Stock Incentive Plans

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock Incentive Plans

Stock Incentive Plans

Stock-Based Compensation Accounting

GCP grants restricted stock units (“RSUs”), stock options and performance-based units (“PBUs”) with or without market conditions which vest upon the satisfaction of a performance condition and/or a service condition. During the three months ended March 31, 2022 and 2021, stock-based compensation expense was $0.2 million and $1.7 million, respectively. The decrease in stock-based compensation in the three months ended March 31, 2022 was due mostly to the accelerated vesting and compensation expense of RSUs held by certain executives in December 2021. During the three months ended March 31, 2021, $0.7 million of the stock-based compensation expense is included in “Restructuring and repositioning expenses” in the Statement of Operations.

At March 31, 2022, total unrecognized compensation expense of $1.7 million was related to stock options with market conditions and $4.0 million to RSU and PBU awards.

Stock Options

Approximately 145,000 options were exercised during the three months ended March 31, 2022 with a weighted average exercise price of $25.53.

RSUs

The following table sets forth the RSU activity for the three months ended March 31, 2022:

RSU Activity	Number Of Shares (in thousands)	Weighted Average Grant Date Fair Value
Outstanding, December 31, 2021	145	$	24.67
Less: RSUs settled	(27)	23.72
Less: RSUs forfeited	(3)	25.72
Outstanding, March 31, 2022	115	$	24.88
Expected to vest at March 31, 2022	107	$	24.85

PBUs

PBUs are performance-based units which are granted by the Company either with or without market conditions and recorded at fair value on the grant date.

The grant date fair value of PBUs without market conditions is determined based on the closing market price of the Company’s common stock on the date of grant. The grant date fair value of PBUs with market conditions based on TSR is determined using a Monte Carlo simulation model.

The following table sets forth the PBU activity for the three months ended March 31, 2022.                    

PBU Activity	Number Of Shares (in thousands)	Weighted Average Grant Date Fair Value
Outstanding, December 31, 2021	270	$	26.11
Less: PBU’s forfeited	(123)	27.22
Outstanding, March 31, 2022	147	$	25.18