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Share-Based Compensation
3 Months Ended
Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Share-Based Compensation

9.  Share-Based Compensation

In March 2018, we issued 774,590 cash-settled performance awards, subject to certain performance conditions, and 387,295 restricted shares subject to three-year total shareholder return (“TSR”) conditions, assuming maximum TSR, to our executive officers. The aggregate fair market value of the cash-settled performance awards and TSR restricted shares on the date of grant was approximately $2.4 million and $0.8 million, respectively, to be expensed over a service period of approximately three years.

Cash-settled performance awards

As of March 31, 2018, we had 1,508,286 unvested cash-settled performance awards, subject to certain performance conditions outstanding. The cash-settled performance awards represent a non-equity unit with a conversion value equal to the fair market value of a share of the Company’s common stock at the vesting date. These awards are classified as liability awards due to the cash settlement feature. Compensation costs associated with the cash-settled performance awards are re-measured at each interim reporting period and an adjustment is recorded in general and administrative expenses on our consolidated statements of operations. For the three months ended March 31, 2018, we recognized $0.3 million in expense, compared to a benefit of $0.1 million for the three months ended March 31, 2017. At March 31, 2018, we recorded a current liability of $0.8 million and a non-current liability of $0.6 million related to the cash-settled performance awards on our consolidated balance sheets.  During the three months ended March 31, 2018, we paid $1 million related to vested cash-settled performance awards.