Stock-Based Compensation

9 Months Ended

Sep. 30, 2019

Stock-Based Compensation

STOCK-BASED COMPENSATION

NOTE 18.    STOCK-BASED COMPENSATION

On May 4, 2017, the shareholders approved the Company’s 2017 Omnibus Incentive Plan ("the 2017 Plan") and all shares that were then available for issuance under the 2008 Omnibus Incentive Plan are now available for issuance under the 2017 Plan. The 2017 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, stock units (including deferred stock units), unrestricted stock, and dividend equivalent rights. Any of the awards issued under the 2017 Plan may be issued as performance-based awards to align compensation awards to the attainment of annual or long-term performance goals. As of September 30, 2019, there were 3.0 million shares reserved and 2.3 million shares available for grant under the 2017 Plan.

Restricted stock units ("RSU’s") are generally granted with a grant date fair value equal to the market price of our stock at the date of grant and with generally a three or four-year vesting schedule or performance-based vesting as determined at the time of grant.

Stock option awards are generally granted with an exercise price equal to the market price of our stock at the date of grant and with either a three or four-year vesting schedule or performance-based vesting as determined at the time of grant. Stock option awards generally have a term of 10 years.

We recognize stock-based compensation expense based on the fair value of the awards issued and the functional area of the employee receiving the award. Stock-based compensation for the three and nine months ended September 30, 2019 and 2018 was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Stock-based compensation expense	$	917	$	1,024	$	5,053	$	7,461

Changes in the outstanding RSU awards during the three and nine months ended September 30, 2019 were as follows:

	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
		Weighted-			Weighted-
		Average			Average
		Grant Date			Grant Date
	Number of RSUs	Fair Value		Number of RSUs	Fair Value
RSUs outstanding at beginning of period	553	$	56.23	352	$	58.17
RSUs granted	18	$	57.01	377	$	52.18
RSUs vested	(7)	$	27.69	(153)	$	50.90
RSUs forfeited	(30)	$	58.27	(42)	$	51.74
RSUs outstanding at end of period	534	$	56.52	534	$	56.52

Changes in the outstanding stock option awards during the three and nine months ended September 30, 2019 were as follows:

	Three Months Ended September 30, 2019			Nine Months Ended September 30, 2019
		Weighted-			Weighted-
		Average			Average
	Number of	Exercise Price		Number of	Exercise Price
	Options	per Share		Options	per Share
Options outstanding at beginning of period	213	$	21.50	230	$	20.73
Options exercised	(21)	$	22.90	(37)	$	18.03
Options expired	(1)	$	11.21	(2)	$	8.95
Options outstanding at end of period	191	$	21.37	191	$	21.37