Stock-Based Compensation	3 Months Ended
Mar. 31, 2020
Stock-Based Compensation
Stock-Based Compensation	10. Stock-Based Compensation The Company maintains two equity compensation plans under which stock-based compensation has been granted: the 2017 Long-Term Incentive Plan (the “LTIP”) and the 2007 Long-Term Incentive Plan (the “2007 Plan”). Upon the adoption of the LTIP, awards were no longer granted under the 2007 Plan. The LTIP provides for grants of (a) incentive stock options qualified as such under U.S. federal income tax laws, (b) stock options that do not qualify as incentive stock options, (c) stock appreciation rights, (d) restricted stock awards, (e) restricted stock units, (f) performance share awards, (g) phantom stock units, (h) stock bonuses, (i) dividend equivalents, and (j) any combination of such grants. As a result of the impact of the COVID-19 pandemic on the Company’s stock price, the Company’s compensation committee elected not to grant any stock-based compensation during the three months ended March 31, 2020. See Note 14–Subsequent Event for further information related to the Company’s 2020 stock-based compensation grants. The Company has outstanding grants of time-vested stock awards in the form of restricted stock awards and restricted stock units. During the three months ended March 31, 2020, 54,639 shares of time-vested stock awards vested at a weighted average grant date fair value of $33.74. During the three months ended March 31, 2020, plan participants exercised options to purchase 4,575 shares of the Company’s common stock with a weighted average exercise price of $17.85. The Company recognizes stock-based compensation expense related to restricted stock awards and restricted stock units based on the grant date fair value, which was the closing price of the Company’s stock on the date of grant. The fair value is expensed over the service period, which is generally three years. For performance awards, the Company recognizes stock-based compensation expense based on the grant date fair value of the award. The fair value of internal metric-based performance awards is determined by the closing stock price of the Company’s common stock on the date of the grant. The fair value of market-based performance awards is computed using a Monte Carlo simulation. Performance awards are expensed over the service period of approximately 2.8 years, and the Company adjusts the stock-based compensation expense related to internal metric-based performance awards according to its determination of the shares expected to vest at each reporting date.

10. Stock-Based Compensation

The Company maintains two equity compensation plans under which stock-based compensation has been granted: the 2017 Long-Term Incentive Plan (the “LTIP”) and the 2007 Long-Term Incentive Plan (the “2007 Plan”). Upon the adoption of the LTIP, awards were no longer granted under the 2007 Plan. The LTIP provides for grants of (a) incentive stock options qualified as such under U.S. federal income tax laws, (b) stock options that do not qualify as incentive stock options, (c) stock appreciation rights, (d) restricted stock awards, (e) restricted stock units, (f) performance share awards, (g) phantom stock units, (h) stock bonuses, (i) dividend equivalents, and (j) any combination of such grants.

As a result of the impact of the COVID-19 pandemic on the Company’s stock price, the Company’s compensation committee elected not to grant any stock-based compensation during the three months ended March 31, 2020. See Note 14–Subsequent Event for further information related to the Company’s 2020 stock-based compensation grants.

The Company has outstanding grants of time-vested stock awards in the form of restricted stock awards and restricted stock units. During the three months ended March 31, 2020, 54,639 shares of time-vested stock awards vested at a weighted average grant date fair value of $33.74.

During the three months ended March 31, 2020, plan participants exercised options to purchase 4,575 shares of the Company’s common stock with a weighted average exercise price of $17.85.

The Company recognizes stock-based compensation expense related to restricted stock awards and restricted stock units based on the grant date fair value, which was the closing price of the Company’s stock on the date of grant. The fair value is expensed over the service period, which is generally three years.

For performance awards, the Company recognizes stock-based compensation expense based on the grant date fair value of the award. The fair value of internal metric-based performance awards is determined by the closing stock price of the Company’s common stock on the date of the grant. The fair value of market-based performance awards is computed using a Monte Carlo simulation. Performance awards are expensed over the service period of approximately 2.8 years, and the Company adjusts the stock-based compensation expense related to internal metric-based performance awards according to its determination of the shares expected to vest at each reporting date.