NOTE 16—SHARE BASED PAYMENTS

During the year ended December 31, 2016 and 2015, the Company granted restricted stock units representing 544,605 and 527,372 shares of common stock with a total fair value of $5,301 and $5,261, respectively, to certain employees and directors of the Company. During the year ended December 31, 2014, the Company granted restricted stock units representing 5,859 shares of common stock with a total fair value of $45 to directors of the Company which vested on July 31, 2015. Share based compensation expense for the restricted stock units was $2,768 and $2,043 for the year ended December 31, 2016 and 2015, respectively. The total income tax benefit recognized related to the vesting of restricted stock units was $1,141 and $804 during the year ended December 31, 2016 and 2015, respectively.

The restricted stock units generally vest over a period of one to three years based on continued service. In determining the fair value of restricted stock units on the grant date, the fair value is adjusted for (a) estimated forfeitures, (b) expected dividends based on historical patterns and the Company’s anticipated dividend payments over the expected holding period and (c) the risk-free interest rate based on U.S. Treasuries for a maturity matching the expected holding period. As of December 31, 2016, the expected remaining unrecognized share based compensation expense of $5,474 will be expensed over a weighted average period of 2.0 years.

A summary of restricted stock unit activity for the periods indicated was as follows:

The per-share weighted average grant-date fair value of restricted stock units was $7.68, $9.98 and $9.73 for the years ending December 31, 2014, 2015 and 2016, respectively. The total fair value of shares vested during the years ended December 31, 2016 and 2015 was $1,755 and $1,949, respectively.