Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

NOTE 17 - Stock-Based Compensation

At March 31, 2021, 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
	March 31,		March 31,
	2021		2020
Service-based RSUs	$	686	$	580
Performance-based RSUs		494		(368	)
Cash-settled RSUs		39		16
Total	$	1,219	$	228
Income tax benefit		281		51
Net expense	$	938	$	177

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
	March 31, 2021		Period
Service-based RSUs	$	3,394		1.54
Performance-based RSUs		3,881		2.24
Total	$	7,275		1.91

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 March 31, 2021:

	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 RSU and cash settled    awards outstanding		656,205		52,500		75,200		35,952		5,522
Maximum potential awards outstanding		656,205		52,500		75,200		35,952		5,522
RSUs and cash settled awards vested and released		96,136		—		—		—		—
Awards available for grant		1,747,659		—		—		—		—

Service-Based Restricted Stock Units

The following table summarizes the service-based RSU activity for the three months ended March 31, 2021:

	Units			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020		367,428		$	21.28
Granted		65,450			32.77
Vested and released		(61,342	)		28.48
Forfeited		(3,789	)		27.20
Outstanding at March 31, 2021		367,747		$	22.07
Releasable at March 31, 2021		194,974		$	15.22

Performance and Market-Based Restricted Stock Units

The following table summarizes the performance and market-based RSU activity for the three months ended March 31, 2021:

	Units			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020		225,559		$	28.97
Granted		69,872			33.98
Attained by performance		18,107			28.33
Released		(53,137	)		28.33
Forfeited		(24,622	)		27.02
Outstanding at March 31, 2021		235,779		$	30.75
Releasable at March 31, 2021		—		$	—

The following table summarizes each grant of performance awards outstanding at March 31, 2021:

Description	Grant Date	Vesting Year	Vesting Dependency	Target Units Outstanding		Maximum Number of Units to be Granted
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 - 2022 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
2021 - 2023 Performance RSUs	February 11, 2021	2023	25% RTSR, 40% sales growth, 35% operating cash flow		69,872		139,744
Focus 2025 Performance RSUs	April 23, 2020	2024	Cumulative revenues of $750 million over a trailing four-quarter period		43,750		43,750
Total					235,779		427,808

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 March 31, 2021 and December 31, 2020 we had 29,824 and 30,009 cash-settled RSUs outstanding, respectively. At March 31, 2021 and December 31, 2020, liabilities of $177 and $396, respectively, were included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheets.