XML 39 R25.htm IDEA: XBRL DOCUMENT v3.20.4
STOCK-BASED COMPENSATION
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock-Based Compensation
On June 3, 2020, our shareholders approved the Clean Harbors, Inc. 2020 Stock Incentive Plan (the "2020 Plan"). The 2020 Plan provides for future awards of up to 2.5 million shares of the Company’s common stock (subject to certain anti-dilution adjustments) in the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. The 2020 Plan is administered by the Compensation Committee of the Company’s Board of Directors. The Company's previous stock incentive plan (the "2010 Plan") expired on May 10, 2020. In connection with the adoption of the 2020 Plan, no further awards will be made under the 2010 Plan.
The Company grants restricted stock awards and performance stock awards. The restricted stock awards generally vest over three to five years subject to continued employment. The performance stock awards vest depending on the satisfaction of certain performance conditions typically based on revenue, Adjusted EBITDA margin, free cash flow and a measure of workplace safety. In addition, performance stock awards include continued service conditions subsequent to the attainment of any performance conditions.
Total stock-based compensation expense for the years ended December 31, 2020, 2019 and 2018 was $18.5 million, $17.8 million and $16.8 million, respectively. The total income tax benefit recognized in the consolidated statements of operations from stock-based compensation expense was $4.2 million, $3.1 million and $3.2 million for the years ended December 31, 2020, 2019 and 2018, respectively.
Restricted Stock Awards
The following table summarizes information about restricted stock awards for the year ended December 31, 2020:
Restricted StockNumber of
Shares
Weighted Average
Grant-Date
Fair Value
Balance at January 1, 2020522,597 $59.57 
Granted225,548 58.23 
Vested(208,652)57.89 
Forfeited(45,614)58.81 
Balance at December 31, 2020493,879 $59.74 
As of December 31, 2020, there was $19.8 million of total unrecognized compensation cost arising from restricted stock awards. This cost is expected to be recognized over a weighted average period of 2.7 years. The total fair value of restricted stock vested during 2020, 2019 and 2018 was $13.3 million, $16.8 million and $10.8 million, respectively.
Performance Stock Awards
The following table summarizes information about performance stock awards for the year ended December 31, 2020:
Performance StockNumber of
Shares
Weighted Average
Grant-Date
Fair Value
Balance at January 1, 2020204,553 $64.78 
Granted161,610 58.30 
Vested(54,377)55.75 
Forfeited(57,337)78.02 
Balance at December 31, 2020254,449 $53.79 
As of December 31, 2020, there was $5.1 million of total unrecognized compensation cost arising from performance stock awards whereby the performance conditions had either been met or were probable of vesting. The total fair value of performance awards vested during 2020, 2019 and 2018 was $3.5 million, $8.1 million and $1.2 million, respectively.