Stock-Based Compensation

9 Months Ended

Sep. 30, 2015

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

A summary of stock option activity as of September 30, 2015 and changes during the first nine 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	(75,000	)	14.94
Canceled or expired	—		—
Outstanding - end of period	68,500		$	18.75	1.9 years	$	0.9
Options exercisable	68,500		$	18.75	1.9 years	$	0.9

A summary of restricted share activity for the nine months ended September 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	65,500		45.50		120,000		48.72
Vested	(160,586	)	30.97		(14,000	)	20.30
Canceled or expired	(21,501	)	40.47		—		—
Outstanding - end of period	228,345		$	38.14	134,000		$	45.75

Total stock-based compensation expense included in selling, general and administrative expenses during the first nine months of 2015 and 2014 was $5.3 million and $4.2 million, respectively. As of September 30, 2015, there was $12.8 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 1.8 years.