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Employee Stock-Based Compensation
3 Months Ended
Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Employee Stock-Based Compensation
Employee Stock-Based Compensation
We currently grant restricted equity awards to employees and directors under our 2010 Equity Incentive Plan. Additionally, through our 2010 Employee Stock Purchase Plan, employees are able to purchase shares of our Class A common stock at a discount through payroll deductions. We have reserved shares of our Class A common stock for issuance under these plans.
The following table summarizes restricted stock units granted under our 2010 Equity Incentive Plan:
 
Three Months Ended March 31,
 
2017
 
2016
 
(In thousands, except per share data)
Restricted stock units granted
402

 
418

Weighted-average grant-date fair value
$
31.61

 
$
21.79


Included in the number of restricted stock units granted during the three months ended March 31, 2017 and 2016 are performance-based restricted stock units of our Class A common stock of 286,908 and 236,973, respectively, that we granted to certain executive employees under our 2010 Equity Incentive Plan. With respect to the 2017 grants, the maximum number of shares that may be earned is 430,362.
The total stock-based compensation expense recognized was $6.5 million and $5.6 million for the three months ended March 31, 2017 and 2016, respectively. Total stock-based compensation expense includes amounts related to awards of stock options, restricted stock units (including performance-based restricted stock units) and purchases under our 2010 Employee Stock Purchase Plan. Effective January 1, 2017, as a result of the adoption of ASU 2016-09, we account for forfeitures on our stock-based compensation as they occur, rather than estimating expected forfeitures. As a result of this accounting change, we recognized a net cumulative effect adjustment to reduce retained earnings as of January 1, 2017 for approximately $1.8 million.