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SHARE-BASED COMPENSATION PLANS | 12 Months Ended
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Dec. 31, 2017
Share-based Compensation [Abstract] |
SHARE-BASED COMPENSATION PLANS | 14. SHARE-BASED COMPENSATION PLANS In May 2014, the Corporation adopted the Curtiss Wright 2014 Omnibus Incentive Plan (the “2014 Omnibus Plan”). The plan replaced the Corporation's existing 2005 Long Term Incentive Plan and the 2005 Stock Plan for Non-Employee Directors (collectively the “2005 Stock Plans”). Beginning in May 2014, all awards were granted under the 2014 Omnibus Plan. The maximum aggregate number of shares of common stock that may be issued under the 2014 Omnibus Plan are 2,400,000 less one share of common stock for every one share of common stock granted under any prior plan after December 31, 2013 and prior to the effective date of the 2014 Omnibus Plan. In addition, any awards that were previously granted under any prior plan that terminate without issuance of shares, shall be eligible for issuance under the 2014 Omnibus Plan. Awards under the 2014 Omnibus Plan may be in the form of stock options, stock appreciation rights, restricted stock, restricted stock units (RSU), other stock-based awards, performance share units (PSU) or cash based performance units (PU). During 2017, the Corporation granted awards in the form of RSUs, PSUs, and restricted stock. Previous grants under the 2005 Stock Plans included non-qualified stock options. Under our employee benefit program, the Corporation also provides an Employee Stock Purchase Plan (ESPP) available to most active employees. Certain awards provide for accelerated vesting if there is a change in control. The compensation cost for employee and non-employee director share-based compensation programs during 2017, 2016, and 2015 is as follows:
(In thousands) |  | 2017 |  | 2016 |  | 2015
Employee Stock Purchase Plan |  | 1,207 |  |  | 1,184 |  |  | 1,279 |
Performance Share Units |  | 4,340 |  |  | 3,910 |  |  | 4,349 |
Restricted Share Units |  | 4,931 |  |  | 3,426 |  |  | 3,015 |
Other share-based payments |  | 1,094 |  |  | 958 |  |  | 830 |
Total share-based compensation expense before income taxes |  | $ | 11,572 |  |  | $ | 9,478 |  |  | $ | 9,473 |
Other share-based grants include service-based restricted stock awards to non-employee directors, who are treated as employees as prescribed by the accounting guidance on share-based payments. The compensation cost recognized follows the cost of the employee, which is primarily reflected as General and administrative expenses in the Consolidated Statements of Earnings. No share-based compensation costs were capitalized during 2017, 2016, or 2015. The following table summarizes the cash received from share-based awards on share-based compensation:
(In thousands) |  | 2017 |  | 2016 |  | 2015
Cash received from share-based awards |  | $ | 14,179 |  |  | $ | 22,300 |  |  | $ | 28,706 |
A summary of employee stock option activity is as follows:
|  | Shares (000’s) |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term in Years |  | Aggregate Intrinsic Value (000’s)
Outstanding as of December 31, 2016 |  | 443 |  |  | $ | 31.91 |  |  |  |  |
Exercised |  | (179 | ) |  | 34.24 |  |  |  |  |
Outstanding as of December 31, 2017 | 264 |  |  | $ | 30.30 |  |  | 2.2 |  | $ | 24,093 |
Exercisable as of December 31, 2017 | 264 |  |  | $ | 30.30 |  |  | 2.2 |  | $ | 24,093 |
The total intrinsic value of stock options exercised during 2017, 2016, and 2015 was $30.2 million, $43.2 million, and $36.8 million, respectively. Performance Share Units The Corporation has granted performance share units to certain employees, whose three year cliff vesting is contingent upon the Corporation's total shareholder return over the three-year term of the awards compared to a self-constructed peer group. The non-vested shares are subject to forfeiture if established performance goals are not met or employment is terminated other than due to death, disability, or retirement. Share plans are denominated in share-based units based on the fair market value of the Corporation’s common stock on the date of grant. The performance share unit’s compensation cost is amortized to expense on a straight-line basis over the three-year requisite service period. Restricted Share Units Restricted share units cliff vest at the end of the awards’ vesting period. The restricted share units are service-based and thus compensation cost is amortized to expense on a straight-line basis over the requisite service period, which is typically three years. The non-vested restricted units are subject to forfeiture if employment is terminated other than due to death, disability, or retirement. A summary of the Corporation’s 2017 activity related to performance share units and restricted share units are as follows:
|  | Performance Share Units (PSUs) |  | Restricted Share Units (RSUs)
|  | Shares/Units (000’s) |  | Weighted- Average Fair Value |  | Shares/Units (000’s) |  | Weighted- Average Fair Value
Nonvested as of December 31, 2016 | 204 |  |  | $ | 71.28 |  |  | 204 |  |  | $ | 74.38 |
Granted |  | 68 |  |  | 62.91 |  |  | 1 |  |  | 98.34 |
Vested |  | (137 | ) |  | 62.91 |  |  | (34 | ) |  | 70.36 |
Forfeited |  | — |  |  | — |  |  | (2 | ) |  | 85.47 |
Nonvested as of December 31, 2017 | 135 |  |  | $ | 75.51 |  |  | 169 |  |  | $ | 75.19 |
Expected to vest as of December 31, 2017 | 135 |  |  | $ | 75.51 |  |  | 169 |  |  | $ | 75.19 |
Nonvested PSUs had an intrinsic value of $16.5 million and unrecognized compensation costs of $4.7 million as of December 31, 2017. Nonvested RSUs had an intrinsic value of $20.6 million and unrecognized compensation costs of $5.9 million as of December 31, 2017. Unrecognized compensation costs related to PSUs and RSUs are both expected to be recognized over a period of 1.7 years. Employee Stock Purchase Plan The Corporation’s ESPP enables eligible employees to purchase the Corporation’s common stock at a price per share equal to 85% of the fair market value at the end of each offering period. Each offering period of the ESPP lasts six months, commencing on January 1st and July 1st of each year. Compensation cost is recognized on a straight-line basis over the six-month vesting period during which employees perform related services.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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