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Common Stock
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Common Stock Common Stock
We have 500 million authorized shares of common stock, $0.01 par value. At December 31, 2021 and 2020, there were 0.0 million shares of common stock reserved for issuance pursuant to options granted under our stock option plans.
As of December 31, 2021, there were an aggregate of 0.7 million outstanding time and performance-based RSUs and 1.8 million shares available for grants of stock and options under our 2019 Long Term Incentive Plan.
A summary of the transactions within the Company’s stock option plans follows (shares in thousands):  
SharesWeighted-Average
Exercise Price
Outstanding at December 31, 202010 61.93 
Granted— — 
Exercised(5)43.56 
Canceled— — 
Outstanding at December 31, 20215 80.47 
Exercisable at December 31, 20215 $80.47 
The following table presents information associated with stock options as of December 31, 2021 and 2020, and for the years ended December 31, 2021, 2020 and 2019. No stock options were granted during any of the years presented below.
202120202019
Intrinsic value of options outstanding as of December 31$1 $2 
Intrinsic value of options exercisable as of December 311 2 
Intrinsic value of options exercised1 3 45 
In addition to stock options, the Company issues time-based and performance-based RSUs to certain officers and key executives under various equity incentive plans. The RSUs automatically convert to shares of common stock on a one-for-one basis as the awards vest. The time-based RSUs typically vest over a three year vesting period beginning 12 months from the grant date and thereafter annually on the anniversary of the grant date. The performance-based RSUs vest based on the achievement of the performance conditions during the applicable performance periods (currently the calendar year). There were 219 thousand shares of common stock issued upon vesting of RSUs during 2021, net of 123 thousand shares surrendered to satisfy tax obligations. The Company measures the value of RSUs at fair value based on the closing price of the underlying common stock on the grant date. The Company amortizes the fair value of outstanding RSUs as stock-based compensation expense over the requisite service period on a straight-line basis, or sooner if the employee effectively vests upon termination of employment under certain circumstances. For performance-based RSUs, compensation expense is recognized to the extent that the satisfaction of the performance condition is considered probable.
A summary of RSUs granted follows (RSUs in thousands):
Year Ended December 31,  
202120202019
RSUs granted348 643 456 
Weighted-average grant date price per unit$297.02 $140.99 $124.37 

As of December 31, 2021, the total pretax compensation cost not yet recognized by the Company with regard to unvested RSUs was $48. The weighted-average period over which this compensation cost is expected to be recognized is 2.0 years.
A summary of RSU activity for the year ended December 31, 2021 follows (RSUs in thousands):  
Stock UnitsWeighted-Average
Grant Date Fair Value
Nonvested as of December 31, 2020517 $164.62 
Granted348 297.02 
Vested(422)222.64 
Forfeited(25)183.00 
Nonvested as of December 31, 2021418 $215.23 

The total fair value of RSUs vested during the fiscal years ended December 31, 2021, 2020 and 2019 was $94, $75, and $80, respectively.

Dividend Policy. Holdings has not paid dividends on its common stock since inception. The payment of any future dividends or the authorization of stock repurchases or other recapitalizations will be determined by our Board of Directors in light of conditions then existing, including earnings, financial condition and capital requirements, financing agreements, business conditions, stock price and other factors. The terms of certain agreements governing our outstanding indebtedness contain certain limitations on our ability to move operating cash flows to Holdings and/or to pay dividends on, or effect repurchases of, our common stock. In addition, under Delaware law, dividends may only be paid out of surplus or current or prior year’s net profits.

Stockholders’ Rights Plan. Our stockholders' rights plan expired in accordance with its terms in 2011. Our Board of Directors elected not to renew or extend the plan.