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Equity Compensation Plans
 3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Equity Compensation Plans
Equity Compensation Plans
At March 31, 2017 and December 31, 2016, 1,547,611 and 1,787,974 shares of common stock, respectively, were available for grant under our Incentive Plan. The unamortized compensation cost of awards issued under the Incentive Plan and purchases under the Employee Stock Purchase Plan totaled $22 million at March 31, 2017, as shown in the following table.
Table 16.1 – Activities of Equity Compensation Costs by Award Type
 
 
Three Months Ended March 31, 2017
(In Thousands)
 
Restricted Stock
 
Deferred Stock Units
 
Performance Stock Units
 
Employee Stock Purchase Plan
 
Total
Unrecognized compensation cost at beginning of period
 
$
2,091

 
$
11,506

 
$
4,549

 
$
—

 
$
18,146

Equity grants
 
2,234

 
3,725

 
—

 
129

 
6,088

Equity grant forfeitures
 
(122
)
 
—

 
—

 
—

 
(122
)
Equity compensation expense
 
(267
)
 
(1,298
)
 
(579
)
 
(32
)
 
(2,176
)
Unrecognized Compensation Cost at End of Period
 
$
3,936

 
$
13,933

 
$
3,970

 
$
97

 
$
21,936


At March 31, 2017, the weighted average amortization period remaining for all of our equity awards was less than two years.
Restricted Stock
At March 31, 2017 and December 31, 2016, there were 270,285 and 204,515 shares, respectively, of restricted stock outstanding. Restrictions on these shares lapse through 2021. During the three months ended March 31, 2017, there were 134,364 shares of restricted stock granted, restrictions on 60,270 shares of restricted stock lapsed and those shares were distributed, and 8,324 shares of restricted stock awards forfeited.
Deferred Stock Units (“DSUs”)
At March 31, 2017 and December 31, 2016, there were 1,902,998 and 1,848,861 DSUs, respectively, outstanding of which 844,013 and 939,899, respectively, had vested. During the three months ended March 31, 2017, there were 230,235 DSUs granted, 176,098 DSUs distributed, and zero DSUs forfeited. Unvested DSUs at March 31, 2017 vest through 2021.
During the first quarter of 2016, equity compensation expense of $3 million was recognized in connection with the announced departures of two executives due to the full vesting of their DSUs in accordance with the terms of their employment agreements.
Performance Stock Units (“PSUs”)
At both March 31, 2017 and December 31, 2016, the target number of PSUs that were unvested was 642,879. Vesting for PSUs will generally occur at the end of three years from their grant date based on various total shareholder return (“TSR”) performance calculations, as discussed in our Annual Report on Form 10-K for the year ended December 31, 2016.
Employee Stock Purchase Plan ("ESPP")
The ESPP allows a maximum of 450,000 shares of common stock to be purchased in aggregate for all employees. As of March 31, 2017 and December 31, 2016, 343,097 and 337,271 shares had been purchased, respectively, and there remained a negligible amount of uninvested employee contributions in the ESPP at March 31, 2017.