Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 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 March 31,
	2021		2020
	(In thousands)
Employees	$	7,103	$	6,399
Non-employee directors		321		278
Total stock-based compensation	$	7,424	$	6,677

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, 2021, the Company granted to employees a total of 32,251 shares of restricted stock or restricted stock units, 15,982 options to purchase shares of common stock and performance-based shares with an expected pay-out at target of 12,185 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 $526.50 and $523.00, respectively. Based on the Black-Scholes option pricing model, the weighted-average fair value for each option granted was $138.51 per share.

As of March 31, 2021, the total unrecognized compensation cost related to all non-vested awards was $50.9 million. That cost is expected to be recognized over a weighted-average period of 2.2 years.