Stock-based Compensation (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Stock Options And Performance Award Fair Value Assumptions |
We calculated the fair value of stock options on the date of grant using the Black-Scholes-Merton model and the assumptions listed below:
|
|
|
March 2020 Grant |
|
|
March 2019 Grant |
|
|
March 2018 Grant |
|
|
March 2017 Grant |
|
|
Grant date price per share of stock
option award |
|
$ |
19.63 |
|
|
$ |
26.63 |
|
|
$ |
41.60 |
|
|
$ |
44.10 |
|
|
Expected dividend yield per share |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
Expected life in years |
|
|
6.40 |
|
|
|
6.14 |
|
|
|
5.73 |
|
|
|
5.77 |
|
|
Expected volatility |
|
|
42.85 |
% |
|
|
39.44 |
% |
|
|
37.05 |
% |
|
|
39.70 |
% |
|
Risk-free interest rate |
|
|
0.87 |
% |
|
|
2.53 |
% |
|
|
2.67 |
% |
|
|
2.13 |
% |
|
Grant date fair value per share of option awards |
|
$ |
8.42 |
|
|
$ |
11.29 |
|
|
$ |
16.38 |
|
|
$ |
17.90 |
|
|
| Summary of Performance Stock Units |
The following table shows a summary of the performance stock units as of March 31, 2020:
|
Performance Period |
|
Minimum
Shares |
|
|
Target
Shares |
|
|
Maximum
Shares |
|
|
2018 – 2020 |
|
|
0 |
|
|
|
119,630 |
|
|
|
239,260 |
|
|
2019 – 2021 |
|
|
0 |
|
|
|
195,047 |
|
|
|
285,950 |
|
|
2020 – 2022 |
|
|
0 |
|
|
|
231,128 |
|
|
|
462,256 |
|
|
| Summary of Status and Activity of Non-Vested Stock Awards |
The following table shows a summary of the status and activity of non-vested stock units for the three months ended March 31, 2020:
|
|
|
Restricted
Stock Units |
|
|
Performance
Stock Units |
|
|
Total
Stock Units |
|
|
Weighted Average
Grant Date Fair
Value per Unit |
|
|
Non-vested at December 31, 2019 |
|
|
343,012 |
|
|
|
445,186 |
|
|
|
788,198 |
|
|
$ |
40.18 |
|
|
Granted |
|
|
295,873 |
|
|
|
232,481 |
|
|
|
528,354 |
|
|
$ |
16.09 |
|
|
Vested |
|
|
(102,369 |
) |
|
|
(110,168 |
) |
|
|
(212,537 |
) |
|
$ |
47.19 |
|
|
Forfeited |
|
|
(23,129 |
) |
|
|
(21,694 |
) |
|
|
(44,823 |
) |
|
$ |
34.21 |
|
|
Non-vested at March 31, 2020 |
|
|
513,387 |
|
|
|
545,805 |
|
|
|
1,059,192 |
|
|
$ |
27.01 |
|
|
| Summary of Status and Activity of Stock Options |
The following table shows a summary of the status and activity of stock options for the three months ended March 31, 2020:
|
|
|
Options |
|
|
Weighted Average
Exercise Price
per Option |
|
|
Weighted Average
Remaining
Contractual Term
(in years) |
|
|
Aggregate Intrinsic
Value (in millions) |
|
|
Outstanding at December 31, 2019 |
|
|
966,849 |
|
|
$ |
28.45 |
|
|
|
|
|
|
|
|
|
|
Granted |
|
|
187,701 |
|
|
$ |
19.63 |
|
|
|
|
|
|
|
|
|
|
Expired |
|
|
(5,129 |
) |
|
$ |
31.28 |
|
|
|
|
|
|
|
|
|
|
Forfeited |
|
|
(12,280 |
) |
|
$ |
31.03 |
|
|
|
|
|
|
|
|
|
|
Outstanding at March 31, 2020 |
|
|
1,137,141 |
|
|
$ |
26.96 |
|
|
|
6.42 |
|
|
$ |
0.0 |
|
|
Exercisable at March 31, 2020 |
|
|
771,153 |
|
|
$ |
27.29 |
|
|
|
5.12 |
|
|
$ |
0.0 |
|
|
| Schedule of Stock-based Compensation Expense Recognized |
Total stock-based compensation expense recognized under our LTIP and employee stock purchase plan for the three months ended March 31, 2020 and 2019 is as follows:
|
|
|
Three Months Ended March 31, |
|
|
|
|
2020 |
|
|
2019 |
|
|
(Dollars in millions) |
|
|
|
|
|
|
|
|
|
Stock-based compensation expense recognized: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
$ |
2.5 |
|
|
$ |
2.9 |
|
|
Less related income tax benefit |
|
|
0.8 |
|
|
|
0.9 |
|
|
Decrease in net income attributable to Koppers |
|
$ |
1.7 |
|
|
$ |
2.0 |
|
|
| Performance Stock Units [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Stock Options And Performance Award Fair Value Assumptions |
We calculated the fair value of the performance stock unit awards on the date of grant using the assumptions listed below:
|
|
|
March 2020 Grant |
|
|
March 2019 Grant |
|
|
May 2018 Grant |
|
|
March 2018 Grant |
|
|
Grant date price per share of
performance award |
|
$ |
19.63 |
|
|
$ |
26.63 |
|
|
$ |
39.10 |
|
|
$ |
41.60 |
|
|
Expected dividend yield per
share |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
Expected volatility |
|
|
45.60 |
% |
|
|
39.00 |
% |
|
|
39.40 |
% |
|
|
39.40 |
% |
|
Risk-free interest rate |
|
|
0.72 |
% |
|
|
2.50 |
% |
|
|
2.35 |
% |
|
|
2.35 |
% |
|
Look-back period in years |
|
|
2.83 |
|
|
|
2.82 |
|
|
|
2.84 |
|
|
|
2.84 |
|
|
Grant date fair value per share |
|
$ |
11.56 |
|
|
$ |
40.30 |
|
|
$ |
44.29 |
|
|
$ |
47.12 |
|
|