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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
 
The Company’s Board of Directors has adopted various stock-based compensation plans. The plans provide for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and performance stock units. Pursuant to the plans, shares are reserved for future issuance by the Company upon exercise of stock options or awards of restricted stock, restricted stock units, or performance stock units granted to directors, officers and other key employees.
The table below summarizes the transactions under the Company’s active stock-based compensation plans for the nine months ended September 30, 2022: 
 Stock Options
Outstanding		Non-vested Stock Awards OutstandingNon-vested Stock Units Outstanding
 (Shares in thousands)Number
of Shares		Weighted
Average
Exercise
Price		Number
of Shares		Weighted
Average
Grant-Date
Fair Value		Number
of Shares		Weighted
Average
Grant-Date
Fair Value
Beginning balance, January 1, 2022473 $22.50 2 $22.20 1,111 $26.49 
Granted— — — — 671 26.64 
Stock options exercised(2)13.89 — — — — 
Stock awards/units vested (earned)— — (2)22.20 (397)26.42 
Forfeited/expired— — — — (80)25.69 
Balance, September 30, 2022471 $22.54 — $— 1,305 $26.66 
Exercisable, September 30, 2022471 $22.54 

The following table summarizes information about stock options under the plans outstanding at September 30, 2022:
 
  Options OutstandingOptions Exercisable
Range of Exercise PricesNumber
of Shares
(In thousands)		Weighted
Average
Remaining
Contractual
Life (Years)		Weighted
Average
Exercise
Price		Number
of Shares
(In thousands)		Weighted
Average
Exercise
Price
$10.65 —$10.65 10.29$10.651$10.65
20.29 —20.29 472.2520.294720.29
22.20 —22.20 512.4822.205122.20
22.75 —22.75 2932.8622.7529322.75
23.51 —23.51 723.3023.517223.51
24.07 —24.07 72.9624.07724.07
$10.65 —$24.07 4712.82$22.54471$22.54

The table below summarizes the Company’s performance stock unit activity for the nine months ended September 30, 2022:

(In thousands)Performance Stock Units
Non-vested, January 1, 2022257 
Granted185 
Vested (earned)(75)
Forfeited(12)
Non-vested,September 30, 2022355 

Stock-based compensation expense was $11.5 million and $12.6 million during the nine month periods ended September 30, 2022 and 2021, respectively. Stock-based compensation expense is recognized ratably over the requisite service period for all stock-based awards. There was no unrecognized stock-based compensation expense related to stock options at September 30, 2022. Unrecognized stock-based compensation expense related to non-vested stock awards and stock units was $20.5 million at September 30, 2022. At such date, the weighted-average period over which this unrecognized expense is expected to be recognized was 1.6 years.
 
The intrinsic value of stock options outstanding and stock options exercisable at September 30, 2022 was $86,000. Aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $21.79 as of September 30, 2022, and the exercise price multiplied by the number of options outstanding. There was no
intrinsic value of stock options exercised during the nine months ended September 30, 2022, while the total intrinsic value of stock options exercised during the nine months ended September 30, 2021 was $1.3 million.

The fair value of the Company’s employee stock options granted is estimated on the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. There were no stock options granted during the nine months ended September 30, 2022 and 2021.