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STOCK-BASED COMPENSATION
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Stock-Based Compensation
In 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 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, Adjusted EBITDA margin, Adjusted free cash flow, return on invested capital 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, 2021, 2020 and 2019 was $18.8 million, $18.5 million and $17.8 million, respectively. The total income tax benefit recognized in the consolidated statements of operations from stock-based compensation expense was $3.5 million, $4.2 million and $3.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.
Restricted Stock Awards
The following table summarizes information about restricted stock awards for the year ended December 31, 2021:
Restricted StockNumber of
Shares
Weighted Average
Grant-Date
Fair Value
Balance at January 1, 2021493,879 $59.74 
Granted205,984 96.69 
Vested(194,178)58.12 
Forfeited(53,488)63.01 
Balance at December 31, 2021452,197 $76.88 
As of December 31, 2021, there was $25.8 million of total unrecognized compensation cost arising from restricted stock awards. This cost is expected to be recognized over a weighted average period of 2.8 years. The total fair value of restricted stock vested during 2021, 2020 and 2019 was $17.7 million, $13.3 million and $16.8 million, respectively.
Performance Stock Awards
The following table summarizes information about performance stock awards for the year ended December 31, 2021:
Performance StockNumber of
Shares
Weighted Average
Grant-Date
Fair Value
Balance at January 1, 2021254,449 $61.75 
Granted135,373 92.94 
Vested(158,634)61.52 
Forfeited(61,431)65.28 
Balance at December 31, 2021169,757 $85.56 
As of December 31, 2021, there was $7.3 million of total unrecognized compensation cost arising from performance stock awards whereby the performance conditions either had been or were probable of being met. The total fair value of performance awards vested during 2021, 2020 and 2019 was $15.0 million, $3.5 million and $8.1 million, respectively.