Share-Based Compensation Expense Recognition

XYZ Corporation recently granted stock options to its employees as part of their annual compensation package. Each employee received options to purchase 1,000 shares at an exercise price set at $50 per share. The options vest over a three-year period, with one-third vesting each year. Given that the fair value of each option at the grant date is $15, what amount should XYZ Corporation recognize as share-based compensation expense in its financial statements for the first year?