The 2017 Long-Term Incentive Plan (the “2017 Incentive Plan”) was approved by the Board of Directors and subsequently approved by the Company’s stockholders at the 2017 annual meeting. The 2017 Incentive Plan authorizes a broad range of awards including stock options, stock appreciation rights, restricted stock and restricted stock units, performance shares or units, other stock-based awards, and cash incentive awards to all employees (including the Company’s executive officers), directors, consultants, independent contractors or agents of us or a related company. The 2017 Incentive Plan is effective as of March 15, 2017.

The 2017 Incentive Plan replaced the Company’s 2002 Long-Term Incentive Plan, as amended (the “2002 Incentive Plan”). Under the 2002 Incentive Plan, stock options, stock appreciation rights, restricted stock, restricted stock units and performance units could be granted for the purpose of attracting and motivating our key employees and non-employee directors. As of the effective date of the 2017 Incentive Plan, there were a total of 707,273 shares of our Class A common stock (“Common Stock”) under the 2002 Incentive Plan available to be issued upon exercise or settlement of outstanding awards.

As of December 31, 2019, 1,252,112 shares were available for future grant under the 2017 Incentive Plan.

We have awarded time-based restricted stock to our employees and the Company’s non-employee Directors. This restricted stock vests over a three to five year period for all recipients other than the Company’s non-employee Directors. The non-employee Directors restricted stock vests over a one period. In 2019 and 2018, in addition to the time-based restricted stock we granted performance-based restricted stock to our Executive Officers. The performance-based restricted stock cliff vests after the third anniversary year if certain EBITDA targets are achieved. We have not granted any stock options since 2003 and have no stock options outstanding.

Share-based compensation expense for 2019, 2018 and 2017 was $16.3 million, $13.5 million and $8.6 million or $12.1 million, $10.1 million and $5.8 million, net of taxes, respectively. Included in the 2019 share-based compensation expense is $3.4 million of performance-based share expenses or $2.6 million, net of taxes.

The following table summarizes the non-vested restricted stock activity for the year ended December 31, 2019:

					Time-Based					Performance-Based
					Restricted Stock					Restricted Stock
					Weighted					Weighted
	Time-Based				Average		Performance-Based			Average
	Restricted Stock				Grant Date		Restricted Stock			Grant Date
			Shares		Fair Value		Shares			Fair Value

Non-vested January 1, 2019		963,469			$	42.98		73,000		$	49.20
Granted		387,841			$	38.02		76,500		$	37.20
Vested		(318,252		)	$	42.32		-		$	-
Forfeited		(157,566		)	$	41.20		(22,000	)	$	43.20
Non-vested at December 31, 2019		875,492			$	41.34		127,500		$	43.04

The following table summarizes the restricted stock granted during the respective years:

Time-based restricted stock grants	2019		2018		2017

Employees		355,579		463,818		396,708
Outside directors		32,262		37,125		31,625
Total		387,841		500,943		428,333

Weighted average grant date fair value	$	38.02	$	47.34	$	43.31

Vesting period	1-5 years		1-5 years		1-5 years

In addition to the time-based restricted stock, we granted 76,500 shares of performance-based restricted stock to employees in 2019. The weighted average grant date fair value of these shares was $37.20 with a cliff vest after three years.

The fair value of non-vested restricted stock is equal to the market price of our stock at the date of grant.

The total fair value of restricted shares vested during the years ended December 31, 2019, 2018 and 2017 was $14.7 million, $13.3 million and $10.4 million, respectively.

As of December 31, 2019, there was $35.6 million of unrecognized compensation cost related to non-vested share-based compensation that is expected to be recognized over a weighted average period of 2.91 years. Additionally, as of December 31, 2019, there was $4.2 million of unrecognized compensation cost related to the non-vested performance-based restricted stock compensation that is expected to be recognized over a weighted average period of 1.5 years.

During January 2020, we granted 283,498 shares of restricted stock, which includes 75,288 performance-based shares and 208,210 time-based shares, to certain employees and 22,866 shares of restricted stock to outside directors with a weighted average grant date fair value of $52.49. The stock vests over a three to five year period for employees and one year for outside directors, except for the performance-based shares that cliff vest after three years.