighted-average fair value of restricted stock units was estimated at $7.49 and $5.10 per unit granted during the six-months ended June 30, 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 approximately1,000 and 8,000 options exercised during the six-months ended June 30, 2019 and 2018, respectively.  The Company received $7,000 and $28,000 in cash from employees exercising options during the six-months ended June 30, 2019 and 2018. The intrinsic value of options exercised during the six-months ended June 30, 2019 and 2018 was approximately $1,000 and $20,000, respectively.