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Equity Compensation
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Equity Compensation EQUITY COMPENSATION
The Company compensates certain of its employees with grants of restricted stock units ("RSUs") under the Graphic Packaging Holding Company 2014 Omnibus Stock and Incentive Compensation Plan (the "2014 Plan"). Compensation costs related to the grants are recognized in the Consolidated Statements of Operations with a corresponding adjustment to Member's Interest. Under the 2014 Plan, GPHC may also grant to the Company's employees stock options, stock appreciation rights, restricted stock, and other types of stock-based and cash awards. Awards under the 2014 Plan generally vest and expire in accordance with terms established at the time of grant. Shares issued pursuant to awards under the 2014 Plan are from GPHC's authorized but unissued shares. Compensation costs are recognized on a straight-line basis over the requisite service period of the award and are adjusted for actual performance for performance-based awards.

Stock Awards, Restricted Stock and Restricted Stock Units

Under the 2014 Plan, all RSUs generally vest and become payable in three years from date of grant. RSUs granted to employees generally contain some combination of service and performance objectives based on various financial targets and relative total shareholder return that must be met for the shares to vest. Stock awards granted to non-employee directors as part of their compensation for service on the Board are unrestricted on the grant date.

Data concerning RSUs and stock awards granted in the years ended December 31:

201920182017
RSUs — Employees
2,187,603  1,951,738  1,472,995  
Weighted-average grant date fair value
$12.37  $14.86  $13.52  
Stock Awards — Board of Directors
74,760  51,226  65,520  
Weighted-average grant date fair value
$12.84  $15.03  $13.43  

A summary of the changes in the number of unvested RSUs from December 31, 2016 to December 31, 2019 is presented below:

SharesWeighted Average Grant Date Fair Value
Outstanding — December 31, 20164,667,675  $12.21  
Granted(a)
1,472,995  13.52  
Released(1,720,327) 10.05  
Forfeited(622,463) 13.13  
Performance adjustment(b)
74,054  9.93  
Outstanding — December 31, 20173,871,934  $13.10  
Granted(a)
1,951,738  14.86  
Released(744,757) 14.90  
Forfeited(210,553) 13.49  
Performance adjustment(b)
(408,328) 15.10  
Outstanding — December 31, 20184,460,034  $13.27  
Granted(a)
2,187,603  12.37  
Released(900,516) 12.00  
Forfeited(187,729) 13.66  
Performance adjustment(b)
(499,702) 11.57  
Outstanding — December 31, 20195,059,690  $13.27  
(a) Grant activity for all performance-based RSUs is disclosed at target.
(b) Reflects the number of RSUs above and below target levels based on actual performance measured at the end of the performance period.
The initial value of the service-based RSUs is based on the market value of GPHC's common stock on the date of grant. The 2019 performance-based RSU grants were valued using a Monte Carlo simulation as the total shareholder return contains a market condition. GPHC's contribution of RSUs are recorded in Member's Interest. The unrecognized expense at December 31, 2019 is approximately $31 million and is expected to be recognized over a weighted average period of 2 years.

The value of stock awards granted to the Company's directors are based on the market value of GPHC's common stock on the date of grant. These awards are unrestricted on the date of grant.

During 2019, 2018, and 2017, $21.7 million, $13.8 million and $8.9 million, respectively, were charged to compensation expense for stock incentive plans.

During 2019, 2018, and 2017, RSUs with an aggregate fair value of $11.1 million, $13.7 million and $23.2 million, respectively, vested and were paid out. The RSUs vested and paid out in 2019 were granted primarily during 2016.