The Company maintains a stock incentive plan which provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, or other stock-based awards as incentives to encourage employees, consultants and non-employee directors to participate in the long-term success of the Company. As of March 31, 2022, there were 2,476,921 shares available for grant under the stock incentive plan.

Total stock-based compensation expense was as follows:


	Three Months Ended March 31,
	2022		2021
	(In thousands)
Employees	$	7,642	$	7,103
Non-employee directors		457		321
Total stock-based compensation	$	8,099	$	7,424

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 three months ended March 31, 2022, the Company granted to employees a total of 56,548 shares of restricted stock units, 23,904 options to purchase shares of common stock and performance stock units with an expected pay-out at target of 22,141 shares of common stock. The fair values of the restricted stock units and performance stock units were based on a weighted-average fair value per unit at the grant date of $361.41 and $350.85, respectively. Based on the Black-Scholes option pricing model, the weighted-average fair value for each option granted was $101.38 per share.

As of March 31, 2022, the total unrecognized compensation cost related to all non-vested awards was $58.8 million. That cost is expected to be recognized over a weighted-average period of 2.0 years.