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Stock-Based Compensation
9 Months Ended
Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

NOTE 16 - Stock-Based Compensation

At September 30, 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 (Loss) Earnings related to stock-based compensation plans:

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Service-based RSUs

 

$

588

 

 

$

580

 

 

$

2,013

 

 

$

1,939

 

Performance-based RSUs

 

 

383

 

 

 

472

 

 

 

1,942

 

 

 

123

 

Cash-settled RSUs

 

 

16

 

 

 

67

 

 

 

151

 

 

 

102

 

Total

 

$

987

 

 

$

1,119

 

 

$

4,106

 

 

$

2,164

 

Income tax benefit

 

 

227

 

 

 

257

 

 

 

945

 

 

 

497

 

Net expense

 

$

760

 

 

$

862

 

 

$

3,161

 

 

$

1,667

 

 

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

 

 

 

September 30, 2021

 

 

Period (years)

 

Service-based RSUs

 

$

1,818

 

 

 

1.38

 

Performance-based RSUs

 

 

2,988

 

 

 

1.80

 

Total

 

$

4,806

 

 

 

1.64

 

 

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 September 30, 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

 

 

611,278

 

 

 

35,100

 

 

 

45,200

 

 

 

14,545

 

 

 

4,722

 

Maximum potential awards outstanding

 

 

611,278

 

 

 

35,100

 

 

 

45,200

 

 

 

14,545

 

 

 

4,722

 

RSUs and cash settled awards vested and released

 

 

117,633

 

 

 

 

 

 

 

 

 

 

 

 

 

Awards available for grant

 

 

1,771,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service-Based Restricted Stock Units

The following table summarizes the service-based RSU activity for the nine months ended September 30, 2021:

 

 

 

Units

 

 

Weighted

Average

Grant Date

Fair Value

 

Outstanding at December 31, 2020

 

 

367,428

 

 

$

21.28

 

Granted

 

 

68,065

 

 

 

32.93

 

Vested and released

 

 

(151,946

)

 

 

20.91

 

Forfeited

 

 

(15,506

)

 

 

29.17

 

Outstanding at September 30, 2021

 

 

268,041

 

 

$

24.00

 

Releasable at September 30, 2021

 

 

116,933

 

 

$

15.86

 

 

Performance and Market-Based Restricted Stock Units

The following table summarizes the performance and market-based RSU activity for the nine months ended September 30, 2021:

 

 

 

Units

 

 

Weighted

Average

Grant Date

Fair Value

 

Outstanding at December 31, 2020

 

 

225,559

 

 

$

28.97

 

Granted

 

 

83,237

 

 

 

34.44

 

Attained by performance

 

 

18,107

 

 

 

28.33

 

Released

 

 

(53,137

)

 

 

28.33

 

Forfeited

 

 

(43,099

)

 

 

27.71

 

Outstanding at September 30, 2021

 

 

230,667

 

 

$

31.28

 

Releasable at September 30, 2021

 

 

196,748

 

 

$

32.62

 

 

 

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 September 30, 2021 and December 31, 2020 we had 32,085 and 30,009 cash-settled RSUs outstanding, respectively. At September 30, 2021 and December 31, 2020, liabilities of $276 and $396, respectively, were included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheets.