v3.6.0.2

Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation |
(11) | STOCK-BASED COMPENSATION
Compensation expense for our stock-based plans was $(0.1) million, $5.8 million, and $4.8 million for 2016, 2015, and 2014, 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, 2016, 499,460 shares remained available for grant. Time-vested restricted stock units granted under the LTIP generally have forfeiture restrictions that lapse 100% after three years. Performance-based restricted stock units that have been granted under the LTIP, 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, 2016.
|  | Share Units |  |  | Weighted Average Grant-Date Fair Value |  |  | Remaining Average Contractual Life (in years) |  |  | Aggregate Value (in thousands) |
Outstanding at January 1, 2016 |  |  | 181,475 |  |  | $ | 40.47 |  |  |  | 1.56 |  |  | $ | 7,344 |
Granted |  |  | 27,082 |  |  |  | 20.07 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (837 | ) |  |  | (36.45 | ) |  |  |  |  |  |  |  |
Vested and released to participants |  |  | (5,160 | ) |  |  | (34.45 | ) |  |  |  |  |  |  |  |
Outstanding at December 31, 2016 |  |  | 202,560 |  |  | $ | 37.91 |  |  |  | 1.25 |  |  | $ | 7,679 |
The weighted average grant-date fair value of time-vested restricted stock units granted during 2016 and 2015 was $20.07 and $30.17 per share, respectively. The total fair value of awards that vested in 2016 was $0.2 million. The total fair value of awards that vested in 2015 was $0.9 million. The total fair value of awards forfeited in 2016 was less than $0.1 million. The total fair value of awards forfeited in 2015 was $0.2 million. As of December 31, 2016, there was $1.5 million that is expected to be recognized over a weighted average period of 1.25 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, 2016.
|  | Share Units |  |  | Weighted Average Grant-Date Fair Value |  |  | Remaining Average Contractual Life (in years) |  |  | Aggregate Value (in thousands) |
Outstanding at January 1, 2016 |  |  | 8,805 |  |  | $ | 31.50 |  |  |  | 2.21 |  |  | $ | 277 |
Granted |  |  | 5,040 |  |  |  | 15.19 |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Vested and released to participants |  |  | (2,286 | ) |  |  | (38.44 | ) |  |  |  |  |  |  |  |
Outstanding at December 31, 2016 |  |  | 11,559 |  |  | $ | 23.01 |  |  |  | 2.13 |  |  | $ | 266 |
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, 2016.
|  | Share Units |  |  | Weighted Average Grant-Date Fair Value |  |  | Remaining Average Contractual Life (in years) |  |  | Aggregate Value (in thousands) |
Outstanding at January 1, 2016 |  |  | 394,956 |  |  | $ | 34.07 |  |  |  | 1.83 |  |  | $ | 13,456 |
Granted |  |  | 310,481 |  |  |  | 15.71 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (14,848 | ) |  |  | (28.95 | ) |  |  |  |  |  |  |  |
Vested and released to participants |  |  | (121,171 | ) |  |  | (26.34 | ) |  |  |  |  |  |  |  |
Outstanding at December 31, 2016 |  |  | 569,418 |  |  | $ | 25.83 |  |  |  | 1.19 |  |  | $ | 14,708 |
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 2016 was $15.71 per share. The total fair value of awards that vested in 2016 was $3.2 million. Total fair value of awards forfeited in 2016 was $0.4 million. As of December 31, 2016, the Company determined that the performance thresholds set for the performance based restricted stock units were unlikely to be met. As a result, we recorded a $2.8 million reduction in compensation expense. As of December 31, 2016, there was a total of $14.7 million of unrecognized compensation cost related to the non-vested performance-based restricted stock units.

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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 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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