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Stock-Based Compensation Plans
12 Months Ended
Dec. 31, 2021
Stock-Based Compensation Plans [Abstract]  
Stock-Based Compensation Plans
Note 12, Stock-Based Compensation Plans:


We have issued and outstanding awards under two employee compensation plans, the 2021 Long-Term Incentive Plan (the “2021 LTIP Plan”) and the 2014 Long Term Incentive Plan (the “2014 LTIP Plan”). No new awards may be granted under the 2014 LTIP Plan. Grants of stock-settled appreciation rights, restricted units, and performance units have been made to certain officers and key employees. All equity awards are settled in shares of Common Stock. As of December 31, 2021, approximately 1,500,000 shares were available for awards under the 2021 LTIP Plan.


The following table summarizes our equity award activity during the years ended December 31, 2021, 2020, and 2019:


 
Service-Based
Restricted Stock Awards
   
Performance-Based
Restricted Stock Awards
   
Stock-Settled
Appreciation Rights
 
   
Shares or Units (#)
   
Weighted-Average
Award Price($)
   
Shares or Units(#)
   
Weighted-Average
Award Price ($)
   
Rights(#)
   
Weighted-Average
Award Price($)
 
Outstanding at December 31, 2018
   
249,142
     
22.05
     
209,754
     
21.56
     
57,000
     
18.14
 
Granted
   
137,768
     
20.24
     
113,522
     
20.29
     
     
 
Awards vested or rights exercised
   
(133,364
)
   
22.27
     
(57,351
)
   
18.93
     
(49,500
)
   
18.14
 
Forfeited
   
(18,736
)
   
21.25
     
(11,150
)
   
21.43
     
     
 
Units forfeited due to performance
                (39,966 )     22.95              
Outstanding at December 31, 2019
   
234,810
     
20.93
     
214,809
     
21.38
     
7,500
     
18.14
 
Granted
   
145,375
     
20.42
     
120,727
     
20.42
     
     
 
Awards vested or rights exercised
   
(130,434
)
   
20.69
     
(44,875
)
   
22.12
     
(7,500
)
   
18.14
 
Forfeited
   
(10,470
)
   
20.41
     
(273
)
   
20.37
     
     
 
Units forfeited due to performance
                (76,493 )     20.29              
Outstanding at December 31, 2020
   
239,281
     
20.77
     
213,895
     
21.08
     
     
 
Granted
   
120,221
     
33.29
     
93,685
     
32.83
     
     
 
Awards vested or rights exercised
   
(130,323
)
   
21.28
     
(56,578
)
   
22.95
     
     
 
Forfeited
   
(10,097
)
   
25.85
     
     
     
     
 
Additional units earned due to performance
                77,265       20.42              
Outstanding at December 31, 2021
   
219,082
     
27.10
     
328,267
     
23.96
             
Restricted units expected to vest
   
219,082
     
27.10
     
387,516
     
25.36
     
     
 
Exercisable at December 31, 2019
   
     
     
     
     
7,500
     
18.14
 



The total fair value of service-based restricted stock awards that vested in 2021, 2020 and 2019 was approximately $6,069,000, $1,798,000 and $2,491,000, respectively. The aggregate intrinsic value of outstanding restricted stock awards was $6,697,000 at December 31, 2021. The restrictions on the service-based awards generally lapse or vest annually, primarily over three-year or four-year periods.


The total fair value of performance-based restricted stock awards that vested in 2021, 2020 and 2019 was approximately $2,046,000, $755,000 and $1,389,000, respectively. The aggregate intrinsic value of outstanding performance awards at December 31, 2021 expected to vest was $11,846,000. The performance awards are based on one-year performance periods but cliff vest in approximately three years from grant date.


The fair value for stock-settled appreciation rights were estimated at the date of grant using a Black‑Scholes pricing model. There were no stock-settled appreciation rights outstanding at December 31, 2021 and 2020. The total intrinsic value of stock-settled appreciation rights exercised was approximately $18,000 in 2020 and $107,000 in 2019.


The compensation for all awards is being charged to selling, general and administrative expense over the respective grants’ vesting periods, primarily on a straight-line basis, and was approximately $8,213,000, $4,375,000 and $3,435,000 in 2021, 2020 and 2019, respectively. Forfeitures are recognized as they occur. The tax (benefit) expense recognized related to all awards was approximately $(1,011,000), $293,000 and $98,000 in 2021, 2020 and 2019, respectively. As of December 31, 2021, the total compensation cost related to unvested equity awards was approximately $6,769,000 and is expected to be recognized over a weighted-average period of two years.