11.	Stock-Based Compensation

The Company recognizes compensation expense for all equity-based compensation awards issued to employees and directors that are expected to vest. Compensation cost is based on the fair value of awards as of the grant date. The Company recognized $0.5 million and $0.4 million of stock-based compensation expense related to equity awards for the three months ended June 30, 2019 and 2018, respectively, and recognized $1.1 million and $1.0 million of stock-based compensation expense related to equity awards for the six months ended June 30, 2019 and 2018, respectively, under the fair value method. In addition to the equity-based compensation expense recognized, the Company also recognized $(60,000) and $28,000 of stock-based compensation related to the change in the fair value of cash-settled restricted stock units (RSUs) during the three months ended June 30, 2019 and 2018, respectively. During the six months ended June 30, 2019 and 2018, the Company recorded net reduction of $33,000 and $60,000 in the fair value of cash-settled RSUs, respectively.

During the three and six months ended June 30, 2019, the Company granted approximately 200,000 and 500,000 time-based RSUs with an aggregate fair value of $0.6 million and $1.4 million, respectively. For the three and six months ended June 30, 2018, the Company granted approximately 200,000 and 400,000 time-based RSUs with an aggregate fair value of $0.6 million and $1.3 million, respectively. A portion of the time-based RSUs vest quarterly in equal amounts over the course of eight quarters, a portion vest one year after grant and the remainder vest annually in equal amounts over the course of three years. The fair value of the time-based RSUs is expensed ratably over the requisite service period, which ranges from one year to three years.

The Company's 1995 long-term incentive program ("LTIP") provides for the issuance of performance-vesting and time-vesting restricted stock units to certain executives and other Company employees. Vesting of the performance-vesting restricted stock units (PRSU's) is contingent upon the employee's continued employment and the Company's achievement of certain performance goals during designated performance period as established by the Compensation Committee of the Board of Directors. We recognize compensation expense, net of estimated forfeitures, for PRSU's on a straight-line basis over the performance period based on the probable outcome of achievement of the financial targets. At the end of each reporting period, we estimate the number of PRSUs that are expected to vest, based on the probability and extent to which the performance goals will be met, and take into account these estimates when calculating the expense for the period. If the number of shares expected to be earned changes during the performance period, we make a cumulative adjustment to compensation expense based on the revised number of shares expected to be earned.

During six months ended June 30, 2019, the Company granted approximately 350,000 performance-based RSUs to employees with an aggregate fair value of $0.9 million. During three months ended June 30, 2019, the Company did not grant any performance-based RSUs. During the three and six months ended June 30, 2018, the Company did not grant any performance-based RSUs. The Company did not grant any stock options for the three and six months ended June 30, 2019 and 2018.