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Shared-Based Compensation | 6 Months Ended
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Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Shared-Based Compensation | Note 8. Shared-Based Compensation Share-based compensation expense during the three and six months ended June 30, 2017 and 2016, consisted of the following amounts:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Stock options |  | $ | 194 |  |  | $ | 292 |  |  | $ | 575 |  |  | $ | 494 |
Restricted stock |  |  | 395 |  |  |  | 710 |  |  |  | 855 |  |  |  | 1,358 |
Performance share units |  |  | 477 |  |  |  | 482 |  |  |  | 788 |  |  |  | 633 |
Share-based compensation |  | $ | 1,066 |  |  | $ | 1,484 |  |  | $ | 2,218 |  |  | $ | 2,485 |
Stock Options During the six months ended June 30, 2017, we granted 125,700 option awards to officers and certain other key employees. The weighted average grant date fair value of options granted during the six months ended June 30, 2017, was $11.84 per share. The fair value of our options cannot be determined by market value, because our options are not traded in an open market. Accordingly, we utilized the Black Scholes financial pricing model to estimate the fair value. The weighted average assumptions relevant to determining the fair value of the 2017 stock option grants are below:
|  | 2017 Stock Option Awards |
Term |  |  | 6 years |
Risk free interest rate |  |  | 2.03 | %
Dividend yield |  |  | 1.16 | %
Expected volatility |  |  | 56.56 | %
Expected forfeiture rate |  |  | 3.00 | %
The following table provides a reconciliation of option activity for the six months ended June 30, 2017:
Options |  | Shares (000) |  |  | Weighted- Average Exercise Price (per share) |  |  | Weighted- Average Remaining Contractual Term (years) |  |  | Aggregate Intrinsic Value |
Outstanding at January 1, 2017 |  |  | 897 |  |  | $ | 12.22 |  |  |  |  |  |  |  |  |
Granted |  |  | 126 |  |  |  | 24.20 |  |  |  |  |  |  |  |  |
Exercised |  |  | (220 | ) |  |  | 11.81 |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (6 | ) |  |  | 7.72 |  |  |  |  |  |  |  |  |
Outstanding at June 30, 2017 |  |  | 797 |  |  | $ | 14.22 |  |  |  | 6.6 |  |  | $ | 10,538 | (1)
Exercisable at June 30, 2017 |  |  | 555 |  |  | $ | 12.17 |  |  |  | 5.5 |  |  | $ | 8,490 | (1)
(1) | The intrinsic value is the amount by which the market price of our stock was greater than the exercise price of any individual option grant at June 30, 2017.
Restricted Stock During the six months ended June 30, 2017, we granted 85,393 restricted stock awards to non-executive directors, officers and certain other key employees. The shares of restricted stock granted during the six months ended June 30, 2017, vest pro-rata over three years for officers and certain other key employees and over one year for non-executive directors. The fair value of the shares issued was determined by using the closing price of our common stock as of the date of grant. The weighted average grant date value of restricted stock granted in the six months ended June 30, 2017, was $24.29 per share. Performance Share Units During the six months ended June 30, 2017, we granted 98,618 performance share units to officers and certain other key employees. The performance share units granted will be satisfied in the form of shares of common stock during 2020 if certain performance and/or market conditions are met. We are recognizing the compensation expense over the three-year period in which the performance and market conditions are measured. The fair value per share of the performance share units issued was determined by using the grant date closing price of our common stock for the units with a performance condition, or $24.20, and a Monte Carlo valuation model for the units that have a market condition, or $29.84.

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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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