Stock-Based Compensation Plans

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation Plans

9. Stock-Based Compensation Plans

Total stock-based compensation expense was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(In thousands)
Employees	$	6,444	$	6,133	$	19,467	$	18,044
Non-employee directors		310		318		845		875
Total stock-based compensation	$	6,754	$	6,451	$	20,312	$	18,919

The Company records stock-based compensation expense for employees in employee compensation and benefits and for non-employee directors in general and administrative expenses in the Consolidated Statements of Operations.

During the nine months ended September 30, 2021, the Company granted to employees a total of 42,623 shares of restricted stock or restricted stock units, 17,897 options to purchase shares of common stock and performance-based shares with an expected pay-out at target of 13,255 shares of common stock. The fair value of the restricted stock and performance-based share awards was based on a weighted-average fair value per share at the grant date of $521.52 and $518.74, respectively. Based on the Black-Scholes option pricing model, the weighted-average fair value for each option granted was $137.66 per share.

As of September 30, 2021, the total unrecognized compensation cost related to all non-vested awards was $42.6 million. That cost is expected to be recognized over a weighted-average period of 1.8 years.