Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Performance and Incentive Pay Plan ("PIPP")

As of September 30, 2021, all awards granted under the PIPP were in the form of restricted stock units to employees or consultants of the Company. Restricted stock units granted under the PIPP without performance-based vesting criteria typically vest in either equal annual installments over two to three years, or in entirety on the fourth anniversary after the grant date. Awards granted with performance-based vesting criteria typically vest in annual installments over two or three years subject to the achievement of certain financial and operating results of the Company. Certain restricted stock units granted to non-employee directors vested immediately while others vest in equal installments over a two to three year period. As of September 30, 2021 there were 361,239 shares available for issuance under the PIPP.

For restricted stock units granted in the first quarter of 2019 that had not vested as of September 30, 2021 a price per share was not determined as of the grant date. The number of shares of common stock of the Company to be issued upon vesting is to be calculated on the vesting date, which is either the second or third anniversary of the date of the grant, or the annual date the compensation committee determines the achievement of the corporate performance targets. Such unvested restricted stock unit awards are included in the non-current portion of Other liabilities. Refer to Note 8 - Other Liabilities for further detail.

The following table summarizes the Company’s non-vested share awards granted under the PIPP:


						Nine Months Ended September 30, 2021
Non-vested at beginning of year(1)						545,696
Impact of fluctuations in share price						47,196
Granted						922,653
Canceled/forfeited(1)						(214,959)
Vested						(191,413)
Non-vested at end of period						1,109,173

(1)Amounts include liability-based awards for which the number of units awarded is not determined until the vesting date. The number of liability-based award units included in this amount are estimated using the market value of the Company's common shares as of September 30, 2021.

During the nine months ended September 30, 2021 and the year ended December 31, 2020, the Company reclassified $0.8 million and $1.8 million from the current portion of Other liabilities to Additional paid-in capital for restricted stock units that vested.