Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

As of June 30, 2023, the Company has five types of stock-based compensation outstanding under its Equity Award Plans: (i) restricted stock awards issued to independent directors, (ii) restricted stock units issued to executive officers and key management employees, (iii) non-qualified stock options issued to executive officers, (iv) performance-based restricted stock awards issued to executive officers and key management employees, (v) and cash-settled performance unit awards issued to executive officers and key management employees.

The following table summarizes stock-based compensation costs for the three and six months ended June 30, 2023 and 2022 (in thousands of dollars):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Liability-classified awards
Cash-settled awards	$	1,610	$	972	$	2,752	$	1,633
Equity-classified awards
Restricted stock awards	336		317		639		628
Restricted stock time-based unit awards	5,524		5,029		11,737		10,420
Restricted stock performance-based unit awards	2,366		2,201		4,703		4,314
Stock-based compensation cost	9,836		8,519		19,831		16,995
Tax Benefit(1)	(257)		(1,220)		(1,749)		(2,559)
Stock-based compensation cost, net of tax	$	9,579	$	7,299	$	18,082	$	14,436

(1) Any tax benefit for stock-based compensation during the six months ended June 30, 2023 will be offset by the change in valuation allowance. The Company was in a valuation allowance position during the six months ended June 30, 2023.

For additional information regarding stock-based compensation, refer to Note (12) Stock-Based Compensation of the Company’s audited consolidated financial statements contained in its Annual Report on Form 10-K for the year ended December 31, 2022.