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Stock-Based Awards
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Awards
19. Stock-Based Awards
 
The Company grants equity awards to employees and directors which include restricted stock awards, restricted stock units and stock options. Stock options may be issued for terms of ten years and may vest after at least one year and have an exercise price equal to the Company’s stock price on the grant date. Restricted stock awards and restricted stock units are generally valued based on the Company’s stock price on the grant date. The Company estimates the fair value for stock options (when granted) using the Black-Scholes option pricing model. All restricted stock awards, restricted stock units and stock option awards require future service as a condition of vesting, with certain awards subject to acceleration under certain conditions.
 
On June 20, 2016, the Company’s stockholders approved a new equity award plan under which the Company can issue up to 10,000,000 shares of common stock (less one share for every share granted under prior plans since March 31, 2016 and inclusive of shares available under the prior plans as of March 31, 2016) in the form of stock options and other stock-based awards. The Company also has issued from time to time stock-based awards outside a plan.
 
For the years ended December 31, 2018, 2017 and 2016, total stock-based compensation expense was $13,255, $14,717 and $14,892, respectively, and the related tax benefit recognized on the Consolidated Statements of Operations was $3,015, $5,402 and $5,324, respectively. Stock-based compensation expense for the year ended December 31, 2017 included $525 as a result of a modification to accelerate vesting of certain awards on December 29, 2017 made to 20 employees, which were originally scheduled to vest in January 2018.
 
The actual tax benefit realized for the tax deductions for share-based compensation was $2,364, $7,684 and $12,877 for the years ended December 31, 2018, 2017 and 2016, respectively.
 
A summary of unrecognized stock-based compensation expense and average remaining vesting period is as follows:
 
 
 
December 31, 2018
 
 
 
Unrecognized Stock-
Based
Compensation
 
 
Average
Remaining
Vesting Period
 
Employees and directors
 
$
12,139
 
 
 
1.41
 
 
Stock Options
 
A summary of option activity is as follows:
 
 
 
Options
 
 
Weighted-Average
Exercise Price
 
Outstanding January 1, 2016
 
 
1,544,597
 
 
$
2.62
 
Granted
 
 
—
 
 
 
—
 
Forfeitures/expirations
 
 
—
 
 
 
—
 
Exercised
 
 
(176,350
)
 
 
1.11
 
Outstanding at December 31, 2016
 
 
1,368,247
 
 
$
2.82
 
Granted
 
 
—
 
 
 
—
 
Forfeitures/expirations
 
 
—
 
 
 
—
 
Exercised
 
 
(209,419
)
 
 
3.17
 
Outstanding at December 31, 2017
 
 
1,158,828
 
 
$
2.75
 
Granted
 
 
—
 
 
 
—
 
Forfeitures/expirations
 
 
—
 
 
 
—
 
Exercised
 
 
(588,291
)
 
 
1.19
 
Outstanding at December 31, 2018
(1)
 
 
570,537
 
 
$
4.36
 
 
 
(1)
 
Expire on dates ranging from January 25, 2019 to November 15, 2021. 
 
The total intrinsic value of options exercised for the years ended December 31, 2018, 2017 and 2016 was $4,218, $1,643 and $1,794, respectively. Cash received from option exercises for the years ended December 31, 2018, 2017 and 2016 was $191, $532 and $195, respectively.
 
The following table summarizes information on stock options outstanding and exercisable at December 31, 2018:
 
 
 
Options Outstanding and Exercisable
 
Range of Exercise Prices
 
Shares
 
 
Weighted-
Average
Remaining
Life
(Years)
 
 
Weighted-
Average
Exercise
Price
 
$ 0.70 
 
 
20,000
 
 
 
0.1
 
 
$
0.70
 
$2.25 – $2.26  
 
 
180,000
 
 
 
1.1
 
 
 
2.25
 
 $5.05 
 
 
250,000
 
 
 
2.1
 
 
 
5.05
 
$6.36 – $6.82  
 
 
73,037
 
 
 
2.4
 
 
 
6.45
 
$7.01 – $8.51  
 
 
47,500
 
 
 
2.8
 
 
 
7.07
 
 
 
 
570,537
 
 
 
1.8
 
 
$
4.36
 
 
At December 31, 2018, outstanding options for 570,537 shares (all of which were exercisable) had a remaining average contractual term of 1.8 years and an intrinsic value of $1,326.
 
Restricted Stock and Restricted Stock Units
 
The Company grants restricted stock awards and restricted stock units to employees and directors. All such awards require future service as a condition of vesting with certain awards subject to acceleration under certain conditions. Restricted stock awards and restricted stock units generally vest over three years.
 
 
A summary of restricted stock activity is as follows:
 
 
 
Restricted Stock Awards
 
 
Restricted Stock Units
 
 
 
Shares
 
 
Weighted
Average
Grant Date
Fair Value
 
 
Shares
 
 
Weighted
Average
Grant Date
Fair Value
 
Unvested Balance at January 1, 2016
 
 
1,620,726
 
 
$
16.32
 
 
 
—
 
 
$
—
 
Granted
 
 
1,687,553
 
 
 
11.19
 
 
 
—
 
 
 
—
 
Vested
 
 
(846,386
)
 
 
13.98
 
 
 
—
 
 
 
—
 
Forfeited
 
 
(25,439
)
 
 
16.17
 
 
 
—
 
 
 
—
 
Unvested Balance at December 31, 2016
 
 
2,436,454
 
 
$
13.58
 
 
 
—
 
 
$
—
 
Granted
 
 
1,068,550
 
 
 
10.51
 
 
 
7,231
 
 
 
10.49
 
Vested
 
 
(1,641,870
)
 
 
13.64
 
 
 
—
 
 
 
—
 
Forfeited
 
 
(46,468
)
 
 
12.36
 
 
 
(1,553
)
 
 
10.83
 
Unvested Balance at December 31, 2017
 
 
1,816,666
 
 
$
11.75
 
 
 
5,678
 
 
$
10.40
 
Granted
 
 
903,231
 
 
 
11.77
 
 
 
7,152
 
 
 
12.21
 
Vested
 
 
(618,516
)
 
 
12.67
 
 
 
(1,890
)
 
 
10.40
 
Forfeited
 
 
(144,279
)
 
 
11.83
 
 
 
(1,446
)
 
 
11.97
 
Unvested Balance at December 31, 2018
 
 
1,957,102
 
 
$
11.47
 
 
 
9,494
 
 
$
11.52
 
 
The aggregate fair value of awards that vested during the years ended December 31, 2018, 2017 and 2016 was $5,975, $18,285 and $9,842, respectively.