Share-based Compensation (Notes)

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

In May 2019, our stockholders approved the 2019 Omnibus Supplemental Incentive Plan (“OSIP”), which authorizes granting an aggregate maximum of 14.4 million shares under the OSIP through May 31, 2029. The OSIP permits and the prior Stock Incentive Plan permitted the granting of nonqualified stock option, restricted stock, performance shares and restricted stock unit awards to our directors, officers and other employees. Under the OSIP, any dividends on unvested awards are subject to the same restrictions as the underlying award. Information on share-based compensation expense is presented below:



	Three Months Ended September 30,				Nine Months Ended September 30,
Share-based Compensation Expense	2019		2018		2019		2018
Stock options	$	0.2	$	0.2	$	2.2	$	2.2
Restricted stock	0.3		0.5		2.1		2.9
Restricted stock units issued to Directors	0.3		0.3		0.9		0.9
Performance shares	0.6		0.4		1.8		1.5
Equity-based long-term performance plan	0.3		0.1		0.8		0.3
Total share-based compensation expense	$	1.7	$	1.5	$	7.8	$	7.8

We estimate share-based compensation expense will be $9.5 for 2019.

We granted stock options on 1,199,415 shares during the nine months ended September 30, 2019, with a weighted-average fair value of $1.52 per share of stock option. No options were exercised during the nine months ended September 30, 2019.

We granted restricted stock awards of 772,054 shares during the nine months ended September 30, 2019, at a weighted-average fair value of $2.65 per share. The total intrinsic value of restricted stock awards that vested (i.e., restrictions lapsed) during the nine months ended September 30, 2019 was $2.0.

We granted performance share awards of 595,733 shares during the nine months ended September 30, 2019, with a weighted-average fair value of $3.09 per share. The total intrinsic value of performance share awards that vested during the nine months ended September 30, 2019 was $0.7.

During the first quarter of 2019, in order to further align our management and stockholder interests, the Board of Directors changed the structure of long-term incentive compensation for executive officers. For performance periods beginning in 2019, 50% of the long-term incentive plan compensation earned by executive officers will now be denominated in stock instead of the 30% denominated in stock for the performance period that began in 2018. In addition, beginning in 2019, 30% of the compensation earned by other non-executive officer participants under the long-term incentive plan will now be paid in stock. The remaining portion of the long-term incentive plan for all participants will be settled in cash. As a result, the equity-based portion of the long-term incentive plan is treated as share-based compensation with a performance condition.