Stock-Based Plans

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Plans

Stock-Based Plans

Our executive and director stock-based compensation plans are described more fully in the 2019 10-K. In the 2019 Period, RSUs totaling 1,065,139 were granted to executives and directors at a weighted-average grant date fair value of $36.45 per share. RSUs granted to executives in 2019 generally vest over three years. RSUs granted to directors in 2019 vested immediately and are subject to a post-vest holding period of 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 or directors during the 2020 Period. Instead, RSUs were awarded to executives and directors in September 2020 following the filing of our 2019 10-K.

During the 2019 Period, stock options for the purchase of 392,841 shares at a weighted-average exercise price of $29.03 per share were awarded to executives. The exercise price of options represents the closing price of our common stock on the date of grant. The options granted in 2019 generally vest over three years and expire ten years after the grant date. There were no options awarded to executives during the 2020 Period. Instead, options were awarded to executives in September 2020 following the filing of our 2019 10-K.

In the 2019 Period, 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 until the performance targets have been established. During the 2019 Period, 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 stock and are accounted for as equity awards under GAAP. There were no VDI units awarded to executives during the 2020 Period. VDI units were awarded to executives in September 2020 following the filing of our 2019 10-K.