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Long-Term Incentive Compensation
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Long-Term Incentive Compensation Long-Term Incentive Compensation
The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The fair value of service-based restricted stock awards is determined by the quoted market price of the Company's common stock on the date of grant. The resulting cost, net of estimated forfeitures, is recognized over the period during which an employee is required to provide service in exchange for the awards, usually the vesting period.
Stock-based compensation expense recognized during the years ended December 31, 2021, 2020 and 2019 totaled $7.9 million, $8.4 million and $16.8 million, respectively.
Restricted Stock Awards
The restricted stock program consists of a combination of service-based restricted stock and performance-based restricted stock. The number of performance-based restricted shares ultimately issued under the program is dependent upon achievement of predefined specific performance objectives generally measured over a three-year period. The performance objective for performance-based awards granted in 2021 is the Company's cumulative EBITDA over a three-year period. The performance objectives for performance-based stock units granted during 2020 and 2019 are based on the Company's EBITDA growth rate over a three-year period.
In the event the predefined targets are exceeded for any performance-based award, additional shares up to a maximum of 200% of the target award may be granted. Conversely, if actual performance falls below the predefined target, the number of
shares vested is reduced. If the actual performance falls below the threshold performance level, no restricted shares will vest. Service-based restricted stock awards generally vest on a straight-line basis over a three-year term.
The following table presents changes in restricted stock awards and related information for the year ended December 31, 2021 (shares in thousands):
Service-based Restricted StockPerformance-based Restricted Stock
Number of SharesWeighted Average Grant Date Fair ValueNumber of SharesWeighted Average Grant Date Fair ValueTotal Number of Restricted Shares
Unvested, December 31, 20201,087 $14.07 287 $12.13 1,374 
Granted601 6.77 245 6.84 846 
Vested(636)14.69 (70)6.55 (705)
Forfeited(59)13.60 (105)15.86 (164)
Unvested, December 31, 2021993 $9.29 358 $8.49 1,350 
The total fair value of restricted stock awards that vested in 2021, 2020 and 2019 was $9.3 million, $14.5 million and $18.2 million, respectively. As of December 31, 2021, there was $5.8 million of total compensation costs related to unvested restricted stock awards not yet recognized, which is expected to be recognized over a weighted average vesting period of 1.4 years.
On May 11, 2021, the Company’s stockholders approved the Amended and Restated Equity Participation Plan of Oil States International, Inc. (the "Plan"), which provided for a 4.5 million increase in the number of shares authorized for issuance under the plan. As of December 31, 2021, approximately 5.0 million shares were available for future grant under the Plan.
Stock Options
No options were awarded or exercised in 2021, 2020 or 2019. As of December 31, 2021, the Company had 388 thousand stock options outstanding and exercisable, with exercise prices ranging from $42.29 to $58.54 and a weighted-average contractual life of 1.4 years.
Long-Term Cash Incentive Awards
During 2021 and 2020, the Company issued conditional long-term cash incentive awards ("Cash Awards") of $1.5 million and $2.0 million (adjusted for forfeitures), respectively, with the ultimate dollar amount to be awarded ranging from zero to a maximum of $3.1 million for the 2021 Cash Award and from zero to a maximum of $4.0 million for the 2020 Cash Award. The performance measure for these Cash Awards is relative total stockholder return compared to a peer group of companies measured over a three-year period. The ultimate dollar amount to be awarded for the 2021 and 2020 Cash Awards is limited to their targeted award value ($1.5 million and $2.0 million, respectively) if the Company's total stockholder return is negative over the performance period. The obligations, if any, related to the Cash Awards are classified as liabilities and recognized over the vesting period.