NOTE 12. Stock-Based Compensation Plans

The 2017 Long-Term Incentive Plan (the “2017 Incentive Plan”) was approved by the Board of Directors and subsequently approved by the Company’s stockholders at the 2017 annual meeting. The 2017 Incentive Plan authorizes a broad range of awards including stock options, stock appreciation rights, restricted stock and restricted stock units, performance shares or units, other stock-based awards, and cash incentive awards to all employees (including the Company’s executive officers), directors, consultants, independent contractors or agents of us or a related company. The 2017 Incentive Plan is effective as of March 15, 2017.

The 2017 Incentive Plan replaced the Company’s 2002 Long-Term Incentive Plan, as amended (the “2002 Incentive Plan”). Under the 2002 Incentive Plan, stock options, stock appreciation rights, restricted stock, restricted stock units and performance units could be granted for the purpose of attracting and motivating our key employees and non-employee directors. As of the effective date of the 2017 Incentive Plan, there were a total of 707,273 shares of our Class A common stock (“Common Stock”) under the 2002 Incentive Plan available to be issued upon exercise or settlement of outstanding awards.

As of December 31, 2017, 1,948,363 shares were available for future grant under the 2017 Incentive Plan.

We have not granted any stock options since 2003 and have no stock options outstanding. Restricted stock vests over a three to five year period for all recipients other than the Company’s non-employee Directors. The non-employee Directors restricted stock vests over a one to three year period.

Share-based compensation expense for 2017, 2016 and 2015 was $9.9 million, $8.5 million and $7.8 million or $6.5 million, $5.2 million and $5.0 million, net of taxes, respectively.

The following table summarizes the non-vested restricted stock activity for the year ended December 31, 2017:

			Weighted
			Average
			Grant Date
Non-vested restricted stock	Shares		Fair Value

Non-vested January 1, 2017		780,940	$	35.48
Granted		428,333	$	43.31
Vested		(237,690)	$	35.60
Forfeited		(96,257)	$	39.10
Non-vested at December 31, 2017		875,326	$	38.88

The following table summarizes the restricted stock granted during the respective years:

Restricted stock grants	2017		2016		2015

Employees		396,708		394,243		316,531
Outside directors		31,625		26,125		22,000
Total		428,333		420,368		338,531

Weighted average grant date fair value	$	43.31	$	33.46	$	37.60

Vesting period	3-5 years		3-5 years		3-5 years

The fair value of non-vested restricted stock is equal to the market price of our stock at the date of grant.

The total fair value of restricted shares vested during the years ended December 31, 2017, 2016 and 2015 was $10.4 million, $7.5 million and $8.7 million, respectively.

As of December 31, 2017, there was $25.5 million of unrecognized compensation cost related to non-vested share-based compensation that is expected to be recognized over a weighted average period of 2.99 years.

During January 2018, we granted 323,347 shares of restricted stock, which includes 89,143 performance based shares and 234,204 time based shares, to certain employees and 33,000 shares of restricted stock to outside directors with a weighted average grant date fair value of $49.20. The stock vests over a three to five year period for employees and one year for outside directors.