Stock-Based Compensation

The Company recognizes compensation expense for all share-based payments granted for the years ended December 31, 2018, 2017 and 2016 based on the grant-date fair value estimated in accordance with the provisions of ASC 718-10. Compensation expense is recognized on a straight-line basis over the options’ or other awards’ estimated lives for fixed awards with ratable vesting provisions.

Under the Company’s 2012 Incentive Plan (“2012 Plan”), the Company reserved up to a maximum of 3,200 shares of common stock for issuance upon the grant or exercise of stock options, restricted stock, restricted stock units (“RSUs”) and other types of awards, to directors and key employees through December 31, 2022. Option awards are granted with an exercise price equal to the market price of the Company’s common stock on the date of the grant and generally vest between three and five years with a 10-year contractual term. The grant date fair value of restricted stock and RSUs is equal to the market price of the Company’s common stock on the date of the grant and generally vest between three and five years.

On May 19, 2017, the Company’s stockholders approved the 2017 Long-Term Incentive Plan (“2017 Plan”), which allows the Company to reserve up to a maximum of 3,000 shares of common stock for issuance upon the grant or exercise of awards under the 2017 Plan. No additional awards may be granted under the 2012 Plan after May 19, 2017.

Stock Option Plans

Additional information relating to the Company’s stock option plans follows:



	2018		2017		2016
Options outstanding at beginning of year	63		91		169
Options exercised	—		(28	)	(78	)
Options forfeited and expired	—		—		—
Options outstanding at end of year	63		63		91
Options exercisable at end of year	63		63		90
Option prices per share:
Options exercised during the year	$	—	57.34-66.14		28.37-93.65
Options forfeited and expired during the year	$	—	—		—
Options outstanding at end of year	57.34-66.14		57.34-66.14		57.34-66.14
Options exercisable at end of year	57.34-66.14		57.34-66.14		57.34-66.14

During 2018, 2017 and 2016, a total of 1 shares were awarded each year to certain non-employee directors in lieu of cash for their annual retainers.

A summary of the Company’s options under it’s long-term incentive plans as of December 31, 2018, and changes during the year then ended is presented as follows:



	Shares	Weighted average exercise price		Weighted average remaining contractual term (years)	Aggregate intrinsic value
Options outstanding, December 31, 2017	63	$	62.86
Granted	—	—
Exercised	—	—
Forfeited and expired	—	—
Options outstanding, December 31, 2018	63	$	62.86	2.8	$	3,415
Vested and expected to vest as of December 31, 2018	63	$	62.86	2.8	$	3,415
Exercisable as of December 31, 2018	63	$	62.86	2.8	$	3,415

The Company has not granted options since the year ended December 31, 2012. The total intrinsic value of options exercised during the years ended December 31, 2018, 2017, and 2016 was $0, $5,005 and $10,571, respectively. Total compensation expense recognized for the years ended December 31, 2018, 2017 and 2016 was $0 ($0, net of tax), $6 ($4, net of tax) and $40 ($24, net of tax), respectively, which was allocated to selling, general and administrative expenses. The remaining unamortized expense for non-vested compensation expense as of December 31, 2018 was $0.

The following table summarizes information about the Company’s stock options outstanding as of December 31, 2018:



	Outstanding				Exercisable
Exercise price range	Number of shares	Average life	Average price		Number of shares	Average price
$57.34-$57.34	23	2.15	57.34		23	57.34
$66.14-$66.14	40	3.14	66.14		40	66.14
Total	63	2.77	$	62.86	63	$	62.86

Restricted Stock Plans

A summary of the Company’s RSUs under the Company’s long-term incentive plans as of December 31, 2018, and changes during the year then ended is presented as follows:



	Shares		Weighted average grant date fair value		Weighted average remaining contractual term (years)	Aggregate intrinsic value
Restricted Stock Units outstanding, December 31, 2017	555		$	147.28
Granted	136		231.25
Released	(235	)	156.56
Forfeited	(10	)	211.16
Restricted Stock Units outstanding, December 31, 2018	446		$	166.56	1.1	$	51,501
Expected to vest as of December 31, 2018	440				1.1	$	50,746

The Company recognized stock-based compensation costs related to the issuance of RSUs of $31,382 ($24,436, net of taxes), $36,316 ($22,037, net of taxes) and $35,019 ($21,250, net of taxes) for the years ended December 31, 2018, 2017 and 2016, respectively, which has been allocated to selling, general and administrative expenses. Pre-tax unrecognized compensation expense for unvested RSUs granted to employees, net of estimated forfeitures, was $20,834 as of December 31, 2018, and will be recognized as expense over a weighted-average period of approximately 1.26 years.

Additional information relating to the Company’s RSUs under the Company’s long-term incentive plans are as follows:



	2018		2017		2016
Restricted Stock Units outstanding, January 1	555		695		750
Granted	136		154		187
Released	(235	)	(284	)	(226	)
Forfeited	(10	)	(10	)	(16	)
Restricted Stock Units outstanding, December 31	446		555		695
Expected to vest as of December 31	440		546		682