Stock-Based Compensation

6 Months Ended

Jun. 30, 2017

A summary of stock-based compensation costs follows (in millions):



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016

Total stock-based compensation costs:
Restricted stock units	$	—	$	—	$	—	$	0.1
Stock options	0.1		0.1		0.2		0.2
Expense included in selling, general and administrative expense	$	0.1	$	0.1	$	0.2	$	0.3

Total recognized tax benefit	$	—	$	—	$	—	$	—

As of June 30, 2017, there was $0.6 million of unrecognized compensation cost related to unvested stock-based payments granted, of which $0.5 million relates to stock options and $0.1 million relates to unvested restricted stock units. That cost is expected to be recognized over a weighted-average period of 1.4 years.

Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized on a straight-line basis over the requisite service period. Stock options vest and become exercisable in equal annual installments over a three- or four-year period and expire 10 years from the date of grant.

Assumptions used in the Black-Scholes option pricing model to value option grants follow. There were no option grants in the six months ended June 30, 2017.



	Six Months Ended June 30, 2016
Risk-free interest rate	1.9%
Expected volatility	75%
Expected option life (years)	6
Weighted-average grant date fair value	$1.77
Options granted (in thousands)	15

A total of 25,000 restricted stock units were issued to non-employee, independent members of the Board of Directors on May 31, 2017. The restricted stock units vest over one year, absent a defined event that would accelerate vesting. Settlement of restricted stock units is made in shares of Class A Common Stock only upon the director’s retirement or other end of service.

Shares Outstanding

- 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.

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