Stock Based Compensation Plans

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

As more fully discussed in Note 12 of the notes to the consolidated financial statements in our 2022 Annual Report on Form 10-K, we have awards outstanding for Common Stock under stock-based employee compensation plans.

The following table summarizes our award activity during the six months ended June 30, 2023:


	Service-Based Restricted Stock Awards			Performance-Based Restricted Stock Awards
	Shares or Units (#)	Weighted-Average Award Price ($)		Shares or Units (#)	Weighted-Average Award Price ($)
Outstanding at December 31, 2022	237,302	$	28.16	436,647	$	26.56
Granted/Issued	174,998	33.06		106,557	33.08
Awards vested or rights exercised(1)	(146,610)	27.07		(188,980)	20.42
Forfeited	(10,446)	30.26
Additional units earned due to performance				3,752	28.86
Outstanding at June 30, 2023	255,244	$	32.07	357,976	$	31.76
Restricted units expected to vest	255,244	$	32.07	330,485	$	31.66


(1)			Includes shares repurchased from employees for employee’s tax liability.

The total fair value of service-based restricted stock awards that vested during the six months ended June 30, 2023 was approximately $3.7 million. The aggregate intrinsic value of outstanding service-based restricted stock awards was approximately $7.7 million at June 30, 2023. The restrictions on the service-based awards generally lapse or vest annually, primarily over one-year and three-year periods.

The total fair value of performance-based restricted stock awards that vested during the six months ended June 30, 2023 was approximately $7.1 million. The aggregate intrinsic value of outstanding performance awards at June 30, 2023 expected to vest was approximately $10.0 million. The performance awards are based on one-year performance periods but cliff vest in approximately three years from grant date.

The compensation for all awards is charged to selling, general and administrative expenses over the respective grants’ vesting periods, primarily on a straight-line basis. The amount charged was approximately $4.4 million and $4.2 million for the six months ended June 30, 2023 and 2022, respectively. Forfeitures are recognized as they occur. As of June 30, 2023, the total compensation cost related to unvested equity awards was approximately $9.8 million and is expected to be recognized over a weighted-average period of two years.