Stock-Based Compensation

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

Stock-based compensation recognized for all of our plans for the three months ended June 30, 2020 and 2019 totaled $4.7 million and $4.2 million, respectively, with associated tax benefit totaling $0.8 million and $0.8 million, respectively. Stock-based compensation recognized for all of our plans for the six months ended June 30, 2020 and 2019 totaled $7.3 million and $7.8 million, respectively, with associated tax benefit totaling $1.2 million and $1.4 million, respectively.

BWX Technologies, Inc. 2020 Omnibus Incentive Plan

In May 2020, our stockholders approved the 2020 Omnibus Incentive Plan (the "2020 Plan") which succeeds the 2010 Long-Term Incentive Plan (the "Prior Plan"). Members of the Board of Directors, executive officers, key employees and consultants are eligible to participate in the 2020 Plan. The Compensation Committee of the Board of Directors selects the participants for the 2020 Plan. The 2020 Plan provides for cash awards and equity-based compensation in the form of stock options, restricted stock, restricted stock units, performance shares and performance units, subject to satisfaction of specific performance goals. Shares subject to awards under either the 2020 Plan or the Prior Plan that are cancelled, forfeited, terminated or expire unexercised, shall immediately become available for the granting of awards under the 2020 Plan. As of the effective date of the 2020 Plan, shares available for grant under the Prior Plan are available for grant under the 2020 Plan. In addition, our stockholders approved an additional 1,450,000 shares of common stock for issuance through the 2020 Plan. Options to purchase shares are granted at not less than 100% of the fair market value closing price on the date of grant, become exercisable at such time or times as determined when granted and expire not more than ten years after the date of grant.