September 30,
Restricted stock/performance-based restricted stock (“PBRS”)
Performance unit incentive plan (“PUP”)
Stock options
Restricted stock units/PBRS units
Total share-based compensation before income tax benefit
Income tax benefit
Total share-based compensation, net of income tax benefit
In addition, $253,000 and $124,000 of share-based compensation costs were included in restructuring charges during the nine months ended September 30, 2012 and 2011, respectively. Of the 2012 amount, $94,000 related to the PUP awards presented below.
Restricted Stock and PBRS. The following table summarizes restricted stock and PBRS activity:
Restricted Stock | PBRS | |||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | Shares | Weighted-Average Grant Date Fair Value | |||||||||||||
Balance at January 1, 2012 | 572,022 | $ | 20.36 | 416 | $ | 15.36 | ||||||||||
Granted | 166,750 | 20.46 | — | — | ||||||||||||
Vested | (197,571 | ) | 17.97 | (416 | ) | 15.36 | ||||||||||
Forfeited | (4,150 | ) | 24.80 | — | — | |||||||||||
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Balance at September 30, 2012 | 537,051 | 21.23 | — | — | ||||||||||||
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The unamortized cost of all outstanding restricted stock awards as of September 30, 2012 was $4.6 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 2.2 years. During the nine months ended September 30, 2012 and 2011, the Company repurchased 53,019 shares for $1.0 million and 28,627 shares for $679,000, respectively, related to tax withholding requirements on vested share-based awards. As of September 30, 2012, there were 1,056,607 total shares available for future grant.
Liability-Based Awards. The following table summarizes the liability-based award activity:
Restricted Stock Units | PBRS Units | PUP Awards | ||||||||||||||||||||||
Units | Weighted-Average Grant Date Fair Value | Units | Weighted-Average Grant Date Fair Value | Units | Weighted-Average Grant Date Fair Value | |||||||||||||||||||
Balance at January 1, 2012 | 38,600 | $ | 19.07 | 1,956 | $ | 15.36 | 95,500 | $ | 23.02 | |||||||||||||||
Granted | 15,850 | 20.57 | — | — | 115,100 | 20.60 | ||||||||||||||||||
Vested | (13,100 | ) | 15.36 | (1,956 | ) | 15.36 | — | — | ||||||||||||||||
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Balance at September 30, 2012 | 41,350 | 20.82 | — | — | 210,600 | 21.70 | ||||||||||||||||||
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As of September 30, 2012 and December 31, 2011, Viad had liabilities of $427,000 and $475,000, respectively, related to restricted stock unit and PBRS unit liability awards. A portion of the 2009 PBRS unit awards vested effective December 31, 2009 and cash payouts of $35,000 and $52,000 were distributed in January 2012 and January 2011, respectively. Similarly, a portion of the 2009 restricted stock unit awards vested in February 2012 and cash payouts of $257,000 were distributed in February 2012.
As of September 30, 2012 and December 31, 2011, Viad had liabilities of $2.0 million and $714,000, respectively, related to PUP awards. There were no PUP awards which vested during the nine months ended September 30, 2012 or 2011. Furthermore, there were no cash settlements of PUP awards during the nine months ended September 30, 2012 or 2011.
Stock Options. The following table summarizes stock option activity:
Shares | Weighted- Average Exercise Price | Options Exercisable | ||||||||||
Options outstanding at January 1, 2012 | 584,201 | $ | 23.32 | 396,688 | ||||||||
Exercised | (4,562 | ) | 19.57 | |||||||||
Forfeited or expired | (191,881 | ) | 26.18 | |||||||||
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Options outstanding at September 30, 2012 | 387,758 | 21.95 | 293,905 | |||||||||
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The total unrecognized cost related to non-vested stock option awards was $244,000 as of September 30, 2012, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately less than one year. No stock options were granted during the nine months ended September 30, 2012.
In addition to the above, Viad had stock options outstanding which were granted to employees of MoneyGram International, Inc. (“MoneyGram”) prior to the spin-off of that company in 2004. As of September 30, 2012, there were 2,367 of such options both outstanding and exercisable at an exercise price of $19.57. The weighted-average remaining contractual life of these options was less than one year. During the nine months ended September 30, 2012, 35 options were exercised by a MoneyGram participant with an exercise price of $19.57.