Stock-Based Plans

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Plans

Stock-Based Plans

Our executive and director stock-based compensation plans are described, and informational disclosures are provided, in the 2019 10-K. In the first quarter of 2019, RSUs totaling 874,629 were granted to executives at a weighted-average grant date fair value of $38.30 per share. RSUs granted to executives in 2019 generally vest ratably over three years. The fair value of RSUs represents the closing price of our common stock on the date of grant discounted for the post-vest holding period, when applicable. There were no RSUs awarded to executives during the first quarter of 2020. RSUs awarded to executives during 2020 occurred in September following the filing of our 2019 10-K.

In the first quarter of 2019, performance-based VDI units totaling 350,532 were awarded to executives. These awards vest after a period of approximately three years and contain annual performance conditions for each of the three years of the vesting period. The performance targets for each year are generally established in the first quarter. Under GAAP, performance-based awards are not deemed granted for accounting purposes until the performance targets have been established. During the first quarter of 2019, units totaling 116,844, 68,866 and 72,601 under the 2019, 2018 and 2017 VDI plans, respectively, were granted at weighted-average grant date fair values of $39.72 per share, $42.24 per share and $35.18 per share, respectively. For awards granted under the 2019, 2018 and 2017 VDI plans, the number of units are adjusted at the end of each performance period based on achievement of certain performance targets and market conditions, as defined in the VDI award agreements. The grant date fair value is determined by adjusting the closing price of our common stock on the date of grant for the effect of the market condition and for the post-vest holding period discount, when applicable. Units granted under the 2019, 2018 and 2017 VDI plans can only be settled in company stock and are accounted for as equity awards in accordance with GAAP. There were no VDI units awarded to executives during the first quarter of 2020. VDI units awarded to executives during 2020 occurred in September following the filing of our 2019 10-K.