Table of Contents Restricted Shares Employee Stock Purchase Plans 95 The Company's Board of Directors may elect to issue restricted shares of CRD-A in lieu of, or in addition to, cash payments to certain key employees. Employees receiving these shares are subject to restrictions on their ability to transfer the shares. Such restrictions generally lapse ratably over vesting periods ranging from several months to five years. The grant-date fair value of a restricted share of CRD-A is based on the market value of the stock on the date of grant. Compensation cost is recognized on an accelerated basis over the requisite service period. A summary of the status of the Company's restricted shares of CRD-A as of December 31, 2018, 2017, and 2016 and changes during each year, is presented below: Compensation expense recognized for all restricted shares for the years ended December 31, 2018, 2017, and 2016 was $1,176,000, $1,205,000, and $1,567,000, respectively. As of December 31, 2018, there was $219,000 of total unearned compensation cost related to nonvested restricted shares which is expected to be recognized by June 30, 2020. The Company has three employee stock purchase plans: the U.S. Plan, the U.K. Plan, and the International Plan. Eligible employees in Canada, Puerto Rico, and the U.S. Virgin Islands may also participate in the U.S. Plan. The International Plan is for eligible employees located in certain other countries who are not covered by the U.S. Plan or the U.K. Plan. All plans are compensatory. For all plans, the requisite service period is the period of time over which the employees contribute to the plans through payroll withholdings. For purposes of recognizing compensation expense, estimates are made for the total withholdings expected over the entire withholding period. The market price of a share of stock at the beginning of the withholding period is then used to estimate the total number of shares that will be purchased using the total estimated withholdings. Compensation cost is recognized ratably over the withholding period. Under the U.S. Plan, the Company is authorized to issue up to 1,200,000 shares of CRD-A to eligible employees. Participating employees can elect to have up to $25,000 of their eligible annual earnings withheld to purchase shares at the end of the one-year withholding period which starts each July 1 and ends the following June 30. The purchase price of the stock is 85% of the lesser of the closing price of a share of such stock on the first day or the last day of the withholding period. Participating employees may cease payroll withholdings during the withholding period and/or request a refund of all amounts withheld before any shares are purchased. Shares Weighted-Average Grant-Date Fair Value Nonvested at December 31, 2015 101,002 $5.01 Granted 133,871 6.54 Vested (160,536 ) 6.57 Forfeited or unearned (6,668) 8.90 Nonvested at December 31, 2016 67,669 7.56 Granted 210,875 9.26 Vested (166,325 ) 9.50 Forfeited or unearned — — Nonvested at December 31, 2017 112,219 7.89 Granted 112,502 7.81 Vested (131,260 ) 8.27 Forfeited or unearned (21,352) 8.43 Nonvested at December 31, 2018 72,109 $7.76