Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Our executive and director stock-based compensation plans are described more fully in the 2021 10-K. In the 2022 and 2021 Quarters, RSUs totaling 367,380 and 545,527, respectively, were granted to executives at a weighted-average grant date fair value of $21.90 and $18.13 per share, respectively, and generally vest over three years.

Stock options for the purchase of 250,656 and 481,626 shares at a weighted-average exercise price of $21.90 and $17.96 per share were awarded to executives during the 2022 and 2021 Quarters, respectively. The options granted in 2022 and 2021 generally vest over three years and expire ten years after the grant date.

Performance-based award units totaling 426,957 and 613,868 were awarded to Section 16 officers during the 2022 and 2021 Quarters, respectively. These awards generally cliff vest after 3 years and contain annual performance conditions for each of the 3 years of the vesting period. Under GAAP, performance-based awards are not deemed granted until the performance targets have been established. The performance targets for each year are generally established in the first quarter. Accordingly, only one-third of the units awarded in any given year are deemed to be granted each year of the 3-year vesting periods. During 2022, the following units were granted based upon the establishment of performance targets:


	Performance-based Award Units Granted in 2022	Weighted Average Grant Date Fair Value Per Share
2022 Performance Award Plan	142,319	$24.07
2021 Performance Award Plan	204,623	$24.48
2020 Performance Award Plan	385,455	$22.04

For awards granted under the 2022, 2021 and 2020 performance award 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 award agreements.

SGI awards granted to executives vest and become payable at a rate of one-third of the total award each year. Compensation expense of $10 million and $32 million related to SGI awards was included in G&A in the 2022 and 2021 quarters, respectively. Liabilities associated with SGI awards were $57 million and $73 million as of March 31, 2022 and December 31, 2021, respectively.