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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | Share-Based Compensation Our non-employee directors and key employees are granted share-based awards through our SICP. We record these share-based awards as compensation costs over the respective service period for which services are received in exchange for an award of equity or equity-based compensation. The compensation cost is based primarily on the fair value of the shares awarded, using the estimated fair value of each share on the date it was granted and the number of shares to be issued at the end of the service period. The table below presents the amounts included in net income related to share-based compensation expense for the three months ended March 31, 2018 and 2017:
|  | Three Months Ended
|  | March 31,
|  | 2018 |  | 2017
(in thousands) |  |  |  |
Awards to non-employee directors |  | $ | 135 |  |  | $ | 135 |
Awards to key employees |  | 1,385 |  |  | 504 |
Total compensation expense |  | 1,520 |  |  | 639 |
Less: tax benefit |  | (416 | ) |  | (257 | )
Share-based compensation amounts included in net income |  | $ | 1,104 |  |  | $ | 382 |
Non-employee Directors Shares granted to non-employee directors are issued in advance of the directors’ service periods and are fully vested as of the grant date. We record a prepaid expense equal to the fair value of the shares issued and amortize the expense equally over a one-year service period. In May 2017, each of our non-employee directors received an annual retainer of 835 shares of common stock under the SICP for service as a director through the 2018 Annual Meeting of Stockholders. At March 31, 2018, there was approximately $45,000 of unrecognized compensation expense related to these awards. This expense will be recognized over the directors' remaining service periods ending April 30, 2018. Key Employees The table below presents the summary of the stock activity for awards to key employees for the three months ended March 31, 2018:
|  | Number of Shares |  | Weighted Average Fair Value
Outstanding—December 31, 2017 |  | 132,642 |  |  | $ | 59.31 |
Granted |  | 49,494 |  |  | $ | 67.76 |
Vested |  | (29,786 | ) |  | $ | 47.39 |
Expired |  | (3,933 | ) |  | $ | 49.66 |
Outstanding—March 31, 2018 |  | 148,417 |  |  | $ | 66.53 |
In February 2018, our Board of Directors granted awards of 49,494 shares of common stock to key employees under the SICP. The shares granted are multi-year awards that will vest at the end of the three-year service period ending December 31, 2020. All of these stock awards are earned based upon the successful achievement of long-term goals, growth and financial results, which comprise both market-based and performance-based conditions or targets. The fair value of each performance-based condition or target is equal to the market price of our common stock on the grant date of each award. For the market-based conditions, we used the Black-Scholes pricing model to estimate the fair value of each market-based award granted. In March 2018, upon the election of certain of our executive officers, we withheld shares with a value at least equivalent to each such executive officer’s minimum statutory obligation for applicable income and other employment taxes related to shares that we awarded for the performance period ended December 31, 2017, remitted the cash to the appropriate taxing authorities, and paid the balance of such awarded shares to each such executive officer. We withheld 10,436 shares, based on the value of the shares on their award date, determined by the average of the high and low prices of our common stock. Total combined payments for the employees’ tax obligations to the taxing authorities were approximately $719,000. At March 31, 2018, the aggregate intrinsic value of the SICP awards granted to key employees was approximately $10.4 million. At March 31, 2018, there was approximately $4.2 million of unrecognized compensation cost related to these awards, which is expected to be recognized from 2018 through 2020. Stock Options We did not have any stock options outstanding at March 31, 2018 or 2017, nor were any stock options issued during these periods.

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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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