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STOCK-BASED COMPENSATION

Compensation expense for our stock-based plans was $5.8 million, $4.8 million, and $2.4 million for 2015, 2014, and 2013, respectively.

2012 Long-Term Incentive Plan – Under the PHI Long-Term Incentive Plan, as amended and restated in 2015 (“LTIP”), we are authorized to issue up to 1,500,000 shares of non-voting stock. As of December 31, 2015, 721,572 shares were available for grant. Time-vested restricted stock units granted under the plan generally have forfeiture restrictions that lapse 100% after three years. Performance-based restricted stock units that have been granted under the plan, whose vesting is contingent upon meeting company-wide performance goals, have forfeiture restrictions that lapse, if at all, at the end of a three-year performance period.

Non-Voting Time-Vested Restricted Stock Units – The following table summarizes the activity for non-voting time-vested restricted stock units granted to employees for the year ended December 31, 2015.


	Share Units			Weighted Average Grant-Date Fair Value			Remaining Average Contractual Life (in years)		Aggregate Value (in thousands)
Outstanding at January 1, 2015		191,655		$	38.56			2.26	$	7,391

Granted		35,456			30.17
Forfeited		(8,026	)		(22.81	)
Vested and released to participants		(37,610	)		(24.82	)

Outstanding at December 31, 2015		181,475		$	40.47			1.56	$	7,344

The weighted average grant-date fair value of time-vested restricted stock units granted during 2015 and 2014 was $30.17 and $43.25 per share, respectively. The total fair value of awards that vested in 2015 was $0.9 million. The total fair value of awards that vested in 2014 was $0.3 million. The total fair value of awards forfeited in 2015 was $0.2 million. There were no forfeitures in 2014. As of December 31, 2015, there was $3.4 million that is expected to be recognized over a weighted average period of 1.56 years.

The following table summarizes the activity for non-voting time-vested restricted stock units granted to non-employee directors for the year ended December 31, 2015.


	Share Units		Weighted Average Grant-Date Fair Value		Remaining Average Contractual Life (in years)		Aggregate Value (in thousands)
Outstanding at January 1, 2015		4,488	$	41.19		2.48	$	185

Granted		4,317		21.42
Forfeited		—		—
Vested and released to participants		—		—

Outstanding at December 31, 2015		8,805	$	31.50		2.21	$	277

Non-Voting Performance-Based Restricted Stock Units – The following table summarizes the activity for non-voting performance-based restricted stock units for the year ended December 31, 2015.


	Share Units			Weighted Average Grant-Date Fair Value			Remaining Average Contractual Life (in years)		Aggregate Value (in thousands)
Outstanding at January 1, 2015		394,669		$	30.07			1.78	$	11,878

Granted		152,331			33.41
Forfeited		(10,758	)		(22.81	)
Vested and released to participants		(141,286	)		(23.04	)

Outstanding at December 31, 2015		394,956		$	34.07			1.83	$	13,456

The aggregate value of the awards in the above table reflects the impact of current expectations of achievement through the end of the performance cycle. The weighted average grant-date fair value of performance based restricted stock units granted during 2015 was $33.41 per share. The total fair value of awards that vested in 2015 was $3.3 million. Total fair value of awards forfeited in 2015 was $0.2 million. As of December 31, 2015, there was a total of $7.4 million of unrecognized compensation cost related to the non-vested performance-based restricted stock units that is expected to be recognized over a weighted average period of 1.83 years.