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Stock Incentive Plans
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock Incentive Plans Stock Incentive Plans
2019 Long-Term Incentive Plan
On May 21, 2019, the Company’s stockholders approved the 2019 Long-Term Incentive Plan (the “2019 LTIP”) which, among other things, replaces the Company’s 2010 Long-Term Incentive Plan (as amended, the “2010 LTIP”) and reserves for awards an aggregate of up to 4,236,959 shares. As of December 31, 2020, the total number of shares available for issuance under the 2019 LTIP was 3,156,745. The 2019 LTIP allows the Company to grant, among other things, time-vesting and performance-vesting restricted stock unit awards. Awards may be made under the 2019 LTIP through May 21, 2029. The Company issues new shares upon vesting of RSUs and performance share awards and they do not have an expiration date.
Prior Long-Term Incentive Plans
The 2007 Long-Term Incentive Plan (“2007 LTIP”) and 2010 LTIP provided for the granting of, among other things, stock appreciation rights, RSUs, other stock-based awards and performance share awards of the Company’s common stock to officers, employees and non-employee directors.
The majority of awards granted by the Company vested over a three-year period: one-third of the awards vested on the first anniversary of the vesting commencement date and the remaining awards vested in either equal quarterly or annual installments for the 2007 LTIP and 2010 LTIP, over the two-year period following the first anniversary of the vesting commencement date.
No further grants will be made under the 2007 LTIP or 2010 LTIP.
The following table summarizes the number of securities to be issued and remaining available for future issuance under all of the Company’s stock incentive plans as of December 31, 2020:
Number of securities to be issued upon vesting of RSUs and performance share awardsWeighted-average exercise price of vesting of RSUs and performance share awardsNumber of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column 1)
2007 Long-Term Incentive Plan(1)
1,624 $0.01 — 
2010 Long-Term Incentive Plan(2)
330,750 0.01 — 
2019 Long-Term Incentive Plan(2)
430,643 0.01 3,156,745 
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(1)    Includes RSUs.
(2)    Includes RSUs and performance shares.
The following table summarizes the activity for all RSUs and performance shares under all of the Long-Term Incentive Plans (“LTIPs”) for the year ended December 31, 2020:
  December 31, 2019Activity during 2020December 31, 2020
  OutstandingGrantedVested / ExercisedCanceled/ForfeitedOutstandingExercisable
PlansSecuritiesNumberPriceNumberPriceNumberPriceNumberPriceNumberPriceNumberPrice
2007 LTIPRSUs1,624 $0.01 — $— — $— — $— 1,624 $0.01 1,624 $0.01 
2010 LTIPRSUs442,116 0.01 — 
(1)
— (221,955)0.01 (17,275)0.01 202,886 0.01 — — 
Performance shares225,252 0.01 — 

— (89,547)0.01 (7,841)0.01 127,864 0.01 — — 
2019 LTIPRSUs6,927 0.01 280,325 
(1)
0.01 (2,309)0.01 — — 284,943 0.01 — — 
Performance shares10,159 0.01 154,363 
(2)
0.01 (3,386)0.01 (15,436)0.01 145,700 0.01 — — 
Total 686,078 434,688 (317,197)(40,552)763,017 1,624 
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 Note: Price is weighted-average price per share.
(1)Consists of non-performance RSUs.
(2)In 2020, the Company awarded a maximum of 154,363 performance shares that would be received if the highest level of performance was achieved. Subsequent to December 31, 2020, 138,927 performance shares were earned based upon 2020 performance criteria.
The following table summarizes RSUs and performance shares that have vested and are expected to vest as of December 31, 2020:
December 31, 2020
OutstandingWeighted-Average Remaining Contractual Term (years)
Aggregate Intrinsic Value(1)
(dollars in thousands)
PlansSecuritiesVested
Expected to vest(2)
Vested
Expected to vest(2)
Vested
Expected to vest(2)
2007 LTIPRSUs1,624 — — — $48 $— 
2010 LTIPRSUs— 195,462 — — — 5,739 
Performance shares— 127,261 — — — 3,736 
2019 LTIPRSUs— 275,198 — — — 8,080 
Performance shares— 144,243 — — — 4,235 
Total1,624 742,164 $48 $21,790 

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(1)    Aggregate intrinsic value is calculated based upon the difference between the exercise price of RSUs and the Company’s closing common stock price on December 31, 2020 of $29.37, multiplied by the number of instruments that are vested or expected to vest. RSUs having grant prices greater than the closing stock price noted above are excluded from this calculation.
(2)    RSUs and performance shares that are expected to vest are net of estimated future forfeitures.
The following table summarizes the aggregate intrinsic value of awards vested and exercised (in millions):
Year Ended December 31,
202020192018
Aggregate intrinsic value of awards vested and exercised:
RSUs$5.8 $5.5 $3.8 
Performance shares2.4 1.6 1.2 
Assumptions Used for Fair Value
The fair values for RSUs and performance shares, which are based on the fair market value of the Company’s stock at date of grant, are included below:
Year Ended December 31,
202020192018
Weighted-average fair value per share of grants:
RSUs$25.38 $29.67 $23.66 
Performance shares(1)
$25.48 $29.90 $23.78 
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(1)    Of the 154,363 performance shares awarded in 2020, 138,927 were earned based upon 2020 performance criteria. Of the 154,511 performance shares awarded in 2019, all were earned based upon 2019 performance criteria.
Stock-based Compensation Expense
The Company recognized stock-based compensation expense of $10.2 million, $9.6 million and $8.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, total unrecognized compensation cost related to non-vested share-based compensation arrangements was $8.8 million, which is expected to be recognized over a weighted-average period of 1.3 years.