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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-Based Compensation | 8.STOCK-BASED COMPENSATION The P. H. Glatfelter Amended and Restated Long Term Incentive Plan (the “LTIP”) provides for the issuance of Glatfelter common stock to eligible participants in the form of restricted stock units, restricted stock awards, non-qualified stock options, performance shares, incentive stock options and performance units. Pursuant to terms of the LTIP, we have issued to eligible participants restricted stock units, performance share awards and stock only stock appreciation rights. Restricted Stock Units (“RSU”) and Performance Share Awards (“PSAs”) Awards of RSUs and PSAs are made under our LTIP. The RSUs vest on the passage of time, generally on a graded scale over a three, four, and five-year period, or in certain instances the RSUs were issued with five year cliff vesting. PSAs are issued to members of management and vesting is based on achievement of cumulative financial performance targets covering a two year period followed by an additional one-year service period. The performance measures include a minimum, target and maximum performance level providing the grantees an opportunity to receive more or less shares than targeted depending on actual financial performance. In addition, beginning in 2018, PSA awards include a modifier based on the three-year total shareholder return relative to a broad market index. For RSUs the grant date fair value of the awards, or the closing price per common share on the date of the award, is used to determine the amount of expense to be recognized over the applicable service period. For PSAs, the grant date fair value is estimated using a lattice model. The significant inputs include the stock price, volatility, dividend yield, and risk free rate of return. Settlement of RSUs and PSAs will be made in shares of our common stock currently held in treasury. The following table summarizes RSU and PSA activity during periods indicated:
Units | 2018 |  |  |  | 2017 |
Balance at January 1, |  | 929,386 |  |  |  |  | 679,038 |
Granted |  | 312,555 |  |  |  |  | 290,880 |
Forfeited |  | (70,719 | ) |  |  |  | (90,801 | )
Shares delivered |  | (69,372 | ) |  |  |  | — |
Balance at March 31, |  | 1,101,850 |  |  |  |  | 879,117 |
The amount granted in 2018 and 2017 includes 181,653 and 157,064, respectively, of PSAs exclusive of reinvested dividends. The following table sets forth aggregate RSU and PSA compensation expense for the periods indicated:
| March 31 |
In thousands | 2018 |  |  |  | 2017 |
Three months ended | $ | 1,804 |  |  |  | $ | 1,039 |
Stock Only Stock Appreciation Rights (“SOSARs”) Under terms of the SOSAR, a recipient receives the right to a payment in the form of shares of common stock equal to the difference, if any, in the fair market value of one share of common stock at the time of exercising the SOSAR and the exercise price. The SOSARs vest ratably over a three year period and have a term of ten years. No SOSARs were awarded during the first quarters of 2018 or 2017. The following table sets forth information related to outstanding SOSARS for the three months ended March 31;
| 2018 |  |  | 2017 |
SOSARS | Shares |  |  |  | Wtd Avg Exercise Price |  |  | Shares |  |  | Wtd Avg Exercise Price |
Outstanding at January 1, |  | 2,561,846 |  |  |  | $ | 17.87 |  |  |  | 2,736,616 |  |  | $ | 17.64 |
Granted |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  | (138,423 | ) |  |  |  | 12.98 |  |  |  | (33,050 | ) |  |  | 14.65 |
Canceled / forfeited |  | (20,994 | ) |  |  |  | 18.76 |  |  |  | (17,420 | ) |  |  | 18.38 |
Outstanding at March 31, |  | 2,402,429 |  |  |  | $ | 18.14 |  |  |  | 2,686,146 |  |  | $ | 17.67 |
The following table sets forth SOSAR compensation expense for the periods indicated:
| March 31 |
In thousands | 2018 |  |  |  | 2017 |
Three months ended | $ | 179 |  |  |  | $ | 609 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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