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

nine

-month periods ended

September 30, 2017

and

2016,

respectively (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
Stock-based compensation expense, gross	$	1,532		$	1,271		$	4,305		$	3,827
Income tax benefit at our statutory rate associated with share-based compensation		(597	)		(496	)		(1,679	)		(1,493	)
Stock-based compensation expense, net	$	935		$	775		$	2,626		$	2,334

The

2017

EICP

provides for, and, while awards were available for grant thereunder 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

nine

-month period ended

September 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;

and

●

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

nine

-month period ended

September 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;

and

●

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

nine

-month periods ended

September 30, 2017

and

2016

is as follows:

	Nine Months Ended
	September 30, 2017					September 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:
Outstanding - 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
Outstanding - end of period		462,632			$10.63		415,082			$10.15

September 30, 2017

and

December 31, 2016,

we had outstanding options to acquire

274,746

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

$1.99

per share. As of

September 30, 2017

and

December 31, 2016,

we did

not

have any outstanding stock options for our Class A common stock. The aggregate

intrinsic value of our outstanding stock options was

$3.8

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

September 30, 2017.

October

2017,

we granted restricted stock units (“RSUs”) representing

215,500

shares of our common stock to certain non-executive employees,

under the provisions of our

2017

EICP. These RSUs will vest on

January 31, 2018

and

may

be settled only by the issuance of shares of our common stock. These RSUs were valued at

$3.4

million as of their date of grant. This value will be recorded in our operating expenses on a straight-line basis over the

four

-month vesting period.