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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Summary of Nonvested Restricted Stock Awards Activity

The following table summarizes restricted stock awards activity for the year ended December 31, 2021:

 

 

 

Time-Based

 

 

Market-Based

 

 

 

Restricted Stock Awards

 

 

Restricted Stock Awards

 

 

 

Shares

 

 

Weighted Average

Grant Date Fair

Value

 

 

Shares

 

 

Weighted Average

Grant Date Fair

Value

 

Unvested shares of restricted stock outstanding at December 31, 2020

 

 

559.8

 

 

$

156.48

 

 

 

1,748.5

 

 

$

115.91

 

Granted

 

 

138.1

 

 

$

426.76

 

 

 

42.9

 

 

$

331.35

 

Vested

 

 

(280.4

)

 

$

132.24

 

 

 

(157.2

)

 

$

208.55

 

Forfeited

 

 

(47.9

)

 

$

279.12

 

 

 

(5.9

)

 

$

330.35

 

Unvested shares of restricted stock outstanding at December 31, 2021

 

 

369.6

 

 

$

259.94

 

 

 

1,628.3

 

 

$

111.87

 

 
Summary of Aggregate Fair Value of Awards

The following table presents the aggregate fair value of awards that vested during the indicated period.

 

 

2021

 

 

2020

 

 

2019

 

Time-Based Restricted Stock Awards

 

$

97,242

 

 

$

76,653

 

 

$

66,769

 

Market-Based Restricted Stock Awards

 

$

76,153

 

 

$

90,122

 

 

$

50,262

 

 
Summary of Unrecognized Compensation Cost and Related Weighted Average Recognition Period Associated with Unvested restricted Stock Awards and Unvested PSU Awards

 

 

 

The following table presents the unrecognized compensation cost and the related weighted average recognition period associated with unvested restricted stock awards and unvested PSU awards as of December 31, 2021:

 

 

Restricted Stock

 

 

 

 

 

 

 

Awards

 

 

PSUs

 

Unrecognized compensation cost

 

$

204,364

 

 

$

13,596

 

Weighted average period for recognition (years)

 

 

3.7

 

 

 

1.8

 
Non-cash Stock-based Compensation Resulting From Restricted Stock Awards and PSU Awards

The following table presents our total non-cash stock-based compensation expense resulting from restricted stock awards and PSU awards, in the aggregate, which is included in the following line items in the accompanying consolidated statements of income: 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Operating expenses

 

$

4,570

 

 

$

5,185

 

 

$

4,376

 

Sales and marketing

 

 

13,801

 

 

 

14,376

 

 

 

7,955

 

Research and development

 

 

7,527

 

 

 

9,107

 

 

 

5,428

 

General and administrative

 

 

71,608

 

 

 

61,440

 

 

 

29,509

 

Total non-cash stock-based compensation expense

 

$

97,506

 

 

$

90,108

 

 

$

47,268

 

 
Restricted Stock [Member]  
Summary of Grant-Date Fair Values of Restricted Stock / PSUs Granted and Related Assumptions

The following table presents a summary of the grant-date fair values of restricted stock granted during the years ended December 31, 2021, 2020 and 2019 and the related assumptions:

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

2019

 

Grant-date fair value of restricted stock

 

$315.95 - $521.17

 

 

$99.56 - $377.68

 

$99.07 - $269.04

 

Risk-free interest rate

 

0.95%

 

 

0.52% - 1.44%

 

2.62%

 

Estimated volatility

 

33.0%

 

 

30.0% - 32.0%

 

30.0%

 

Expected life (in years)

 

2.3

 

 

4.4

 

1.7

 

 
Market-Based Shares [Member]  
Summary of Market-Based Shares Vesting Activity

The following table summarizes vesting activity for Market-Based Shares during the year ended December 31, 2021, the associated compensation cost recognized in connection with each vesting event and the number of shares withheld to satisfy tax withholding obligations:

Vesting Condition

 

Date Vested

 

Number of Shares

Vested

 

 

Compensation

Cost Recognized

Upon Vesting

 

 

Shares Withheld

for Taxes1

 

Market-based (TEV = $27.7 billion)

 

September 11, 2021

 

 

138.5

 

 

$

5,973

 

 

 

60.3

 

VWAP Value exceeded $520 per share

 

October 30, 2021

 

 

18.7

 

 

$

2,197

 

 

 

6.6

 

(1) All shares withheld to satisfy tax withholding obligations are held as treasury stock.
Performance-Based Restricted Stock Units [Member]  
Summary of Grant-Date Fair Values of Restricted Stock / PSUs Granted and Related Assumptions

The following table presents a summary of the grant-date fair values of PSUs granted during the year ended December 31, 2021 and the related assumptions:

 

 

 

Year Ended December 31,

 

 

2021

Grant-date fair value of PSUs

 

$382.78 - $587.97

Risk-free interest rate

 

0.11% - 0.34%

Estimated volatility

 

50.3% - 51.2%

Expected life (in years)

 

2.6
Summary of Nonvested Restricted Stock Awards Activity

The following table summarizes the PSU activity for the year ended December 31, 2021:

 

 

PSUs

 

 

 

Units

 

 

Weighted Average

Grant Date Fair

Value

 

Unvested PSUs outstanding at December 31, 2020

 

 

—

 

 

$

—

 

Granted

 

 

57.9

 

 

$

564.68

 

Forfeited

 

 

(20.8

)

 

$

579.30

 

Unvested PSUs outstanding at December 31, 2021 (1)

 

 

37.1

 

 

$

556.50

 

 

(1)

A maximum of 92,814 units could be awarded based upon Paycom’s Relative TSR over the applicable performance periods.