Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-based Compensation Expense

The following table provides detail as to expenses recorded within operating income with respect to stock-based compensation:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands)
2016 Plan	$	—	$	—	$	—	$	1,083
2017 Plan	—		(94)		—		1,101
Stock compensation plan for Board of Directors	—		488		—		488
2018 Plan	763		901		(479)		2,176
Sign on RSU incentive	134		264		268		264
2019 Plan	302		—		272		—
Total expenses	$	1,199	$	1,559	$	60	$	5,112

Summary of Activity of PSUs

The following table summarizes the activity of our PSUs for the six months ended June 30, 2020:

Period granted	Performance period	PSUs outstanding at January 1,	PSUs granted	Performance based adjustment	PSUs settled	PSUs forfeited	PSUs outstanding at June 30,	PSUs expected to vest	Weighted average grant date fair value
2017	2017 - 2019	418,252	—	(40,087)	(378,165)	—	—	—	$	24.89
2018	2018 - 2020	355,766	—	—	—	(4,044)	351,722	171,903	$	39.24
2019	2019 - 2021	229,727	—	—	—	(3,403)	226,324	108,059	$	11.48
	Total 2020	1,003,745	—	(40,087)	(378,165)	(7,447)	578,046	279,962

Summary of Activity of RSUs

The following table summarizes the activity of our RSUs for the six months ended June 30, 2020:

Period granted	Vesting period	RSUs outstanding January 1,	RSUs granted	Performance based adjustment	RSUs settled	RSUs forfeited	RSUs outstanding at June 30,	RSUs expected to vest	Weighted average grant date fair value
Sign-on RSUs:
2018	2018 - 2020	23,878	—	—	—	—	23,878	23,878	$	25.81
2019	2019 - 2021	45,257	—	—	—	—	45,257	45,257	$	15.89
2019 Plan:
2019	2019 - 2021	128,447	—	—	—	(3,403)	125,044	125,044	$	14.74
	Total 2020	197,582	—	—	—	(3,403)	194,179	194,179

Model for Calculating Fair Value

The following table lists the inputs to the valuation model used for calculating the grant date fair values under the 2019, 2018 and 2017 Plans:

	2017 Plan	2018 Plan	2019 Plan PSU
Expected term (in years)	3	3	3
Dividend yield (%)	1.88%	1.94%	4.65%
Expected volatility OEC (%)	33.77%	30.22%	33.30%
Expected volatility peer group (%)	17.30%	20.09%	17.62%
Correlation	0.4574	0.3659	0.5205
Risk-free interest rate (%)	1.45%	1.46%	1.83%
Model used	Monte Carlo	Monte Carlo	Monte Carlo
Weighted average fair value of PSUs granted	$24.89	$39.24	$11.48

Components of Stock-based Compensation Expense

Stock-based compensation expense is comprised of the following line items:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(In thousands)
Cost of sales	$	62	$	(1)	$	92	$	11
Selling expenses	142		122		(29)		859
General and administrative expenses	916		1,387		7		3,984
Research and development costs	78		52		(9)		258
Stock-based compensation expense	$	1,199	$	1,559	$	60	$	5,112