Note 9 - Share-Based Compensation



As discussed in Note 8, the Company grants various forms of share-based compensation awards to employees of the Company and its subsidiaries and to non-employee members of the Board of Directors. At December 31, 2016, shares available for future share-based awards, including stock options or restricted stock grants, under the Company’s only active plan, the 2011 Plan, were 2,270,448. 



The following table presents share-based compensation expense for each respective period:







The following table presents the unrecognized compensation cost for the indicated periods:





The Company’s unrecognized compensation cost related to unvested RSU equity awards and cash-settleable RSU awards is expected to be recognized over a weighted-average period of 2 years.



The following table summarizes the Company’s liability for cash-settled RSU awards for the periods indicated:





Stock Options



The Company issued no stock options for the past three years and had no options vest or forfeit during 2016. Additionally, no options were exercised, and no options expired unexercised during the year. As of December 31, 2016, the Company had 15,000 options outstanding and exercisable at a weighted average exercise price per option of $14.37, with no aggregate intrinsic value and with a weighted-average remaining contract life per unit of 0.3 years. As of December 31, 2015, the Company had 15,000 options outstanding and exercisable at a weighted average exercise price per option of $14.37, with no aggregate intrinsic value and with a weighted-average remaining contract life per unit of 1.3 years. As of December 31, 2014, the Company had 30,000 options outstanding and exercisable at a weighted average exercise price per option of $14.04, with no aggregate intrinsic value and with a weighted-average remaining contract life per unit of 1.3 years.



Restricted Stock Units



The following table represents unvested restricted stock activity for the year ended December 31, 2016:







For the year ended December 31, 2015, the Company granted 559,556 RSUs with a weighted average grant-date fair value of $8.98 per share. The fair value of shares vested during 2015 was $5,425. For the year ended December 31, 2014, the Company granted 333,468 RSUs with a weighted average grant-date fair value of $9.67 per share. The fair value of shares vested during 2014 was $4,338.



As of December 31, 2016, the Company had the following cash-settleable RSUs outstanding (including those that are not based on a market condition):





For the year ended December 31, 2016,  281,792 market-based cash-settled RSUs subject to the peer market-based vesting described in Note 8 vested at 200% of their issued units, resulting in payable amounts of $8,662 in 2017. Also during 2016,  45,282 non-market-based cash settled RSUs vested, resulting in cash payments of $493 in 2016. During 2015,  853,673 market-based cash-settled RSUs subject to the peer market-based vesting described above vested at between 150% - 200% of their issued units, depending on the date of the vesting, resulting in cash payments of $3,319 in 2015 and $9,807 in 2016. Also during 2015,  72,108 non-market-based cash settled RSUs vested, resulting in cash payments of $545 in 2015. See Note 8 for additional information regarding cash-settleable RSUs.