Stock-Based Compensation (Notes)

9 Months Ended

Sep. 30, 2017

Stock-Based Compensation

The Company recorded stock-based compensation expense of $2.7 million and a benefit of $1.3 million for the first nine months of 2017 and 2016, respectively. A portion of stock-based compensation is related to the change in the market value of the Company's common stock.

A summary of stock-based awards activity during the nine months ended September 30, 2017 follows:

Stock Performance Rights ("SPRs")

SPRs entitle the recipient to receive a cash payment equal to the excess of the market value of the Company's common stock over the SPR exercise price when the SPRs are surrendered. A liability of $9.0 million, reflecting the estimated fair value of future pay-outs is included as a component of Accrued expenses in the condensed consolidated balance sheets. Activity related to the Company’s SPRs for the nine months ended September 30, 2017 was as follows:



	Number of SPRs		Weighted Average Exercise Price
Outstanding on December 31, 2016	946,701		$	19.60
Granted	78,948		25.12
Exercised	(34,095	)	12.99
Cancelled	(30,000	)	36.71
Outstanding on September 30, 2017	961,554		19.76

Restricted Stock Awards ("RSAs")

Each RSA is exchangeable for one share of the Company's common stock at the end of the vesting period. Activity related to the Company’s RSAs for the nine months ended September 30, 2017 was as follows:



	Restricted Stock Awards
Outstanding on December 31, 2016	31,897
Granted	83,920
Exchanged for shares	(31,897	)
Outstanding on September 30, 2017	83,920

Market Stock Units ("MSUs")

MSU's are exchangeable for the Company's common stock at the end of the vesting period. The number of shares of common stock that will be issued upon vesting, ranging from zero to 150% of the underlying MSU, will be determined based upon the trailing sixty-day weighted average closing price of the Company's common stock upon vesting. Activity related to the Company’s MSUs for the nine months ended September 30, 2017 was as follows:



	Number of Market Stock Units	Maximum Shares Potentially Issuable
Outstanding on December 31, 2016	149,532	224,298
Granted	98,243	147,065
Outstanding on September 30, 2017	247,775	371,363

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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