Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Share-Based Compensation (income) expense

The following table summarizes share-based compensation (income) expense:

	Three Months Ended
	March 31,
(in thousands)	2020			2019
Performance unit incentive plan (“PUP”)⁽¹⁾	$	(2,635	)	$	1,423
Restricted stock		650			693
Restricted stock units		(160	)		90
Share-based compensation (income) expense before income tax benefit		(2,145	)		2,206
Income tax benefit		(109	)		(558	)
Share-based compensation (income) expense, net of income tax benefit	$	(2,254	)	$	1,648

⁽¹⁾

^{PUP awards are liability-based awards that are tied to our stock price and the expected achievement of certain performance-based criteria. During the three months ended March 31, 2020, the value of the PUP awards decreased due to the reduction of our estimated performance achievement and the decline in our stock price as a result of COVID-19.}

Summary of Activity of the Outstanding Share-Based Compensation Awards

The following table summarizes the activity of the outstanding share-based compensation awards:

	PUP Awards					Restricted Stock					Restricted Stock Units
	Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2019		214,904		$	52.53		136,123		$	52.66		11,623		$	52.17
Granted		84,898		$	56.15		47,742		$	55.91		3,391		$	55.24
Vested		(67,866	)	$	47.43		(61,475	)	$	50.02		(2,815	)	$	47.45
Forfeited		(595	)	$	58.79		(1,494	)	$	54.39		(760	)	$	56.88
Balance at March 31, 2020		231,341		$	55.34		120,896		$	55.26		11,439		$	53.93

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Shares			Weighted-Average Exercise Price
Options outstanding and exercisable at December 31, 2019		41,143		$	16.62
Exercised		(41,143	)	$	16.62
Options outstanding and exercisable at March 31, 2020		—		$	—