7.	Share-based Compensation

We recognize compensation expense for share-based payment awards made to our employees, consultants and directors, including stock options and restricted shares awarded under our

2017

Equity and Incentive Compensation Plan (the

“2017

EICP”); our

2007

Long-Term Incentive Plan, as amended (the

“2007

Incentive Plan”); and our Directors’ Restricted Stock Plan. Currently, there are

outstanding share awards under our Directors’ Restricted Stock Plan. The following table provides information on our share-based compensation expense and related income tax benefit for the

three

and

six

-month periods ended

June 30, 2017

and

2016

(in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
Share-based compensation expense, gross	$	1,434		$	1,270		$	2,772		$	2,556
Income tax benefit at our statutory rate associated with share-based compensation		(559	)		(495	)		(1,081	)		(997	)
Share-based compensation expense, net	$	875		$	775		$	1,691		$	1,559

The

2017

EICP provides and, until

May 2, 2017,

the

2007

Incentive Plan provided for the grant of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and performance awards to acquire shares of our Class A common stock or common stock, or other awards based on our performance, to our employees, consultants and non-employee directors.

During the

six

-month period ended

June 30, 2017,

we granted:

●

307,943

shares of restricted common stock to certain employees, of which

102,648

shares will vest on each of

January 31, 2018

and

2019;

and

102,647

shares will vest on

January 31, 2020.

●

198,220

shares of restricted Class A common stock to an employee, of which

66,073

shares will vest on each of

January 31, 2018

and

2019,

and

66,074

shares will vest on

January 31, 2020.

●

76,856

shares of restricted Class A common stock to our non-employee directors, all of which will vest on

January 31, 2018.

During the

six

-month period ended

June 30, 2016,

we granted:

●

218,452

shares of restricted common stock to certain employees, of which

72,816

shares vested on

January 31, 2017;

72,816

shares will vest on

January 31, 2018;

and

72,820

shares will vest on

January 31, 2019.

●

166,677

shares of restricted Class A common stock to an employee, of which

55,559

shares vested on

January 31, 2017

and

55,559

shares will vest on each of

January 31, 2018

and

2019.

●

19,048

shares of restricted common stock and

51,935

shares of restricted Class A common stock to certain non-employee directors, all of which vested on

January 31, 2017.

A summary of restricted common stock and Class A common stock activity for the

six

-month periods ended

June 30, 2017

and

2016

is as follows:

	Six Months Ended
	June 30, 2017					June 30, 2016
				Weighted-					Weighted-
				average					average
				Grant Date					Grant Date
	Number of			Fair Value		Number of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted stock - common:
Outstanding - beginning of period		396,033		$	12.06		337,506		$	9.57
Granted		307,943		$	10.40		237,500		$	12.88
Vested		(200,291	)	$	11.82		(178,973	)	$	8.46
Outstanding - end of period		503,685		$	11.14		396,033		$	12.06

Restricted stock - Class A common:
Restricted stock - beginning of period		415,082		$	10.15		374,693		$	9.46
Granted		275,076		$	10.84		218,612		$	11.25
Vested		(227,526	)	$	10.00		(178,223	)	$	10.04
Restricted stock - end of period		462,632		$	10.63		415,082		$	10.15

June 30, 2017

and

December 31, 2016,

we had

274,746

options to acquire our common stock outstanding, all of which were vested and exercisable. The exercise price of all outstanding stock options is

$1.99

per share. As of

June 30, 2017

and

December 31, 2016,

we did

not

have any options outstanding for our Class A common stock. The aggregate intrinsic value of our outstanding stock options was

$3.2

million based on the closing market price of our common stock on

June 30, 2017.