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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Compensation Expense

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

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Service-Based RSUs

 

$

2,601

 

 

$

2,207

 

 

$

2,036

 

Performance-Based RSUs

 

 

539

 

 

 

2,553

 

 

 

3,089

 

Cash-settled awards

 

 

277

 

 

 

255

 

 

 

131

 

Total

 

$

3,417

 

 

$

5,015

 

 

$

5,256

 

Income tax benefit

 

 

786

 

 

 

1,133

 

 

 

1,188

 

Net

 

$

2,631

 

 

$

3,882

 

 

$

4,068

 

Summary of Unrecognized Compensation Expense related to Non-Vested RSUs

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

expense at

December 31,

2020

 

 

Weighted-

average

period

Service-Based RSUs

 

$

2,039

 

 

1.27 years

Performance-Based RSUs

 

 

1,893

 

 

1.76 years

Total

 

$

3,932

 

 

1.50 years

Summary of Status of Plans

The following table summarizes the status of these plans as of December 31, 2020:

 

 

 

2018 Plan

 

 

2014 Plan

 

 

2009 Plan

 

 

2004 Plan

 

 

Directors' Plan

 

Awards originally available to be granted

 

 

2,500,000

 

 

 

1,500,000

 

 

 

3,400,000

 

 

 

6,500,000

 

 

N/A

 

Performance stock options outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maximum potential RSU and cash settled

   awards outstanding

 

 

503,481

 

 

 

178,900

 

 

 

92,600

 

 

 

35,952

 

 

 

5,522

 

Maximum potential awards outstanding

 

 

503,481

 

 

 

178,900

 

 

 

92,600

 

 

 

35,952

 

 

 

5,522

 

RSUs and cash settled awards vested and

   released

 

 

45,539

 

 

 

 

 

 

 

 

 

 

 

 

 

Awards available to be granted

 

 

1,950,980

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of RSU Activity

A summary of RSU activity for the year ended December 31, 2020 is presented below:

 

 

 

Units

 

 

Weighted

Average

Grant Date

Fair Value

 

 

Weighted

Average

Remaining

Contractual

Term

 

 

Aggregate

Intrinsic

Value

 

Outstanding at January 1, 2020

 

 

364,396

 

 

$

19.87

 

 

 

 

 

 

 

 

 

Granted

 

 

120,546

 

 

 

27.94

 

 

 

 

 

 

 

 

 

Released

 

 

(100,830)

 

 

 

22.90

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(16,684)

 

 

 

28.75

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2020

 

 

367,428

 

 

$

21.28

 

 

 

19.69

 

 

$

12,614

 

Releasable at December 31, 2020

 

 

203,574

 

 

$

15.77

 

 

 

30.66

 

 

$

6,989

 

Schedule of Weighted Average Grant Date Fair Value and Intrinsic Value of RSU's

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Weighted-average grant date fair value

 

$

27.94

 

 

$

28.61

 

 

$

26.95

 

Intrinsic value of RSUs released

 

$

2,503

 

 

$

2,155

 

 

$

4,015

 

 

Summary of Non-vested RSU Activity

A summary of non-vested RSU activity for the year ended December 31, 2020 is presented below:

 

 

 

RSUs

 

 

Weighted

Average

Grant Date

Fair Value

 

Nonvested at January 1, 2020

 

 

136,922

 

 

$

27.66

 

Granted

 

 

120,546

 

 

 

27.94

 

Vested

 

 

(76,930)

 

 

 

26.86

 

Forfeited

 

 

(16,684)

 

 

 

28.75

 

Nonvested at December 31, 2020

 

 

163,854

 

 

$

28.13

 

Schedule of Performance-Based RSUs

A summary of PSU activity for the year ended December 31, 2020 is presented below:

 

 

 

Units

 

 

Weighted

Average

Grant Date

Fair Value

 

 

Weighted

Average

Remaining

Contractual

Term

 

 

Aggregate

Intrinsic

Value

 

Outstanding at January 1, 2020

 

 

217,229

 

 

$

27.73

 

 

 

 

 

 

 

 

 

Granted

 

 

126,521

 

 

 

28.37

 

 

 

 

 

 

 

 

 

Added by performance factor

 

 

38,820

 

 

 

23.84

 

 

 

 

 

 

 

 

 

Released

 

 

(111,838)

 

 

 

23.74

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(45,173)

 

 

 

28.69

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2020

 

 

225,559

 

 

$

29.07

 

 

 

1.90

 

 

$

7,743

 

Releasable at December 31, 2020

 

 

 

 

$

 

 

 

 

 

 

$

 

Schedule of Performance Awards Outstanding

The following table summarizes each grant of performance awards outstanding at December 31, 2020:

 

Description

 

Grant Date

 

Vesting Year

 

Vesting Dependency

 

Target Units

Outstanding

 

 

Maximum Number

of Units to be Granted

 

2018 - 2020 Performance RSUs

 

February 8, 2018

 

2020

 

35% RTSR, 35% sales growth,

30% operating cash flow

 

 

22,082

 

 

 

44,164

 

2018 - 2020 Performance RSUs

 

February 16, 2018

 

2020

 

35% RTSR, 35% sales growth,

30% operating cash flow

 

 

31,820

 

 

 

63,640

 

2019-2021 Performance RSUs

 

February 7, 2019

 

2021

 

35% RTSR, 35% sales growth,

30% operating cash flow

 

 

50,456

 

 

 

100,912

 

2019 Supplemental Performance RSUs

 

February 7, 2019

 

2021

 

Succession Planning Targets

 

 

6,945

 

 

 

13,890

 

2020 - 2020 QTI Performance RSUs

 

September 24, 2019

 

2022

 

50% EBITDA growth,

50% Sales growth

 

 

1,750

 

 

 

3,500

 

2020 - 2022 Performance RSUs

 

February 6, 2020

 

2022

 

25% RTSR, 40% sales growth,

35% operating cash flow

 

 

63,006

 

 

 

126,012

 

Focus 2025 Performance RSUs

 

April 23, 2020

 

2024

 

Cumulative revenues of $750 million over a trailing four-quarter period

 

 

49,500

 

 

 

49,500

 

Total

 

 

 

 

 

 

 

 

225,559

 

 

 

401,618