Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

Stock-Based Compensation Plans

2019 Long-Term Incentive Plan

On May 21, 2019, the Company’s stockholders approved the 2019 Long-Term Incentive Plan (“2019 LTIP”) which, among other things, replaced the Company’s 2010 Long-Term Incentive Plan (as amended, the “2010 LTIP”) and reserved for awards an aggregate of up to 4,236,959 shares. As of June 30, 2021, the total number of shares available for issuance under the 2019 LTIP was 2,842,680. The 2019 LTIP allows the Company to grant, among other things, time-vesting and performance-based restricted stock unit awards. Awards may be made under the 2019 LTIP through May 21, 2029.

Grant Activities

During the six months ended June 30, 2021 and 2020, the Company granted 232,090 and 280,325, respectively, of time-vesting restricted stock units to certain of its employees and non-employee directors at a weighted-average grant date fair value of $31.03 and $25.38, respectively.

During the six months ended June 30, 2021, the Company granted 155,746 performance-based restricted stock units to certain of its employees at a weighted-average grant date fair value of $31.13. The 155,746 performance-based restricted stock units represent the maximum number that can be earned. The number of performance-based restricted stock units that employees ultimately earn will be based on the Company’s achievement of certain specified performance targets for the full year of 2021. During the six months ended June 30, 2020, the Company granted 154,363 performance-based restricted stock units to certain of its employees at a weighted-average grant date fair value of $25.48, of which 138,927 were ultimately earned, based upon 2020 performance criteria achieved.

Stock-Based Compensation Cost

Total stock-based compensation cost included in selling, general and administrative expenses was $2.5 million for each of the three months ended June 30, 2021 and 2020. During the six months ended June 30, 2021 and 2020, the Company recognized stock-based compensation cost of $4.9 million and $4.1 million, respectively. Total unrecognized stock-based compensation cost related to unvested share-based compensation arrangements was $13.8 million at June 30, 2021, which is expected to be recognized over a weighted-average period of 1.8 years. Total unrecognized stock-based compensation cost is adjusted for any unearned or estimated not to be earned performance-based restricted stock units or forfeited shares.