Stock Compensation Plan

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock Options and Stock Appreciation Rights ("Options")

There were no Options awarded during the six months ended June 30, 2020.

The following table presents information regarding Options that vested during the six months ended June 30, 2020:



Options vested	67,054
Aggregate grant date fair value of Options vested (in millions)	$	1.0

The following table presents information regarding outstanding Options:



	June 30, 2020		December 31, 2019
Options outstanding	387,530		416,548
Aggregate intrinsic value (in millions)	$	0.9	$	3.9
Per share weighted average exercise price	$	70.71	$	70.08
Exercisable Options	358,617		318,029
Aggregate intrinsic value (in millions)	$	0.9	$	3.9
Unvested Options	28,913		98,519
Per share weighted average grant date fair value	$	14.73	$	14.41

Performance Share Units ("PSUs") and Restricted Share Units ("RSUs")

For the six months ended June 30, 2020, the Company granted target awards of 43,935 PSUs. The measurement period for the PSUs is January 1, 2020 through December 31, 2022. The PSUs vest on December 31, 2022. Common Stock of an amount between zero and 200 percent of the PSUs target will be awarded based on the Company’s return on invested capital, consolidated revenue growth, free cash flow as a percentage of net sales, and total return to shareholders relative to the companies in the Russell 2000® Value small cap index. The Company’s return on invested capital, consolidated revenue growth, and free cash flow as a percentage of net sales are adjusted for certain items as further described in the Performance Share Award Agreement. The market price on the date of grant for the PSUs was $63.16 per share.

For the six months ended June 30, 2020, the Company awarded 78,957 RSUs to certain employees. The weighted average grant date fair value of such awards was $62.22 per share and the one third of the shares will vest on each of the first three anniversaries of the grant date, with certain exceptions for retiring employees. For the six months ended June 30, 2020, the Company also awarded 14,112 RSUs to non-employee members of the Board of Directors. The weighted average grant date fair value of such awards was $49.60 per share and the awards vest one year from the date of grant. During the vesting period, the holders of the RSUs are entitled to dividends, but the RSUs do not have voting rights. Generally, the RSUs and PSUs are forfeited in the event the holder is no longer working for the Company on the vesting date. However, under specific circumstances, vesting may be accelerated or reflect pro-rata vesting.