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CAPITAL STOCK (Tables)
 12 Months Ended
Dec. 31, 2021
Summary of Treasury Stock Activity

Below is a summary of the Company’s treasury stock activity for the years ended December 31, 2019, 2020 and 2021.

 

Number of
Treasury Shares

 

 

Cost

 

Balance at January 1, 2019

 

4,626,191

 

 

$

79,259

 

Restricted stock withholdings (1)

 

59,060

 

 

 

2,308

 

Restricted stock forfeitures (2)

 

26,608

 

 

 

—

 

Balance at December 31, 2019

 

4,711,859

 

 

$

81,567

 

Restricted stock withholdings (1)

 

264,522

 

 

 

5,437

 

Restricted stock forfeitures (2)

 

74,600

 

 

 

—

 

Balance at December 31, 2020

 

5,050,981

 

 

$

87,004

 

Restricted stock withholdings (1)

 

237,416

 

 

 

4,102

 

Restricted stock forfeitures (2)

 

61,714

 

 

 

—

 

Balance at December 31, 2021

 

5,350,111

 

 

$

91,106

 
(1)
The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values that ranged from $36.81 to $40.32 during the year ended December 31, 2019, $8.03 to $32.12 during the year ended December 31, 2020 and $15.21 to $24.14 during the year ended December 31, 2021.
The Company repurchased forfeited restricted shares at a cost of $0.001 per share in accordance with the 2017 Omnibus Plan.
Summary of Restricted Stock Activity

Restricted Stock — Below is a summary of restricted stock activity for the years ended December 31, 2019, 2020 and 2021:

 

 

Year Ended

 

 

Year Ended

 

 

Year Ended

 

 

 

 December 31, 2019

 

 

 December 31, 2020

 

 

 December 31, 2021

 

 

 

Shares of
Restricted
Stock

 

 

Weighted
Average
Grant Date
Fair Value

 

 

Shares of
Restricted
Stock

 

 

Weighted
Average
Grant Date
Fair Value

 

 

Shares of
Restricted
Stock

 

 

Weighted
Average
Grant Date
Fair Value

 

Outstanding at January 1

 

 

704,353

 

 

$

38.68

 

 

 

783,823

 

 

$

37.53

 

 

 

1,431,975

 

 

$

21.11

 

Granted

 

 

315,899

 

 

$

37.34

 

 

 

1,555,361

 

 

$

17.68

 

 

 

1,241,742

 

 

$

21.91

 

Vested

 

 

(209,821

)

 

$

41.10

 

 

 

(832,609

)

 

$

29.30

 

 

 

(617,607

)

 

$

20.92

 

Forfeited

 

 

(26,608

)

 

$

37.69

 

 

 

(74,600

)

 

$

30.72

 

 

 

(61,714

)

 

$

18.96

 

Outstanding at December 31

 

 

783,823

 

 

$

37.53

 

 

 

1,431,975

 

 

$

21.11

 

 

 

1,994,396

 

 

$

21.73

 
Summary of Restricted Stock and Restricted Stock Unit Award Activity

Below is a summary of restricted stock award activity recorded for the periods indicated.

 

 

Year Ended December 31,

 

 

 

2019

 

 

2020

 

 

2021

 

Compensation expense recognized during the period (1)

 

$

10,185

 

 

$

15,473

 

 

$

22,846

 

Fair value of restricted shares that vested during the period

 

$

8,024

 

 

$

16,870

 

 

$

10,998

 

Income tax benefit related to restricted stock awards

 

$

1,516

 

 

$

5,620

 

 

$

1,048

 
(1)
The former CEO of the Company retired on December 31, 2021, and all of his outstanding unvested shares vested upon his retirement in accordance with his employment agreement. The Company recorded incremental compensation expense of $4,277 related to the accelerated vesting of these awards during the year ended December 31, 2021.
Restricted Stock Units (RSUs)  
Summary of Restricted Stock and Restricted Stock Unit Award Activity

Below is a summary of activity for restricted stock unit awards for the periods indicated:

 

 

Year Ended December 31,

 

 

 

2019

 

 

2020

 

 

2021

 

Number of restricted stock unit awards that vested during the period

 

 

90,895

 

 

 

208,204

 

 

 

232,200

 

Fair value of restricted stock unit awards that vested during the period

 

$

3,658

 

 

$

5,050

 

 

$

4,095

 

Accumulated dividends paid upon vesting of restricted stock unit awards (1)

 

$

386

 

 

$

942

 

 

$

62

 

Compensation expense recognized during the period (2)

 

$

4,430

 

 

$

3,931

 

 

$

6,425

 

Income tax benefit related to stock unit awards

 

$

397

 

 

$

788

 

 

$

691

 
(1)
Approximately $296 of dividends were payable to the former CEO on December 31, 2021 and were paid in January 2022. These dividends were included in other current liabilities on the consolidated balance sheet as of December 31, 2021.
(2)
The former CEO of the Company retired on December 31, 2021, and all of his outstanding unvested restricted stock units vested upon his retirement in accordance with his employment agreement. The Company recorded incremental compensation expense of $2,374 related to the accelerated vesting of these awards during the year ended December 31, 2021.