Stock-Based Compensation

6 Months Ended

Jun. 30, 2018

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

5.	STOCK-BASED COMPENSATION

On June 30, 2018, the Company had stock options and stock awards outstanding under its 2006 Incentive Compensation Plan and stock options, stock awards and stock appreciation rights (SARs) outstanding under its 2011 Incentive Compensation Plan. SARs granted prior to 2015 are cash-settled, and SARs granted after 2014 are stock-settled. Stock options and SARs granted prior to 2017 generally cliff vested after two years. Starting in 2017, stock options and SARs 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 June 30				Six Months Ended June 30
2018		2017		2018		2017
$	1,155	$	3,166	$	3,387	$	4,551

The year-over-year and quarter-over-quarter decrease in stock-based compensation expense was primarily attributable to cash-settled SARs. SARs compensation expense decreased due to a decrease in the fair values of cash-settled SARs that resulted from a decline in the market value of Company common stock during the first six months of 2018.

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

(In thousands)	June 30, 2018		December 31, 2017
Stock options	$	2,175	$	1,179
Stock awards		5,105		3,737
SARs		4,674		2,398

The increases in unrecognized compensation costs for stock options, stock awards and SARs reflected the 2018 grants of:

	Shares
Stock options		76,409
Stock awards (at target)		48,911
SARs		169,245

The unrecognized compensation costs at June 30, 2018, are expected to be recognized over weighted-average periods of 2.2 years, 1.9 years and 2.2 years for stock options, stock awards and SARs, respectively.