Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

(16) Stock-Based Compensation

Presented below is a summary of the stock-based compensation cost and associated tax benefit included in the accompanying consolidated statements of operations:


	Three Months Ended March 31,
	2022		2021
Stock-based compensation expense	$	12,658	$	11,050
Tax benefit	$	—	$	—

Included in the above expense for the first three months of 2022 and 2021 is $4,271 and $3,893, respectively, pertaining to annual incentive compensation which is paid in company shares. Additionally, the above expense for the first three months of 2022 includes $1,990 related to the Volumetric contingent consideration milestones as discussed in Note 2.

During the first three months of 2022 the Company granted 2.8 million shares of restricted stock which had a weighted average grant date fair value of $14.87 per share. The restricted stock awards generally vest ratably over three years, except for those awards granted to settle the accrued incentive compensation liability at December 31, 2021 for which the awards vested immediately. Additionally, the Company granted 0.3 million shares of performance-based awards whereby the number of shares that ultimately vest are based on the achievement of certain non-market-based 2022 performance metrics which, if achieved, the awards will vest over three years from the grant date. The weighted average grant date fair value of these performance-based awards was $19.38 per share.

Unrecognized stock-based compensation expense at March 31, 2022 was $77,500 which is expected to be recognized over a weighted average period of 2.9 years.

The following tables summarize information relating to restricted stock vesting:


	Three Months Ended March 31,
(in thousands)	2022		2021
Vesting of restricted stock:
Fair value of shares vested	$	37,194	$	9,209
Tax benefit realized upon vesting	$	—	$	—
Number of shares vested	2,212		211