Employee Termination Benefits

9 Months Ended

Sep. 30, 2019

There were no significant employee termination benefits paid during the three-month periods ended September 30, 2019 and 2018. The following table presents a summary of employee termination benefits for the nine-month periods ended September 30, 2019 and 2018 (in thousands):


	Cash		Share-Based Compensation (5)		Number of Shares	Total Employee Termination Benefits








Nine Months Ended September 30, 2019
Executive Employee Termination Benefits (1)	$	879	$	478	37	$	1,357
Other Employee Termination Benefits (2)	2,608		500		44	3,108
	$	3,487	$	978	81	$	4,465
Nine Months Ended September 30, 2018
Executive Employee Termination Benefits (3)	$	11,945	$	9,196	554	$	21,141
Other Employee Termination Benefits (4)	7,577		3,935		209	11,512
	$	19,522	$	13,131	763	$	32,653

____________________

1.On June 14, 2019, the Company’s then current Executive Vice President, General Counsel and Corporate Secretary, Philip Warman, separated employment from the Company. As a result, the Company paid cash severance costs and incurred share-based compensation costs associated with this separation during the second quarter of 2019.

2.As a result of a reduction in workforce in the second quarter of 2019, certain employees received termination benefits including cash severance and accelerated share-based compensation upon separation of service from the Company.

3.On February 8, 2018, the Company’s then current chief executive officer ("CEO"), James Bennett, separated employment from the Company, and on February 22, 2018, the Company’s then current chief financial officer ("CFO"), Julian Bott, also separated employment from the Company. As a result, the Company paid cash severance costs and incurred share-based compensation costs associated with these separations during the first quarter of 2018.

4.As a result of a reduction in workforce in the first quarter of 2018, certain employees received termination benefits including cash severance and accelerated share-based and incentive compensation upon separation of service from the Company.

5.Share-based compensation recognized in connection with the accelerated vesting of restricted stock awards and performance share units upon the departure of certain executives and the reductions in workforce in the first quarter of 2018 and second quarter of 2019 reflects the remaining unrecognized compensation expense associated with these awards at the date of termination. The unrecognized compensation expense was calculated using the grant date fair value for restricted stock awards and performance share units. One share of the Company’s common stock was issued per performance share unit.

See Note 13 for additional discussion of the Company’s share-based compensation awards.