| Share-Based Compensation |
8. Share-Based Compensation
The Company has share-based compensation plans, which are more fully described in Note 9, Share-Based Compensation, to the Consolidated Financial Statements included in the 2018 10-K. During the three months ended March 31, 2019, the Company granted restricted stock units subject to service conditions and service and performance conditions.
Share-based compensation expense amounted to $10.6 million and $9.8 million for the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, the total unrecognized compensation cost related to all non-vested stock awards was $81.0 million and the related weighted-average period over which it is expected to be recognized is approximately 1.1 years.
The following table summarizes the activity for stock appreciation rights, or SARs, under all share-based compensation plans for the three months ended March 31, 2019:
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|
|
Number of Awards
|
|
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Weighted-Average Exercise Price Per Award
|
|
|
Weighted-Average Remaining Contractual Term
|
|
Aggregate Intrinsic Value(1)
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|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
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(in millions)
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|
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Outstanding as of December 31, 2018(2)(3)
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|
|
8,470
|
|
|
$
|
26.82
|
|
|
6.1 years
|
|
$
|
272.1
|
|
|
Granted
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
Exercised(4)
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|
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(360
|
)
|
|
$
|
23.93
|
|
|
|
|
|
|
|
|
Forfeited(5)
|
|
|
(203
|
)
|
|
$
|
29.77
|
|
|
|
|
|
|
|
|
Outstanding as of March 31, 2019(2)(3)
|
|
|
7,907
|
|
|
$
|
26.88
|
|
|
5.8 years
|
|
$
|
206.5
|
|
|
Exercisable as of March 31, 2019(6)
|
|
|
5,347
|
|
|
$
|
25.41
|
|
|
5.0 years
|
|
$
|
147.5
|
|
|
Vested and expected to vest as of March 31, 2019
|
|
|
7,894
|
|
|
$
|
26.87
|
|
|
5.8 years
|
|
$
|
206.2
|
|
|
(1)
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The intrinsic value is the amount by which the current market value of the underlying stock exceeds the exercise price of the stock awards.
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(2)
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Includes less than 0.1 million market condition SARs as of both March 31, 2019 and December 31, 2018.
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(3)
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Includes 2.9 million and 3.1 million performance condition SARs as of March 31, 2019 and December 31, 2018, respectively, which represent the maximum amount that can vest.
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(4)
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Includes less than 0.1 million performance condition SARs.
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(5)
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Includes 0.2 million performance condition SARs.
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(6)
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Includes less than 0.1 million market condition and 1.9 million performance condition SARs.
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There were no SARs granted during the three months ended March 31, 2019 and 2018. The total intrinsic value of SARs exercised during the three months ended March 31, 2019 and 2018 was $11.9 million and $122.2 million, respectively.
The following table summarizes the activities for stock units under all share-based compensation plans for the three months ended March 31, 2019:
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Number of Shares
|
|
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Weighted-Average Grant Date Fair Value Per Share
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|
|
|
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(in thousands)
|
|
|
|
|
|
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Outstanding and nonvested as of December 31, 2018(1)
|
|
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1,611
|
|
|
$
|
42.09
|
|
|
Granted(2)
|
|
|
881
|
|
|
$
|
56.13
|
|
|
Vested
|
|
|
(159
|
)
|
|
$
|
43.15
|
|
|
Forfeited(3)
|
|
|
(403
|
)
|
|
$
|
39.50
|
|
|
Outstanding and nonvested as of March 31, 2019(1)
|
|
|
1,930
|
|
|
$
|
48.95
|
|
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Expected to vest as of March 31, 2019(4)
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|
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1,662
|
|
|
$
|
48.98
|
|
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(1)
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Includes 556,504 and 708,836 performance-based stock unit awards as of March 31, 2019 and December 31, 2018, respectively, which represents the maximum amount that can vest.
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(2)
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Includes 204,700 performance-based stock unit awards, which represents the maximum amount that can vest.
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(3)
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Includes 357,032 performance-based stock unit awards.
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(4)
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Includes 355,437 performance-based stock unit awards.
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The total vesting date fair value of stock units which vested during the three months ended March 31, 2019 was $9.0 million. The total vesting date fair value of stock units which vested during the three months ended March 31, 2018 was less than $0.1 million.
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