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STOCK-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2018
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION |
5. | STOCK-BASED COMPENSATION
In April 2014, the Company reserved 8,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of 10 years expiring in April 2024. This plan provides for the issuance of various forms of stock incentives, including, among others, incentive and non-qualified stock options and restricted shares. As of June 30, 2018, there were 5,358,867 shares available for grant. Stock-based employee compensation expense was as follows for the periods indicated:
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30 |
(in thousands) |  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Pre-tax expense |  | $ | 2,031 |  |  | $ | 3,325 |  |  | $ | 4,586 |  |  | $ | 6,012 |
After tax expense |  | $ | 1,533 |  |  | $ | 2,112 |  |  | $ | 3,462 |  |  | $ | 3,818 |
Restricted Stock The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2018:
|  | Shares |  |  | Weighted Average Grant-Date Fair Value |
Non-vested shares at December 31, 2017 |  |  | 2,736,365 |  |  | $ | 14.50 |
Granted |  |  | 522,800 |  |  |  | 25.13 |
Vested |  |  | 732,213 |  |  |  | 13.02 |
Forfeited |  |  | 107,212 |  |  |  | 16.77 |
Non-vested shares at June 30, 2018 |  |  | 2,419,740 |  |  | $ | 17.15 |
The total fair value of shares vested was approximately $16,194,000 during the six months ended June 30, 2018 and $19,271,000 during the six months ended June 30, 2017. Excess tax benefits realized from tax compensation deductions in excess of compensation expense are recorded as a discrete tax adjustment. This discrete tax adjustment was $1,620,000 for the six months ended June 30, 2018 and $2,562,000 for the six months ended June 30, 2017. As of June 30, 2018, total unrecognized compensation cost related to non-vested restricted shares was $48,332,000, which is expected to be recognized over a weighted-average period of 3.7 years.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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