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Stock-Based Compensation
 9 Months Ended
Sep. 30, 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. At September 30, 2021, 5,346,245 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 151,221 shares of common stock were available for future issuance at September 30, 2021.

ESPP activity and stock-based grants other than stock options and restricted stock units were not significant for the three and nine months ended September 30, 2021 and 2020.

Stock-Based Compensation Expense
Total stock-based compensation expense and the related tax benefit were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
In thousands2021202020212020
Stock options$344 $452 $1,055 $1,445 
Restricted stock units5,104 4,399 16,546 18,575 
Unrestricted stock awards217 206 650 618 
Phantom stock units519 582 2,861 2,075 
Total stock-based compensation$6,184 $5,639 $21,112 $22,713 
Related tax benefit$1,159 $1,070 $3,840 $4,257 

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 
Granted80 84.38 $26.21 
Exercised(49)50.90 1,189 
Forfeited(5)83.80 
Outstanding, September 30, 2020484 $61.30 7.0$3,816 
Outstanding, January 1, 2021433 $61.95 6.9$14,697 
Granted— $— 
Exercised(34)67.21 1,215 
Forfeited(6)83.33 
Outstanding, September 30, 2021393 $61.18 6.1$6,496 
Exercisable, September 30, 2021317 $56.51 5.6$6,361 

At September 30, 2021, total unrecognized stock-based compensation expense related to nonvested stock options was $1.4 million, which is expected to be recognized over a weighted average period of approximately 1.3 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 September 30,Nine Months Ended September 30,
2021202020212020
Expected volatility— %41.5 %— %32.1 %
Risk-free interest rate— %0.3 %— %1.3 %
Expected term (years)N/A5.3N/A5.3

There were no employee stock options granted for the three and nine months ended September 30, 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 
Granted209 $83.34 
Released (1)
(338)$21,947 
Forfeited(23)
Outstanding, September 30, 2020532 
Outstanding, January 1, 2021544 $71.79 
Granted212 97.96 
Released (1)
(288)70.20 $28,494 
Forfeited(46)77.79 
Outstanding, September 30, 2021422 85.75 
Vested but not released, September 30, 202110 $733 
(1)     Shares released is presented as gross shares and does not reflect shares withheld by us for employee payroll tax obligations.

At September 30, 2021, total unrecognized compensation expense on restricted stock units was $30.9 million, which is expected to be recognized over a weighted average period of approximately 1.8 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 September 30,Nine Months Ended September 30,
2021202020212020
Expected volatility— %52.6 %50.5 %38.2 %
Risk-free interest rate— %0.2 %0.2 %1.5 %
Expected term (years)N/A2.32.91.8
Weighted average fair value$— $61.45 $113.75 $93.05 

There were no performance-based restricted stock units granted for the three months ended September 30, 2021.