Stock-Based Compensation

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock-Based Compensation

A summary of stock option activity as of June 30, 2015 and changes during the first six months of 2015 is presented below:

	2015
	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	(In whole shares)					(In millions)
Outstanding - beginning of year	143,500		$	16.76
Granted	—		—
Exercised	(60,000	)	14.90
Canceled or expired	—		—
Outstanding - end of period	83,500		$	18.10	2.1 years	$	2.5
Options exercisable	83,500		$	18.10	2.1 years	$	2.5

A summary of restricted share and performance share activity for the six months ended June 30, 2015 is as follows:

	2015
	Time-Based				Performance-Based
	Number of Shares		Weighted Average Grant Date Fair Value		Number of Shares		Weighted Average Grant Date Fair Value
	(In whole shares)				(In whole shares)
Outstanding - beginning of year	344,932		$	33.55	28,000		$	20.30
Granted	41,000		49.35		120,000		48.72
Vested	(139,748	)	32.78		(14,000	)	20.30
Canceled or expired	(21,501	)	40.47		—		—
Outstanding - end of period	224,683		$	36.25	134,000		$	45.75

Total stock-based compensation expense included in selling, general and administrative expenses during the firstsix months of 2015 and 2014 was $2.9 million and $2.5 million, respectively. As of June 30, 2015, there was $14 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted average period of 1.9 years.