Share-Based Compensation Plans

9 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based incentive awards are provided to employees under the terms of various share-based compensation plans (collectively, the “Plans”). The Plans are administered by the Compensation Committee of the Board of Directors and principally include at-the-money stock options, unvested stock and cash awards. Unvested stock awards include grants of market-based, performance-based and time-vested restricted stock rights. Under the terms of our Plans, dividends are not paid unless the stock award vests. Upon vesting, the amount of the dividends paid is equal to the aggregate dividends declared on common shares during the period from the grant date of the award until the date the shares underlying the award are delivered.

The following table provides information on share-based compensation expense and income tax benefits recognized during the periods:



	Three months ended September 30,					Nine months ended September 30,
	2017			2016		2017			2016
	(In thousands)
Stock option and stock purchase plans	$	1,953		1,633		$	5,811		5,410
Unvested stock	2,618			2,237		8,823			8,460
Share-based compensation expense	4,571			3,870		14,634			13,870
Income tax benefit	(1,608		)	(1,321	)	(5,090		)	(4,691	)
Share-based compensation expense, net of tax	$	2,963		2,549		$	9,544		9,179

The following table is a summary of compensation expense recognized for market-based cash awards in addition to the share-based compensation expense reported in the previous table:



	Three months ended September 30,			Nine months ended September 30,
	2017		2016	2017		2016
	(In thousands)
Cash awards	$	124	119	$	245	447

Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at September 30, 2017 was $23.3 million and is expected to be recognized over a weighted-average period of 1.9 years.

The following table is a summary of the awards granted under the Plans during the periods presented:



	Nine months ended September 30,
	2017	2016
	(Shares in thousands)
Stock options	465	513
Market-based restricted stock rights	46	34
Performance-based restricted stock rights	79	45
Time-vested restricted stock rights	110	129
Total	700	721