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Stock-Based Compensation
6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

NOTE 16- Stock-Based Compensation

At June 30, 2022, we had five active stock-based compensation plans: the Non-Employee Directors’ Stock Retirement Plan (“Directors’ Plan”), the 2004 Omnibus Long-Term Incentive Plan (“2004 Plan”), the 2009 Omnibus Equity and Performance Incentive Plan (“2009 Plan”), the 2014 Performance and Incentive Compensation Plan (“2014 Plan”), and the 2018 Equity and Incentive Compensation Plan ("2018 Plan"). Future grants can only be made under the 2018 Plan.

These plans allow for grants of stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), performance shares, performance units, and other stock awards subject to the terms of the specific plans under which the awards are granted.

The following table summarizes the compensation expense included in selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings related to stock-based compensation plans:

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service-based RSUs

 

$

691

 

 

$

738

 

 

$

1,368

 

 

$

1,425

 

Performance-based RSUs

 

 

820

 

 

 

1,066

 

 

 

2,041

 

 

 

1,559

 

Cash-settled RSUs

 

 

105

 

 

 

99

 

 

 

157

 

 

 

138

 

Total

 

$

1,616

 

 

$

1,903

 

 

$

3,566

 

 

$

3,122

 

Income tax benefit

 

 

372

 

 

 

438

 

 

 

820

 

 

 

718

 

Net expense

 

$

1,244

 

 

$

1,465

 

 

$

2,746

 

 

$

2,404

 

 

The following table summarizes the unrecognized compensation expense related to non-vested RSUs by type and the weighted-average period in which the expense is to be recognized:

 

 

 

Unrecognized

 

 

 

 

 

 

Compensation

 

 

Weighted-

 

 

 

Expense at

 

 

Average

 

 

 

June 30, 2022

 

 

Period (years)

 

Service-based RSUs

 

$

2,711

 

 

 

1.44

 

Performance-based RSUs

 

 

5,117

 

 

 

1.89

 

Total

 

$

7,828

 

 

 

1.73

 

 

We recognize expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards.

The following table summarizes the status of these plans as of June 30, 2022:

 

 

 

2018 Plan

 

 

2014 Plan

 

 

2009 Plan

 

 

2004 Plan

 

 

Directors'
Plan

 

Awards originally available

 

 

2,500,000

 

 

 

1,500,000

 

 

 

3,400,000

 

 

 

6,500,000

 

 

N/A

 

Maximum potential awards outstanding

 

 

716,826

 

 

 

35,100

 

 

 

45,200

 

 

 

14,545

 

 

 

4,722

 

RSUs and cash settled awards vested and released

 

 

117,828

 

 

 

 

 

 

 

 

 

 

 

 

 

Awards available for grant

 

 

1,665,346

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service-Based Restricted Stock Units

The following table summarizes the service-based RSU activity for the three months ended June 30, 2022:

 

 

 

Units

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at December 31, 2021

 

 

283,216

 

 

$

24.91

 

Granted

 

 

68,124

 

 

 

33.70

 

Vested and released

 

 

(58,144

)

 

 

29.96

 

Forfeited

 

 

(7,838

)

 

 

30.35

 

Outstanding at June 30, 2022

 

 

285,358

 

 

$

25.83

 

Releasable at June 30, 2022

 

 

132,834

 

 

$

17.55

 

 

Performance and Market-Based Restricted Stock Units

The following table summarizes the performance and market-based RSU activity for the three months ended June 30, 2022:

 

 

 

Units

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at December 31, 2021

 

 

237,767

 

 

$

31.35

 

Granted

 

 

81,702

 

 

 

37.15

 

Attained by performance

 

 

5,136

 

 

 

29.50

 

Released

 

 

(51,848

)

 

 

30.64

 

Forfeited

 

 

(14,351

)

 

 

32.62

 

Outstanding at June 30, 2022

 

 

258,406

 

 

$

33.20

 

Releasable at June 30, 2022

 

 

 

 

$

 

 

Cash-Settled Restricted Stock Units

Cash-Settled RSUs entitle the holder to receive the cash equivalent of one share of common stock for each unit when the unit vests. These RSUs are issued to key employees residing in foreign locations as direct compensation. Generally, these RSUs vest over a three-year period. Cash-Settled RSUs are classified as liabilities and are remeasured at each reporting date until settled. At June 30, 2022 and December 31, 2021, we had 46,524 and 32,085 cash-settled RSUs outstanding, respectively. At June 30, 2022 and December 31, 2021, liabilities of $299 and $400, respectively, were included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheets.