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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
We grant stock-based compensation awards including stock options, restricted stock units, phantom stock, and unrestricted stock units, under the Second Amended and Restated 2010 Stock Incentive Plan (Stock Incentive Plan). In the Stock Incentive Plan, we have 12,623,538 shares of common stock reserved and authorized for issuance subject to stock splits, dividends, and other similar events, and at March 31, 2021, 5,334,496 shares were available for grant. We issue new shares of common stock upon the exercise of stock options or when vesting conditions on restricted stock units are fully satisfied. These shares are subject to a fungible share provision such that the authorized share available for grant is reduced by (i) one share for every one share subject to a stock option or share appreciation right granted under the Plan and (ii) 1.7 shares for every one share of common stock that was subject to an award other than an option or share appreciation right.

We also periodically award phantom stock units, which are settled in cash upon vesting and accounted for as liability-based awards, with no impact to the shares available for grant.

In addition, we maintain the Employee Stock Purchase Plan (ESPP), for which 169,194 shares of common stock were available for future issuance at March 31, 2021.

ESPP activity and stock-based grants other than stock options and restricted stock units were not significant for the three months ended March 31, 2021 and 2020.
Stock-Based Compensation Expense
Total stock-based compensation expense and the related tax benefit were as follows:
Three Months Ended March 31,
In thousands20212020
Stock options$340 $467 
Restricted stock units5,931 7,809 
Unrestricted stock awards227 206 
Phantom stock units1,117 433 
Total stock-based compensation$7,615 $8,915 
Related tax benefit$1,363 $1,767 

Stock Options
A summary of our stock option activity is as follows:
SharesWeighted
Average Exercise
Price per Share		Weighted Average
Remaining
Contractual Life		Aggregate
Intrinsic Value		Weighted
Average Grant
Date Fair Value
(in thousands)(years)(in thousands)
Outstanding, January 1, 2020458 $56.38 7.0$12,641 
Granted73 87.27 $26.72 
Exercised(40)54.03 934 
Forfeited— 
Expired— 
Outstanding, March 31, 2020491 $61.13 7.5$3,106 
Outstanding, January 1, 2021433 $61.95 6.9$14,697 
Granted— 
Exercised(24)67.04 926 
Forfeited(4)80.90 
Outstanding, March 31, 2021405 $61.48 6.7$11,012 
Exercisable, March 31, 2021295 $55.03 5.9$9,930 

At March 31, 2021, total unrecognized stock-based compensation expense related to nonvested stock options was $2.1 million, which is expected to be recognized over a weighted average period of approximately 1.7 years.

The weighted average assumptions used to estimate the fair value of stock options granted and the resulting weighted average fair value are as follows:
Three Months Ended March 31,
20212020
Expected volatility— %31.0 %
Risk-free interest rate— %1.4 %
Expected term (years)N/A5.3

There were no employee stock options granted for the three months ended March 31, 2021.
Restricted Stock Units
The following table summarizes restricted stock unit activity:
In thousands, except fair valueNumber of
Restricted Stock Units		Weighted
Average Grant
Date Fair Value		Aggregate
Intrinsic Value
Outstanding, January 1, 2020684 
Granted182 $87.17 
Released (1)
(192)$12,454 
Forfeited(7)
Outstanding, March 31, 2020667 
Outstanding, January 1, 2021544 $71.79 
Granted186 100.28 
Released (1)
(177)74.10 $18,007 
Forfeited(10)74.41 
Outstanding, March 31, 2021543 81.03 
Vested but not released, March 31, 202110 $845 
(1)     Shares released is presented as gross shares and does not reflect shares withheld by us for employee payroll tax obligations.

At March 31, 2021, total unrecognized compensation expense on restricted stock units was $43.4 million, which is expected to be recognized over a weighted average period of approximately 2.0 years.

The weighted average assumptions used to estimate the fair value of performance-based restricted stock units granted with a service and market condition and the resulting weighted average fair value are as follows:
Three Months Ended March 31,
20212020
Expected volatility50.5 %37.6 %
Risk-free interest rate0.2 %1.5 %
Expected term (years)2.91.8
Weighted average fair value$113.75 $94.28