SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2017

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

7.          SHARE-BASED COMPENSATION

During the three months ended March 31, 2017, the Company granted approximately 256,700 in total of time-based restricted stock units and performance-based shares to certain of its employees at a weighted-average grant date fair value of $36.92. 

Total share-based compensation cost recognized in the Condensed Consolidated Statements of Income and Comprehensive Income as a component of selling, general and administrative expenses was $2.6 million and $2.8 million for the three months ended March 31, 2017 and 2016, respectively.  Total unrecognized compensation cost related to unvested share-based compensation arrangements was $16.3 million at March 31, 2017, and is expected to be recognized over a weighted-average period of 1.8 years.  Total unrecognized compensation cost may be adjusted for any unearned performance shares or forfeited shares.