(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.