

12.	STOCK INCENTIVE PLAN AND OTHER EQUITY ACTIVITY

General—The Company has a stock incentive plan (the “Stock Incentive Plan”) that is administered by the Compensation and Talent Development Committee of the Board of Directors. Under the Stock Incentive Plan, the Company can issue shares to employees and directors in the form of restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and performance based shares (“PSUs”). Changes in common stock, additional paid in capital, and treasury stock during the nine months ended September 30, 2019 primarily relate to activity associated with the Stock Incentive Plan and share repurchases. During 2019, the Company implemented an Employee Stock Purchase Plan (“ESPP”). Under the ESPP, employees may make quarterly purchases of shares at a discount through regular payroll deductions for up to 15% of their compensation ($25 maximum per year). The shares are purchased at 85% of the closing price per share on the last trading day of the calendar quarter.

Share Grants—During the nine months ended September 30, 2019, the Company had the following share grants associated with the Stock Incentive Plan:



	Shares	Weighted Average Grant-Date Fair Value per Share
RSAs	52	$	12.06
RSUs	138	$	10.96
PSUs	185	$	10.89
Total shares granted	375

Share Issuances—During the nine months ended September 30, 2019, the Company had the following share issuances associated with the Stock Incentive Plan:



		Shares
RSA (issued upon grant)		52
RSUs (issued upon vesting)		80
PSUs (issued upon vesting)		54
ESPP (issued upon sale)		6
Total shares issued		192

Stock-Based Compensation Expense—During the three and nine months ended September 30, 2019 the Company recognized $819 and $2,489, respectively, of stock-based compensation expense, and during the three and nine months ended September 30, 2018 the Company recognized $798 and $2,181 of stock-based compensation expense, respectively, primarily within general and administrative expenses. The Company recognizes forfeitures as they occur, rather than estimating expected forfeitures. Included within total stock-based compensation expense for the three and nine months ended September 30, 2019 is $12 of expense related to the ESPP. ESPP expense, represents the difference between the fair value on the date of purchase and the price paid. At September 30, 2019, 794 authorized shares remained available for issuance under the ESPP.

Share Repurchases—During the nine months ended September 30, 2019, the Company repurchased 250 shares of the Company’s outstanding common stock for $3,201 under the stock repurchase plan, all of which were purchased in the first quarter of 2019. The Company also repurchased 3 and 62 shares for taxes withheld on stock-based compensation vestings for $32 and $694 during the three and nine months ended September 30, 2019, respectively.