Stock-based Compensation

We recognize compensation expense for share-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plans include 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. The following table provides our stock-based compensation expense and related income tax benefit for the

three

-months ended

March 31, 2019

and

2018,

respectively (in millions).

	Three Months Ended March 31,
	2019			2018
Stock-based compensation expense, gross	$	2		$	2
Income tax benefit at our statutory rate associated with stock-based compensation		(1	)		(1	)
Stock-based compensation expense, net	$	1		$	1

All shares of common stock and Class A common stock underlying outstanding options, restricted stock units and performance awards are counted as issued at target levels under the

2017

EICP, the

2007

Incentive Plan and the Directors’ Restricted Stock Plan for purposes of determining the number of shares available for future issuance.

During the

three

-months ended

March 31, 2019,

we granted under the

2017

EICP:

●

99,905

shares of restricted Class A common stock with a grant date fair value per share of

$15.36

to an employee, of which

33,302

shares will vest on each of

January 31, 2020

and

2021

and

33,301

shares will vest on

January 31, 2022;

●

99,905

shares of restricted Class A common stock with a grant date fair value per share of

$15.36

to an employee, subject to the achievement of certain performance measures, which will vest on

January 31, 2022;

●

340,993

shares of restricted common stock with a grant date fair value per share of

$14.85

to certain employees that will vest on

January 2, 2021;

●

277,048

shares of restricted common stock with a grant date fair value of

$16.55

to certain employees, of which

92,349

shares will vest on each of

January 31, 2020

and

2021,

and

92,350

shares will vest on

January 31, 2022;

●

48,338

shares of restricted common stock with a grant date fair value per share of

$16.55

to an employee, subject to the achievement of certain performance measures, which will vest on

January 31, 2022;

and

●

11,223

shares of restricted common stock with a grant date fair value per share of

$17.83

to an employee that will vest on

February 15, 2020.

During the

three

-months ended

March 31, 2018,

we granted under the

2017

EICP:

●

110,040

shares of restricted Class A common stock with a grant date fair value per share of

$12.65

to an employee, of which

36,680

shares vested on

February 28, 2019

and

36,680

shares will vest on each of

February 28, 2020

and

2021;

●

110,040

shares of restricted Class A common stock with a grant date fair value per share of

$12.65

to an employee, subject to the achievement of certain performance measures, which will vest on

February 28, 2021;

and

●

318,196

shares of restricted common stock with a grant date fair value per share of

$15.25

to certain employees; net of forfeitures,

131,106

shares vested on

February 28, 2019,

69,651

shares will vest on

February 28, 2020,

and

69,652

shares will vest on

February 28, 2021.

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

three

-months ended

March 31, 2019

and

2018,

respectively, is as follows:

	Three Months Ended March 31,
	2019					2018
				Weighted-					Weighted-
				Average					Average
	Number			Grant Date		Number			Grant Date
	of			Fair Value		of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted common stock:
Outstanding - beginning of period		578,894		$	13.14		503,685		$	11.14
Granted (1)		677,602			15.72		318,196			15.25
Vested		(279,170	)		13.25		(225,570	)		11.21
Outstanding - end of period		977,326		$	14.89		596,311		$	13.31

Restricted Class A common stock:
Outstanding - beginning of period		407,786		$	11.82		462,632		$	10.63
Granted (1)		199,810			15.36		220,080			12.65
Vested		(158,312	)		11.38		(274,926	)		10.48
Outstanding - end of period		449,284		$	13.55		407,786		$	11.82

Restricted stock units - common stock:
Outstanding - beginning of period		-		$	-		209,500		$	15.70
Vested		-			-		(209,500	)		15.70
Outstanding - end of period		-		$	-		-		$	-

(

)

For awards subject to future performance conditions, amounts assume target performance.

March 31, 2019

and

December 31, 2018,

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

March 31, 2019

and

December 31, 2018,

we did

not

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

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

March 31, 2019.