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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

5.

STOCK-BASED COMPENSATION

On September 30, 2017, the Company had stock options outstanding under its 2006 Incentive Compensation Plan and stock options, stock awards and SARs outstanding under its 2011 Incentive Compensation Plan.  SARs granted prior to 2015 are cash-settled, and SARs granted in 2015 and thereafter are settled in shares of Company common stock.  Stock options and SARs granted prior to 2017 cliff vest after two years. Stock options and SARs granted in 2017 have a three-year graded vesting feature, with one-third of the awards vesting each year.  The Company has elected the straight-line method of expense attribution for the stock options and SARs with the graded vesting feature.

Compensation expense recorded for all stock options, stock awards and SARs was as follows:

(In thousands)

 

Three Months Ended

September 30

 

 

Nine Months Ended

September 30

 

2017

 

 

2016

 

 

2017

 

 

2016

 

$

1,697

 

 

$

3,607

 

 

$

6,248

 

 

$

8,055

 

 

The decrease in stock-based compensation expense between the three-month periods ended September 30, 2017 and 2016, was primarily attributable to a decrease in cash-settled SARs compensation resulting from a decrease in the market price of Company common stock in the third quarter of 2017 versus an increase in the stock price of Company common stock in the third quarter of 2016. The above decrease in cash-settled SARs compensation was also the primary reason for the decline in stock-based compensation expense between the nine-month periods ended September 30, 2017 and 2016.

Unrecognized compensation costs for stock options, stock awards and SARs were as follows:

(In thousands)

 

September 30,

2017

 

 

December 31,

2016

 

Stock options

 

$

1,533

 

 

$

895

 

Stock awards

 

 

4,632

 

 

 

5,514

 

SARs

 

 

3,178

 

 

 

1,859

 

 

The unrecognized compensation costs at September 30, 2017, are expected to be recognized over weighted-average periods of 2.0 years, 1.6 years and 2.0 years for stock options, stock awards and SARs, respectively.

 

Grants of the following awards were made during the nine months ended September 30, 2017:

 

 

Shares

 

Stock options

 

 

71,434

 

Stock awards (at target)

 

 

44,599

 

SARs

 

 

148,723