Stock-Based Compensation

7. STOCK-BASED COMPENSATION

We recognize the cost of employee compensation received in the form of equity instruments based on the grant date fair value of those awards. The table below sets forth the total amount of stock-based compensation expense for the six months and quarters ended June 30, 2016 and 2015.


	Quarter Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
	(Thousands of dollars)
Stock-based compensation expense:
Time-based restricted units	$	597	$	571	$	1,216	$	1,208
Performance-based restricted units		809		1,069		1,680		2,151

Total stock-based compensation expense	$	1,406	$	1,640	$	2,896	$	3,359

During the quarter and six months ended June 30, 2016, 14,288 time-based restricted units were awarded to managerial employees.

During the quarter and six months ended June 30, 2016, 5,102 and 308,163 performance-based restricted units were awarded to managerial employees, respectively.

During the quarter and six months ended June 30, 2015, 1,118 and 20,048 time-based restricted units were awarded to managerial employees, respectively. During the quarter and six months ended June 30, 2015, 151,566 performance based restricted units were awarded to managerial employees.

- 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.

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