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Share Based Compensation
 3 Months Ended
Mar. 31, 2018
Share-based Compensation [Abstract]  
Share Based Compensation
Share-Based Compensation:

Share-based compensation includes stock options, restricted stock units, performance-based restricted share unit awards and certain transactions under our Employee Stock Purchase Plan (the “ESPP”). Share-based compensation expense is recognized based on grant date fair value of all stock options, restricted stock units and performance-based restricted share unit awards plus a discount on shares purchased by employees as a part of the ESPP.

There were no significant modifications to the Company’s share-based compensation plans during the fiscal three months ended March 31, 2018; however, effective May 10, 2018, the Company’s shareholders approved the 2018 Omnibus Incentive Plan replacing the 2009 Stock Incentive Plan. Following the adoption of the 2018 Omnibus Incentive Plan, no further grants may be made under the 2009 Stock Incentive Plan. The maximum number of shares of common stock with respect to which awards may be granted under the 2018 Omnibus Incentive Plan is 12,562,318. Under our 2018 Omnibus Incentive Plan, awards may be granted to officers, non-employee directors, other employees and independent contractors. The per share exercise price of options granted shall not be less than the fair market value of the stock on the date of grant and such awards will expire no later than ten years from the date of grant. Vesting of awards commences at various anniversary dates following the dates of grant and certain awards will vest only upon established performance conditions being met.

For the first quarters of fiscal 2018 and 2017, share-based compensation expense was $8.6 million and $7.6 million, respectively.

Stock Options

The following table summarizes information concerning stock option grants during the first three months of fiscal 2018 and 2017:
 
Fiscal three months ended
 
March 31,
2018
 
April 1,
2017
Stock options granted
654,920

 
1,499,549

Weighted average exercise price
$
67.28

 
$
73.18

Weighted average fair value per option
$
14.86

 
$
14.75



As of March 31, 2018, total unrecognized compensation expense related to non-vested stock options was approximately $23.7 million with a remaining weighted average expense recognition period of 1.9 years.

Restricted Stock Units and Performance-Based Restricted Share Units

The following table summarizes information concerning restricted stock unit and performance-based restricted share unit grants during the first three months of fiscal 2018 and 2017:
 
Fiscal three months ended
 
March 31,
2018
 
April 1,
2017
Restricted stock units granted
274,339

 
63,915

Performance-based restricted share units granted
39,330

 
$
—

Weighted average fair value per share
$
63.30

 
$
69.30



During the first quarter of fiscal 2018, the Company granted awards that are subject to the achievement of specified performance goals. The performance metrics for the units are growth in net sales and growth in earnings per diluted share. The number of performance-based restricted share units presented in the foregoing table represent the shares that can be achieved at the performance metric target value. The actual number of shares that will be issued under the performance share awards, which may be higher or lower than the target, will be determined by the level of achievement of the performance goals. If the performance targets are achieved, the units will vest on a pro rata basis over a three-year period.

As of March 31, 2018, total unrecognized compensation expense related to non-vested restricted stock units and non-vested performance-based restricted share units was approximately $20.8 million with a remaining weighted average expense recognition period of 2.5 years.