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Note 9 - Stock-based Compensation | 3 Months Ended
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Mar. 31, 2019
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] | 9 . Stock-based Compensation We recognize compensation expense for share-based payment awards made to our employees, consultants and directors. Our current stock-based compensation plans include our 2017 Equity and Incentive Compensation Plan (the “2017 EICP”); our 2007 Long-Term Incentive Plan, as amended (the “2007 Incentive Plan”); and our Directors’ Restricted Stock Plan. The following table provides our stock-based compensation expense and related income tax benefit for the three -months ended March 31, 2019 and 2018, respectively (in millions).
|  | Three Months Ended March 31, |
|  | 2019 |  |  | 2018 |
Stock-based compensation expense, gross |  | $ | 2 |  |  | $ | 2 |
Income tax benefit at our statutory rate associated with stock-based compensation |  |  | (1 | ) |  |  | (1 | )
Stock-based compensation expense, net |  | $ | 1 |  |  | $ | 1 |
All shares of common stock and Class A common stock underlying outstanding options, restricted stock units and performance awards are counted as issued at target levels under the 2017 EICP, the 2007 Incentive Plan and the Directors’ Restricted Stock Plan for purposes of determining the number of shares available for future issuance. During the three -months ended March 31, 2019, we granted under the 2017 EICP:
| ● | 99,905 shares of restricted Class A common stock with a grant date fair value per share of $15.36 to an employee, of which 33,302 shares will vest on each of January 31, 2020 and 2021 and 33,301 shares will vest on January 31, 2022;
| ● | 99,905 shares of restricted Class A common stock with a grant date fair value per share of $15.36 to an employee, subject to the achievement of certain performance measures, which will vest on January 31, 2022;
| ● | 340,993 shares of restricted common stock with a grant date fair value per share of $14.85 to certain employees that will vest on January 2, 2021;
| ● | 277,048 shares of restricted common stock with a grant date fair value of $16.55 to certain employees, of which 92,349 shares will vest on each of January 31, 2020 and 2021, and 92,350 shares will vest on January 31, 2022;
| ● | 48,338 shares of restricted common stock with a grant date fair value per share of $16.55 to an employee, subject to the achievement of certain performance measures, which will vest on January 31, 2022; and
| ● | 11,223 shares of restricted common stock with a grant date fair value per share of $17.83 to an employee that will vest on February 15, 2020.
During the three -months ended March 31, 2018, we granted under the 2017 EICP:
| ● | 110,040 shares of restricted Class A common stock with a grant date fair value per share of $12.65 to an employee, of which 36,680 shares vested on February 28, 2019 and 36,680 shares will vest on each of February 28, 2020 and 2021;
| ● | 110,040 shares of restricted Class A common stock with a grant date fair value per share of $12.65 to an employee, subject to the achievement of certain performance measures, which will vest on February 28, 2021; and
| ● | 318,196 shares of restricted common stock with a grant date fair value per share of $15.25 to certain employees; net of forfeitures, 131,106 shares vested on February 28, 2019, 69,651 shares will vest on February 28, 2020, and 69,652 shares will vest on February 28, 2021.
A summary of restricted common stock and Class A common stock activities for the three -months ended March 31, 2019 and 2018, respectively, is as follows:
|  | Three Months Ended March 31, |
|  | 2019 |  |  | 2018 |
|  |  |  |  |  | Weighted- |  |  |  |  |  |  | Weighted- |
|  |  |  |  |  | Average |  |  |  |  |  |  | Average |
|  | Number |  |  | Grant Date |  |  | Number |  |  | Grant Date |
|  | of |  |  | Fair Value |  |  | of |  |  | Fair Value |
|  | Shares |  |  | Per Share |  |  | Shares |  |  | Per Share |
Restricted common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period |  |  | 578,894 |  |  | $ | 13.14 |  |  |  | 503,685 |  |  | $ | 11.14 |
Granted (1) |  |  | 677,602 |  |  |  | 15.72 |  |  |  | 318,196 |  |  |  | 15.25 |
Vested |  |  | (279,170 | ) |  |  | 13.25 |  |  |  | (225,570 | ) |  |  | 11.21 |
Outstanding - end of period |  |  | 977,326 |  |  | $ | 14.89 |  |  |  | 596,311 |  |  | $ | 13.31 |
Restricted Class A common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period |  |  | 407,786 |  |  | $ | 11.82 |  |  |  | 462,632 |  |  | $ | 10.63 |
Granted (1) |  |  | 199,810 |  |  |  | 15.36 |  |  |  | 220,080 |  |  |  | 12.65 |
Vested |  |  | (158,312 | ) |  |  | 11.38 |  |  |  | (274,926 | ) |  |  | 10.48 |
Outstanding - end of period |  |  | 449,284 |  |  | $ | 13.55 |  |  |  | 407,786 |  |  | $ | 11.82 |
Restricted stock units - common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding - beginning of period |  |  | - |  |  | $ | - |  |  |  | 209,500 |  |  | $ | 15.70 |
Vested |  |  | - |  |  |  | - |  |  |  | (209,500 | ) |  |  | 15.70 |
Outstanding - end of period |  |  | - |  |  | $ | - |  |  |  | - |  |  | $ | - |
( 1 ) | For awards subject to future performance conditions, amounts assume target performance.
At March 31, 2019 and December 31, 2018, we had 274,746 options to acquire our common stock outstanding, all of which were vested and exercisable. The exercise price of all outstanding stock options is $ 1.99 per share. As of March 31, 2019 and December 31, 2018, we did not have any options outstanding for our Class A common stock. The aggregate intrinsic value of our outstanding stock options was $5 million based on the closing market price of our common stock on March 31, 2019.

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