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Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Summary of Stock Option Activity

A summary of PSP activity for the years ended December 31, 2020, 2019 and 2018 is as follows:

 

 

 

Weighted-

average grant

date fair value

 

 

Granted

shares

 

 

Awarded

shares

 

 

Shares not

yet awarded

 

Outstanding at January 1, 2018

 

$

5.16

 

 

 

1,694,476

 

 

 

1,694,476

 

 

 

—

 

Granted

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Awarded

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Vested

 

$

5.53

 

 

 

(453,860

)

 

 

(453,860

)

 

 

—

 

Forfeited

 

$

4.92

 

 

 

(44,524

)

 

 

(44,524

)

 

 

—

 

Outstanding at December 31, 2018

 

$

5.03

 

 

 

1,196,092

 

 

 

1,196,092

 

 

 

—

 

Granted

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Awarded

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Vested

 

$

5.29

 

 

 

(115,040

)

 

 

(115,040

)

 

 

—

 

Forfeited

 

$

4.74

 

 

 

(29,760

)

 

 

(29,760

)

 

 

—

 

Outstanding at December 31, 2019

 

$

5.00

 

 

 

1,051,292

 

 

 

1,051,292

 

 

 

—

 

Granted

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Awarded

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Vested

 

$

6.06

 

 

 

(119,072

)

 

 

(119,072

)

 

 

—

 

Forfeited

 

$

5.03

 

 

 

(22,392

)

 

 

(22,392

)

 

 

—

 

Outstanding at December 31, 2020

 

$

4.86

 

 

 

909,828

 

 

 

909,828

 

 

 

—

 

 

A summary of 2010 SIP and 2019 SIP activity for the years ended December 31, 2020, 2019 and 2018 is as follows:

 

 

 

Weighted-

average grant

date fair value

 

 

Granted

shares

 

 

Awarded

shares

 

 

Shares not

yet awarded

 

 

Outstanding at January 1, 2018

 

$

15.58

 

 

 

12,821,990

 

 

 

4,809,604

 

 

 

8,012,386

 

 

Granted

 

$

22.87

 

 

 

1,577,721

 

 

 

454,313

 

 

 

1,123,408

 

(1)

Awarded

 

$

15.89

 

 

 

—

 

 

 

2,489,905

 

 

 

(2,489,905

)

 

Vested

 

$

14.09

 

 

 

(933,916

)

 

 

(933,916

)

 

 

—

 

 

Forfeited

 

$

16.37

 

 

 

(2,363,420

)

 

 

(224,587

)

 

 

(2,138,833

)

 

Outstanding at December 31, 2018

 

$

16.69

 

 

 

11,102,375

 

 

 

6,595,319

 

 

 

4,507,056

 

 

Granted

 

$

28.53

 

 

 

1,812,047

 

 

 

797,778

 

 

 

1,014,269

 

(2)

Awarded

 

$

17.26

 

 

 

299,339

 

 

 

1,954,983

 

 

 

(1,655,644

)

 

Vested

 

$

14.29

 

 

 

(1,068,211

)

 

 

(1,068,211

)

 

 

—

 

 

Forfeited

 

$

19.09

 

 

 

(503,632

)

 

 

(209,293

)

 

 

(294,339

)

 

Outstanding at December 31, 2019

 

$

18.10

 

 

 

11,641,918

 

 

 

8,070,576

 

 

 

3,571,342

 

 

Granted

 

$

46.58

 

 

 

970,997

 

 

 

148,015

 

 

 

822,982

 

(3)

Awarded

 

$

19.71

 

 

 

497,082

 

 

 

1,880,512

 

 

 

(1,383,430

)

 

Vested

 

$

15.97

 

 

 

(3,059,619

)

 

 

(3,059,619

)

 

 

—

 

 

Forfeited

 

$

20.75

 

 

 

(356,041

)

 

 

(119,637

)

 

 

(236,404

)

 

Outstanding at December 31, 2020

 

$

19.89

 

 

 

9,694,337

 

 

 

6,919,847

 

 

 

2,774,490

 

 

 

 

 

(1)

Of the 1,123,408 shares of performance-based restricted stock granted in 2018, the payout for 576,886 shares may be increased up to 200% of the target or decreased to zero, subject to the level of performance attained. The amount reflected in the table includes all restricted stock grants at a target payout of 100%.

 

(2)

Of the 1,014,269 shares of performance-based restricted stock granted in 2019, the payout for 501,384 shares may be increased up to 200% of the target or decreased to zero, subject to the level of performance attained. The amount reflected in the table includes all restricted stock grants at a target payout of 100%.

(3)

Of the 822,982 shares of performance-based restricted stock granted in 2020, the payout for 365,606 shares may be increased up to 200% of the target or decreased to zero, 20,611 shares may be increased up to 120% of the target or decreased to zero, 15,850 shares may be increased up to 150% of the target or decreased to zero, and 56,226 shares may be increased up to 150% or decreased to 50% of target subject to the level of performance attained. The amount reflected in the table includes all restricted stock grants at a target payout of 100%.
Summary of Non-Cash Stock-Based Compensation Expense

The non-cash stock-based compensation expense for the years ended December 31 is as follows:

 

(in thousands)

 

2020

 

 

2019

 

 

2018

 

Stock incentive plan

 

$

50,198

 

 

$

39,626

 

 

$

28,027

 

Employee stock purchase plan

 

 

8,789

 

 

 

6,504

 

 

 

4,744

 

Performance stock plan

 

 

762

 

 

 

864

 

 

 

748

 

Total

 

$

59,749

 

 

$

46,994

 

 

$

33,519

 
2010 Stock Incentive Plan  
Schedule of Performance Stock Plan and 2010 Stock Incentive Plan

The following table sets forth information as of December 31, 2020, 2019 and 2018, with respect to the number of time-based restricted shares granted and awarded, the number of performance-based restricted shares granted, and the number of performance-based restricted shares awarded under our Performance Stock Plan and 2010 and 2019 Stock Incentive Plans:

 

Year

 

Time-based restricted

stock granted and

awarded

 

 

Performance-based

restricted

stock granted

 

 

Performance-based

restricted

stock awarded

 

2020

 

 

148,015

 

 

 

822,982

 

(1)

 

1,880,512

 

2019

 

 

797,778

 

 

 

1,014,269

 

(2)

 

1,954,983

 

2018

 

 

454,313

 

 

 

1,123,408

 

(3)

 

2,489,905

 

(1)

Of the 822,982 shares of performance-based restricted stock granted in 2020, the payout for 365,606 shares may be increased up to 200% of the target or decreased to zero, 20,611 shares may be increased up to 120% of the target or decreased to zero, 15,850 shares may be increased up to 150% of the target or decreased to zero, and 56,226 shares may be increased up to 150% or decreased to 50% of target subject to the level of performance attained. The amount reflected in the table includes all restricted stock grants at a target payout of 100%.

(2)

Of the 1,014,269 shares of performance-based restricted stock granted in 2019, the payout for 501,384 shares may be increased up to 200% of the target or decreased to zero, subject to the level of performance attained. The amount reflected in the table includes all restricted stock grants at a target payout of 100%.

 

(3)

Of the 1,123,408 shares of performance-based restricted stock granted in 2018, the payout for 576,886 shares may be increased up to 200% of the target or decreased to zero, subject to the level of performance attained. The amount reflected in the table includes all restricted stock grants at a target payout of 100%.