Quarterly report pursuant to Section 13 or 15(d)

Stock-based Expense

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Stock-based Expense
9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Expense
Stock-based Expense
During the three and nine months ended September 30, 2017, the Company made the following grants of time-based restricted stock:
Three Months Ended September 30, 2017
 
Nine Months Ended September 30, 2017
 
Vesting
95,601

 
1,215,940

 
Shares vest ratably over a period of twelve quarters beginning on the first day of the second calendar quarter immediately following the grant date.

 
49,563

 
Shares vest ratably over a period of four quarters beginning on the first day of the calendar quarter immediately following the grant date.
During the nine months ended September 30, 2017, we granted 535,441 shares of restricted stock which require the achievement of certain market-based conditions to become eligible to vest. The shares become eligible to vest based on the achievement of the following conditions:
Three Months Ended September 30, 2017
 
Nine Months Ended September 30, 2017
 
Condition to Become Eligible to Vest

 
178,480

 
After the grant date and prior to July 1, 2020, the average closing price per share of our common stock equals or exceeds $38.05 for twenty consecutive trading days.

 
178,480

 
After the grant date and prior to July 1, 2020, the average closing price per share of our common stock equals or exceeds $41.09 for twenty consecutive trading days.

 
178,481

 
After the grant date and prior to July 1, 2020, the average closing price per share of our common stock equals or exceeds $45.66 for twenty consecutive trading days.

Shares that become eligible to vest, if any, become Eligible Shares. These awards vest ratably over four calendar quarters beginning on the first day of the next calendar quarter immediately following the date on which they become Eligible Shares. Vesting is conditional upon the recipient remaining a service provider, as defined in the plan document, to the Company through each applicable vesting date.
Grants of restricted stock may be fulfilled through the issuance of previously authorized but unissued common stock shares, or the reissuance of shares held in Treasury. All awards were granted under the Amended and Restated 2010 Equity Incentive Plan, as amended.
The Company capitalized $0.2 million of stock-based expense for software development costs during each of the three and nine month periods ended September 30, 2017.