Note 2. Share-Based Compensation

The following table summarizes share-based compensation expense:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2017			2016			2017			2016
Performance unit incentive plan (“PUP”)	$	1,927		$	816		$	3,243		$	1,351
Restricted stock		774			576			1,397			1,074
Restricted stock units		47			41			107			74
Share-based compensation before income tax benefit		2,748			1,433			4,747			2,499
Income tax benefit		(1,028	)		(540	)		(1,772	)		(938	)
Share-based compensation, net of income tax benefit	$	1,720		$	893		$	2,975		$	1,561

Viad did not record any share-based compensation expense through restructuring expense during the three months ended June 30, 2017 or 2016, and recorded zero and $0.2 million for the six months ended June 30, 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		64,098		$	46.59		72,642		$	47.45		2,950		$	47.45
Vested		(73,553	)	$	23.85		(76,082	)	$	23.66		(6,182	)	$	25.05
Forfeited		(3,096	)	$	31.68		(1,416	)	$	31.68		—		$	—
Balance at June 30, 2017		254,500		$	31.70		250,649		$	33.00		12,750		$	30.90

2017 Viad Corp Omnibus Stock Plan

The 2017 Viad Corp Omnibus Incentive Plan (the “2017 Plan”) was approved by Viad stockholders and was effective May 18, 2017. The 2017 Plan replaced the Company’s 2007 Viad Corp Omnibus Stock Plan (the “2007 Plan”). No further awards may be made under the 2007 Plan, although awards previously granted under the 2007 Plan will remain outstanding in accordance with their respective terms. The 2017 Plan has a 10-year life and provides for the following types of awards: (a) incentive and non-qualified stock options, (b) restricted stock and restricted stock units, (c) performance units or performance shares, (d) stock appreciation rights, (e) cash-based awards, and (f) certain other stock-based awards. In June 2017, Viad registered 1,750,000 shares of common stock issuable under the 2017 Plan. As of June 30, 2017, there were 1,747,477 shares available for future grant under the 2017 Plan.

2007 Viad Corp Omnibus Stock Plan

Restricted Stock

As of June 30, 2017, the unamortized cost of all outstanding restricted stock awards was $3.9 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.4 years. During the six months ended June 30, 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.

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 six months ended June 30, 2017, Viad granted $3.4 million of PUP awards of which $1.4 million are payable in shares. As of June 30, 2017 and December 31, 2016, Viad had recorded liabilities of $6.6 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 June 30, 2017 and December 31, 2016, Viad had aggregate liabilities recorded of $0.3 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 and six months ended June 30, 2017, there was no stock option activity. As of both June 30, 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 June 30, 2017, there were no unrecognized costs related to non-vested stock option awards.