SHARE-BASED COMPENSATION PLANS

6 Months Ended

Jun. 30, 2019

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

Share-based incentive awards are provided to employees under the terms of various share-based compensation plans (collectively, the “Plans”). The Plans are administered by the Compensation Committee of the Board of Directors. Awards under the Plans principally include at-the-money stock options and unvested stock. Unvested stock awards include grants of market-based, performance-based and time-vested restricted stock rights. Under the terms of our Plans, dividends on unvested stock are not paid unless the stock award vests. Upon vesting, the amount of the dividends paid is equal to the aggregate dividends declared on common shares during the period from the grant date of the award until the date the shares underlying the award are delivered.

The following table provides information on share-based compensation expense and income tax benefits recognized during the periods:



	Three months ended June 30,					Six months ended June 30,
	2019			2018		2019			2018
	(In thousands)
Stock option and stock purchase plans	$	1,656		1,895		$	3,475		3,771
Unvested stock	5,867			4,415		11,447			7,881
Share-based compensation expense	7,523			6,310		14,922			11,652
Income tax benefit	(1,374		)	(1,068	)	(2,534		)	(2,229	)
Share-based compensation expense, net of tax	$	6,149		5,242		$	12,388		9,423

Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at June 30, 2019 was $50 million and is expected to be recognized over a weighted-average period of 2.0 years.

The following table is a summary of the awards granted under the Plans during the periods presented:



	Six months ended June 30,
	2019	2018
	(Shares in thousands)
Stock options	220	347
Performance-based restricted stock rights	228	200
Time-vested restricted stock rights	408	167
Total	856	714