SCHN 2017 Annual Report

SCHNITZER STEEL INDUSTRIES, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 85 / Schnitzer Steel Industries, Inc. Form 10-K 2017 DSUs granted during the years ended August 31, 2017, 2016 and 2015 totaled 42,771 shares, 57,780 shares and 48,590 shares, respectively. The compensation expense associated with DSUs and the total value of shares vested during each of the years ended August 31, 2017, 2016 and 2015, as well as the unrecognized compensation expense as of August 31, 2017, were not material. Stock Options No options were granted in fiscal 2017, 2016, and 2015, and all of the options outstanding during the periods presented had expired as of August 31, 2017. Compensation expense associated with stock options, the total proceeds received from option exercises and the tax benefits realized from options exercised was zero for the years ended August 31, 2017, 2016 and 2015. A summary of the Company’s stock option activity and related information is as follows: Options (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) (1) Outstanding as of August 31, 2014 526 $ 32.25 2.2 $ 335 Granted — $ — Exercised — $ — Canceled (122) $ 24.95 Outstanding as of August 31, 2015 404 $ 34.46 1.3 $ — Granted — $ — Exercised — $ — Canceled (182) $ 34.11 Outstanding as of August 31, 2016 222 $ 34.75 1.0 $ — Granted — $ — Exercised — $ — Canceled (222) $ 34.75 Outstanding as of August 31, 2017 — $ — $ — ____________________________ (1) Amounts represent the difference between the exercise price and the closing price of the Company’s stock on the last trading day of the corresponding fiscal year, multiplied by the number of in-the-money options.