Stock Compensation Plan

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock Options and Stock Appreciation Rights ("Options")

There were no Options awarded or vested during the three months ended March 31, 2022.

The following table presents information regarding outstanding Options:


	March 31, 2022		December 31, 2021
Options outstanding	357,963		361,431
Aggregate intrinsic value (in millions)	$	0.1	$	0.4
Per share weighted average exercise price	$	73.23	$	72.76
Exercisable Options	357,205		359,543
Aggregate intrinsic value (in millions)	$	0.1	$	0.4
Unvested Options	758		1,888
Per share weighted average grant date fair value	$	10.32	$	10.32

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

For the three months ended March 31, 2022, the Company granted target awards of 105,126 PSUs. The measurement period for the PSUs is January 1, 2022 through December 31, 2024. Common Stock equal to not more than 200 percent of the PSUs target will be awarded based on the Company’s return on invested capital, consolidated revenue growth and free cash flow as a percentage of net sales. The Company's total return to shareholders relative to the companies in the Russell 2000® Value small cap index is a modifier in the calculation. The Company’s return on invested capital, consolidated revenue growth and free cash flow are adjusted for certain items as further described in the Performance Share Unit Award Agreement. The average price on the dates of grant for the PSUs was $45.96 per share.

For the three months ended March 31, 2022, the Company awarded 50,316 RSUs to employees. The weighted-average grant date fair value of such awards was $45.95 per share and vest in equal amounts per year for three years on the grant date anniversary, with certain exceptions for retiring employees. During the vesting period, the holders of the RSUs are entitled to dividends, but the RSUs do not have voting rights and are forfeited in the event the holder is no longer an employee on the vesting date, as further described in the Restricted Stock Unit Award Agreement.

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.