CLB 2018 Annual Report

F-25 the end of the performance period, which ends on the last trading day of 2019, December 31, 2019. This arrangement is recorded as an equity award that requires us to recognize compensation expense totaling $14.2 million over the shorter of the 3- year performance period or requisite service period, as determined for each participant individually, of which $8.7 million and $4.7 million has been recognized annually in 2018 and 2017, respectively. The unrecognized compensation expense is expected to be recognized over an estimated amortization period of 12 months. On February 13, 2018, certain executives were awarded rights to receive an aggregate of up to 162,772 common shares if our calculated ROIC, as defined in the PSAP, achieves certain performance criteria as compared to the Bloomberg Comp Group at the end of the performance period, which ends on the last trading day of 2020, December 31, 2020. This arrangement is recorded as an equity award that requires us to recognize compensation expense totaling $16.2 million over the shorter of the 3- year performance period or requisite service period, as determined for each participant individually, of which $11.4 million has been recognized in 2018. The unrecognized compensation expense is expected to be recognized over an estimated amortization period of 24 months. Restricted Share Award Program In 2004, the Compensation Committee of our Board of Supervisory Directors approved the RSAP to attract and retain the best employees, and to better align employee interests with those of our shareholders. Under this arrangement we awarded grants totaling 115,618 shares, 101,811 shares, and 104,164 shares in 2018, 2017, and 2016, respectively. Each of these grants has a vesting period of principally six years and vests ratably on an annual basis. There are no performance accelerators for early vesting for these awards. Awards under the RSAP are classified as equity awards and recorded at the grant-date fair value with the compensation expense recognized over the expected life of the award. As of December 31, 2018, there was $27.2 million of unrecognized total stock-based compensation expense relating to non-vested RSAP awards. The unrecognized compensation expense is expected to be recognized over an estimated weighted-average amortization period of 46 months. The grant-date fair value of shares granted was $11.6 million, $9.5 million and $10.0 million in 2018, 2017 and 2016, respectively. We recognized compensation expense of $8.9 million, $9.0 million and $10.5 million in 2018, 2017 and 2016, respectively. The total grant-date fair value, which is the intrinsic value, of the shares vested was $9.0 million, $9.6 million and $9.9 million in 2018, 2017 and 2016, respectively. 2014 Nonemployee Director Stock Incentive Plan On May 13, 2014, the 2006 Nonemployee Director Stock Option Plan was amended, restated and renamed as the 2014 Nonemployee Director Stock Incentive Plan (the "Director Plan"). The primary change effected by the 2014 amendment was to extend the period during which awards may be granted under the Director Plan to May 12, 2024. The Director Plan provides common shares for grant to our eligible Supervisory Directors. The maximum number of shares available for award under this plan is 1,400,000 common shares. As of December 31, 2018 approximately 537,086 shares remained available for issuance under the Director Plan. Only non-employee Supervisory Directors are eligible for these equity-based awards under the Director Plan. In 2011, the Compensation Committee of our Board of Supervisory Directors approved the restricted share award program (the "Program") to compensate our non-employee Supervisory Directors. Under this arrangement we awarded grants totaling 8,322 shares, 9,093 shares and 10,680 shares in 2018, 2017, and 2016, respectively. The shares awarded in 2018 and 2017 have a vesting period of one year for each grant; the shares awarded in 2016 have a vesting period of three years. There are no performance accelerators for early vesting for these awards. Awards under the Program are classified as equity awards and recorded at the grant-date fair value with compensation expense recognized over the expected life of the award. As of December 31, 2018, there was $0.3 million of unrecognized stock-based compensation relating to non-vested Program awards. The unrecognized compensation expense is expected to be recognized over an estimated weighted-average amortization period of 3 months. The grant-date fair value of shares granted was $0.9 million, $1.0 million and $1.1 million in 2018, 2017, and 2016, respectively, and we have recognized compensation expense of $1.4 million, $1.5 million and $0.9 million in 2018, 2017, and 2016, respectively.