Performance Awards

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Awards, defined as cash, shares or other awards, may be granted to employees under the Amended and Restated Commercial Vehicle Group, Inc. 2014 Equity Incentive Plan (the “2014 EIP”) and the Commercial Vehicle Group 2020 Equity Incentive Plan (the “2020 Plan”). The cash awards that have been granted will be earned and payable based upon the Company’s relative Total Shareholder Return in terms of ranking as compared to the Peer Group over a three-year period (the “Performance Period”). Total Shareholder Return is determined by the percentage change in value (positive or negative) over the applicable measurement period as measured by dividing (A) the sum of (i) the cumulative value of dividends and other distributions paid on the Common Stock for the applicable measurement period, and (ii) the difference (positive or negative) between each such company’s starting stock price and ending stock price, by (B) the starting stock price. The award is to be paid out at the end of the Performance Period in cash only if the employee is employed through the end of the Performance Period. If the employee is not employed during the entire Performance Period, the award will be forfeited. These grants are accounted for as cash settlement awards for which the fair value of the award fluctuates based on the change in Total Shareholder Return in relation to the Peer Group.

The following table summarizes performance awards granted in the form of cash awards under the 2014 EIP in January 2020, November 2018 and 2017:


Grant Date	Grant Amount		Adjustments		Forfeitures		Adjusted Award Value at September 30, 2020		Vesting Schedule	Remaining Periods (in Months) to Vesting
November 2017	$	1,584	$	(262)	$	(1,022)	$	300	November 2020	1
November 2018	1,590		(497)		(1,093)		—		November 2021	13
January 2020	2,108		626		(844)		1,890		December 2022	26
	$	5,282	$	(133)	$	(2,959)	$	2,190

Compensation expense of $0.3 million and $0.4 million was recognized for the three months ended September 30, 2020 and 2019, respectively. Compensation benefit of $0.8 million and compensation expense of $1.1 million was recognized for the nine months ended September 30, 2020 and 2019, respectively. Unrecognized compensation expense was $1.4 million and $1.6 million as of September 30, 2020 and 2019, respectively.