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Share-Based Compensation
 3 Months Ended
Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Share-Based Compensation

Note 2. Share-Based Compensation

The following table summarizes share-based compensation expense:

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2017

 

 

2016

 

Performance unit incentive plan (“PUP”)

 

$

1,316

 

 

$

535

 

Restricted stock

 

 

623

 

 

 

498

 

Restricted stock units

 

 

60

 

 

 

33

 

Share-based compensation before income tax benefit

 

 

1,999

 

 

 

1,066

 

Income tax benefit

 

 

(744

)

 

 

(398

)

Share-based compensation, net of income tax benefit

 

$

1,255

 

 

$

668

 

Viad recorded zero and $0.2 million of share-based compensation expense through restructuring expense for the three months ended March 31, 2017 and 2016, respectively.

The following table summarizes the activity of the outstanding share-based compensation awards:

 

 

 

Restricted Stock

 

 

PUP Awards

 

 

Restricted Stock Units

 

 

 

Shares

 

 

Weighted-Average

Grant Date

Fair Value

 

 

Shares

 

 

Weighted-Average

Grant Date

Fair Value

 

 

Shares

 

 

Weighted-Average

Grant Date

Fair Value

 

Balance at December 31, 2016

 

 

267,051

 

 

$

25.96

 

 

 

255,505

 

 

$

26.11

 

 

 

15,982

 

 

$

25.58

 

Granted

 

 

55,217

 

 

$

46.92

 

 

 

72,642

 

 

$

47.45

 

 

 

2,950

 

 

$

47.45

 

Vested

 

 

(73,553

)

 

$

23.85

 

 

 

(76,082

)

 

$

23.66

 

 

 

(6,182

)

 

$

25.05

 

Forfeited

 

 

(1,000

)

 

$

27.09

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Balance at March 31, 2017

 

 

247,715

 

 

$

31.26

 

 

 

252,065

 

 

$

32.99

 

 

 

12,750

 

 

$

30.90

 

Restricted Stock

As of March 31, 2017, the unamortized cost of all outstanding restricted stock awards was $4.3 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.6 years. During the three months ended March 31, 2017 and 2016, the Company repurchased 25,642 shares for $1.2 million and 23,625 shares for $0.7 million, respectively, related to tax withholding requirements on vested share-based awards. As of March 31, 2017, there were 777,839 total shares available for future grant in accordance with the provisions of the 2007 Viad Corp Omnibus Incentive Plan (the “2007 Plan”).

PUP Awards

In February 2016, the PUP Plan was amended to provide that PUP awards earned under the 2007 Plan may be payable in the form of cash or in shares of Viad common stock (or a combination of both). Previously, payouts could only be made in cash. The vesting of shares is based upon achievement of certain performance-based criteria. The performance period of the shares is three years.

During the three months ended March 31, 2017, Viad granted $3.4 million of PUP awards of which $1.4 million are payable in shares. As of March 31, 2017 and December 31, 2016, Viad had recorded liabilities of $5.1 million and $7.6 million, respectively, related to PUP awards. In March 2017, the PUP awards granted in 2014 vested and cash payouts of $3.7 million were distributed. In March 2016, the PUP awards granted in 2013 vested and cash payouts of $0.2 million were distributed.

Restricted Stock Units

As of March 31, 2017 and December 31, 2016, Viad had aggregate liabilities recorded of $0.2 million and $0.4 million, respectively, related to restricted stock units. In February 2017, portions of the 2012 and 2014 restricted stock units vested and cash payouts of $0.3 million were distributed. In February 2016, portions of the 2011, 2012, and 2013 restricted stock units vested and cash payouts of $0.2 million were distributed.

Stock Options

During the three months ended March 31, 2017, there was no stock option activity. As of both March 31, 2017 and December 31, 2016, there were 63,773 stock options outstanding and exercisable with a weighted-average exercise price of $16.62. As of March 31, 2017, there were no unrecognized costs related to non-vested stock option awards.