Stock-Based Compensation Plans

6 Months Ended

Jun. 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
	(In thousands)
Employees	$	5,920	$	5,512	$	13,023	$	11,911
Non-employee directors		214		279		535		557
Total stock-based compensation	$	6,134	$	5,791	$	13,558	$	12,468

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 six months ended June 30, 2021, the Company granted to employees a total of 37,703 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 $527.74 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 June 30, 2021, the total unrecognized compensation cost related to all non-vested awards was $46.7 million. That cost is expected to be recognized over a weighted-average period of 2.0 years.