We have granted restricted stock awards under two stock incentive plans: the 2020 Long-Term Incentive Plan and the 2014 Nonemployee Director Stock Incentive Plan. Awards under the following three compensation programs have been granted pursuant to both plans: (1) the Performance Share Award Program ("PSAP"); (2) the Restricted Share Award Program ("RSAP") and (3) the Restricted Share Award Program for Nonemployee Directors (the "Program").

We issue shares from either treasury stock or authorized shares upon the lapsing of vesting restrictions on restricted stock. In 2020, we issued 208,168 shares out of treasury stock relating to the vesting of restricted stock. We do not use cash to settle equity instruments issued under stock-based compensation awards.

In 2020, the 2014 Long-Term Incentive Plan was amended, restated and renamed as the 2020 Long-Term Incentive Plan (the "Plan"). The primary changes effected by the 2020 amendment and restatement were to (a) extend the period during which awards may be granted under the Plan to May 20, 2025, and (b) increase the number of common shares subject to the Plan by 1,100,000 shares. The Plan, as amended, provides for a maximum of 13,000,000 common shares to be granted to eligible employees. At December 31, 2020, approximately 952,697 shares remained available for the grant of new awards under the Plan. Specifically, we encourage share ownership by awarding various long-term equity incentive awards under the Plan, consisting of the PSAP and RSAP. We believe that widespread common share ownership by key employees is an important means of encouraging superior performance and employee retention. Additionally, our equity-based compensation programs encourage performance and retention by providing additional incentives for executives to further our growth, development and financial success over a longer time horizon by personally benefiting through the ownership of our common shares and/or rights.

The PSAP allows us to compensate our executive and senior management teams as we meet or exceed our business objectives. The PSAP shares are unvested and may not be sold, assigned, pledged, hedged, margined or otherwise transferred by an award recipient until such time as, and then only to the extent that, the restricted performance shares have vested. In the event of a change in control (as defined in the Plan) prior to the last day of the Performance Period, all of the award recipient's restricted performance shares will vest as of the effective date of such change in control. Subject to continued employment with us, or upon death or disability, PSAP shares vest if we meet or exceed our business objectives.

The company recorded $6.8 million and $7.2 million of additional non-cash stock compensation expense in the year ended December 31, 2020 and 2019, respectively, associated with the 2020 and 2019 PSAP awards for certain members of our executive management team who became retirement eligible during those years. The additional stock compensation expense has been recorded in accordance with FASB ASC Topic 718, "Compensation - Stock Compensation", which states that the period over which stock compensation expense is recognized should not extend beyond the eligible retirement age as defined in each executive's PSAP award agreement. The PSAP awards continue to remain unvested until the end of the performance period, and it can be determined whether the performance criteria have been achieved. The executive will not forfeit the right to

vest in the awarded shares if they voluntarily retire from the Company after attaining the retirement age as defined in each agreement.

On February 13, 2018, certain executives were awarded rights to receive an aggregate of up to 162,772 common shares (the “2018 PSAP awards”) if our calculated ROIC, as defined in the PSAP, achieves certain performance criteria as compared to the Bloomberg Comp Group at the end of the performance period, which ends on the last trading day of 2020, December 31, 2020. This arrangement is recorded as an equity award that requires us to recognize compensation expense totaling $16.0 million over the shorter of the 3-year performance period or requisite service period, as determined for each participant individually, of which $3.0 million and $11.4 million has been recognized in 2019 and 2018, respectively. In 2020, due to the significant impact of the global pandemic, COVID-19, to the oil and gas industry, the awards were modified in consideration of one time non-cash charges to determine normalized metrics. As a result, 110,248 shares vested (the target level) out of an aggregate amount of up to 162,772 (7,800 shares were previously forfeited). An adjustment of $11.9 million was recorded in the fourth quarter of 2020 to reverse previously recognized stock compensation expense for shares that were granted but did not vest, and to reflect the current fair value of the awards which did vest on December 31, 2020 as a result of the modification. This adjustment resulted in a net credit of $7.4 million for stock compensation expense recognized in 2020 for the 2018 PSAP awards, of which $6.8 million was classified in general and administrative expenses and $0.6 million is classified as cost of sales. We issued these common shares on December 31, 2020 and, simultaneously, the participants surrendered 42,033 common shares to settle any personal tax liabilities which may result from the award, as permitted by the agreement. We recorded these surrendered shares as treasury stock with an aggregate cost of $1.1 million at $26.51 per share.

On February 12, 2019, certain executives were awarded rights to receive an aggregate of up to 220,065 common shares of our calculated ROIC, as defined in the PSAP, achieves certain performance criteria as compared to the Bloomberg Comp Group at the end of the performance period, which ends on the last trading day of 2021, December 31, 2021. This arrangement is recorded as an equity award that requires us to recognize compensation expense totaling $13.1 million over the shorter of the 3-year performance period or requisite service period, as determined for each participant individually, of which $1.9 million and $8.8 million has been recognized in 2020 and 2019, respectively. The unrecognized compensation expense is expected to be recognized over an estimated amortization period of 12 months.

On February 11, 2020, certain executives were awarded rights to receive an aggregate of up to 267,506 common shares if our calculated ROIC, as defined in the PSAP, achieves certain performance criteria as compared to the Bloomberg Comp Group at the end of the performance period, which ends on the last trading day of 2022, December 30, 2022. The Compensation Committee had added a modifier based upon absolute total shareholder return (“TSR”), which is calculated based on the difference between the closing share price at end of the measurement period, i.e. on last trading day of 2022, December 31, 2022, and the closing share price as on December 31, 2019. This arrangement is recorded as an equity award that requires us to recognize compensation expense totaling $14.7 million over the shorter of the 3-year performance period or requisite service period, as determined for each participant individually, of which $9.5 million has been recognized in 2020. The unrecognized compensation expense is expected to be recognized over an estimated amortization period of 24 months.

In 2004, the Compensation Committee of our Board of Supervisory Directors approved the RSAP to attract and retain the best employees, and to better align employee interests with those of our shareholders. Under this arrangement we awarded grants totaling 321,084 shares, 182,533 shares, and 115,618 shares in 2020, 2019 and 2018, respectively. Each of these grants has a vesting period of principally six years and vests ratably on an annual basis. There are no performance accelerators for early vesting for these awards. Awards under the RSAP are classified as equity awards and recorded at the grant-date fair value with the compensation expense recognized over the expected life of the award. As of December 31, 2020, there was $27.2 million of unrecognized total stock-based compensation expense relating to non-vested RSAP awards. The unrecognized compensation expense is expected to be recognized over an estimated weighted-average amortization period of 43 months. The grant-date fair value of shares granted was $4.8 million, $8.7 million and $11.6 million in 2020, 2019 and 2018, respectively. We recognized compensation expense of $6.4 million, $8.0 million and $8.9 million in 2020, 2019 and 2018, respectively. The total grant-date fair value, which is the intrinsic value, of the shares vested was $7.7 million, $8.7 million and $9.0 million in 2020, 2019 and 2018, respectively.

In 2014, the 2006 Nonemployee Director Stock Option Plan was amended, restated and renamed as the 2014 Nonemployee Director Stock Incentive Plan (the "Director Plan"). The primary change effected by the 2014 amendment was to extend the period during which awards may be granted under the Director Plan to May 12, 2024. The Director Plan provides common shares for grant to our eligible Supervisory Directors. The maximum number of shares available for award under this plan is 1,400,000 common shares. As of December 31, 2020 approximately 644,509 shares remained available for issuance under the Director Plan. Only non-employee Supervisory Directors are eligible for these equity-based awards under the Director Plan.

In 2011, the Compensation Committee of our Supervisory Board of Directors approved the restricted share award program (the "Program") to compensate our non-employee Supervisory Directors. Under this arrangement we awarded grants totaling 87,042 shares, 10,885 shares and 8,322 shares in 2020, 2019 and 2018, respectively. The shares awarded in 2020, 2019 and 2018 have a vesting period of one year for each grant. There are no performance accelerators for early vesting for these awards. Awards under the Program are classified as equity awards and recorded at the grant-date fair value with compensation expense recognized over the expected life of the award. As of December 31, 2020, there was $0.2 million of unrecognized stock-based compensation relating to non-vested Program awards. The unrecognized compensation expense is expected to be recognized over an estimated weighted-average amortization period of 3 months. The grant-date fair value of shares granted was $1.1 million, $0.7 million and $0.9 million in 2020, 2019 and 2018, respectively, and we have recognized compensation expense of $0.8 million, $0.8 million and $1.4 million in 2020, 2019 and 2018, respectively.

Information about our equity compensation plans as of December 31, 2020 is as follows:

	Number of Common Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights		Weighted Average Exercise Price of Outstanding Options, Warrants and Rights		Number of Common Shares Remaining Available for Future Issuance Under Equity Compensation Plans
Equity compensation plans approved by our shareholders
2020 Long-Term Incentive Plan		1,057,146		—		952,697
2014 Nonemployee Director Stock Incentive Plan		87,042		—		560,658
Total		1,144,188				1,513,355

Non-vested restricted share awards outstanding as of December 31, 2020 and changes during the year under both the Plan and the Director Plan are as follows:

	Number of Shares			Weighted Average Grant Date Fair Value per Share
Non-vested at December 31, 2019		670,697		$	75.93
Granted		747,632		$	22.01
Vested		(208,168	)	$	92.85
Forfeited		(67,689	)	$	64.71
Non-vested at December 31, 2020		1,142,472		$	38.23

Stock-based compensation expense under both the Plan and the Director Plan recognized in the income statement is as follows (in thousands):

	December 31,
	2020		2019		2018
Cost of product sales and services	$	5,170	$	7,288	$	8,648
General and administrative		2,224		13,591		25,546
Total stock-based compensation expense	$	7,394	$	20,879	$	34,194