INCENTIVE STOCK PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs

A summary of our stock-based compensation cost is presented below:

	2021	2020	2019
Selling and general expenses	$8,255	$6,839	$6,416
Cost of sales	816	693	378
Timber and Timberlands, net (a)	206	170	110
Other operating expense, net (b)	—	324	—
Total stock-based compensation	$9,277	$8,026	$6,904
Tax benefit recognized related to stock-based compensation expense (c)	$487	$421	$362

(a)Represents amounts capitalized as part of the overhead allocation of timber-related costs.

(b)Represents expense associated with the acceleration of share-based compensation on Pope replacement awards related to qualifying terminations. See Note 27 - Charges for Integration and Restructuring for additional details.

(c)A valuation allowance is recorded against the tax benefit recognized as we do not expect to be able to realize the benefit in the future.

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of our restricted stock is presented below:

	2021	2020	2019
Restricted shares granted (a)	22,140	100,452	24,592
Weighted average price of restricted shares granted	$37.36	$23.15	$30.90
Intrinsic value of restricted stock outstanding (b)	$3,062	$4,666	$5,540
Grant date fair value of restricted stock vested	3,121	2,755	5,339
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested	869	566	1,610

(a)The year ended December 31, 2020 includes 69,176 replacement awards issued as a result of the merger with Pope Resources.

(b)Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2021.

	2021
	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1,	158,820	$28.47
Granted	22,140	37.36
Vested (a)	(104,917)	29.74
Cancelled	(181)	34.71
Non-vested Restricted Shares at December 31,	75,862	$29.29

(a)The year ended December 31, 2021 includes 1,430 replacement awards vested as a result of acceleration due to qualifying terminations.

A summary of our restricted stock units is presented below:

	2021	2020	2019
Restricted stock units granted	129,290	171,409	103,634
Weighted average price of restricted stock units granted	$33.59	$22.58	$31.51
Intrinsic value of restricted stock units outstanding (a)	$15,095	$7,801	$3,351
Grant date fair value of restricted stock units vested	493	218	2
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted stock units vested	189	47	1

(a)Intrinsic value of restricted stock units outstanding is based on the market price of the Company’s stock at December 31, 2021.

	2021
	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested Restricted Stock Units at January 1,	265,522	$25.75
Granted	129,290	33.59
Vested	(18,998)	25.94
Cancelled	(1,798)	29.37
Non-vested Restricted Stock Units at December 31,	374,016	$28.44

Schedule of Nonvested Performance-based Units Activity

A summary of our performance share units is presented below:

	2021	2020	2019
Common shares reserved for performance shares granted during year	191,203	361,870	232,684
Weighted average fair value of performance share units granted	$36.10	$29.59	$35.99
Intrinsic value of outstanding performance share units (a)	$16,360	$11,711	$10,758
Fair value of performance shares vested	1,738	3,522	6,387
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on performance shares vested	559	992	2,639

(a)Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2021.

	2021
	Number of Units	Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1,	398,607	$34.17
Granted	109,259	36.10
Units Distributed	(102,505)	40.27
Outstanding Performance Share units at December 31,	405,361	$33.16

Expected volatility was estimated using daily returns on the Company’s common shares for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. Treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2021:

	2021		2020		2019
Expected volatility	35.6	%	32.6	%	18.4	%
Risk-free rate	0.4	%	0.3	%	2.3	%

Schedule of Share-based Compensation, Stock Options, Activity

A summary of the status of our stock options as of and for the year ended December 31, 2021 is presented below:

	2021
	Number of Shares	Weighted Average Exercise Price (per common share)	Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Options outstanding at January 1,	340,985	$34.07
Exercised	(186,590)	32.31
Cancelled or expired	(30,225)	34.25
Options outstanding at December 31,	124,170	36.67	1.27	$458
Options exercisable at December 31,	124,170	$36.67	1.27	$458

A summary of additional information pertaining to our stock options is presented below:

	2021	2020	2019
Intrinsic value of options exercised (a)	$916	$108	$475
Cash received from exercise of options	5,922	1,368	1,260

(a)Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.