Stock-Based Compensation	6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	16. Stock-Based Compensation Equity compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2022 is included in the Company’s 2021 Annual Report on Form 10-K. The total number of shares of the Company’s common stock available for awards under the Company’s 2013 Omnibus Incentive Plan is 7,477,395 shares. The total number of shares of the Company’s common stock available for issuance as of June 30, 2022 is 3,947,963 shares. During the three months ended June 30, 2022 and 2021, the Company recorded stock-based compensation expense of $0.9 million and $2.3 million, respectively. During the six months ended June 30, 2022 and 2021, the Company recorded stock-based compensation of $4.0 million and $4.8 million, respectively. The Company reports stock-based compensation expense within engineering, selling and administrative expenses in the Condensed Consolidated Statements of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to retirement, death or disability provisions of the 2013 Omnibus Incentive Plan. During the three months ended June 30, 2022 and 2021, 20,929 and 750 restricted stock units were granted to employees, respectively. A total of 342,912 and 317,724 restricted stock units, respectively, were granted to employees during the six months ended June 30, 2022 and 2021. The restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the grant date. During the three months ended June 30, 2022 and 2021, no performance shares were granted to employees. During the six months ended June 30, 2022 and 2021, 198,334 and 203,697 performance shares were granted to employees, respectively. Performance shares vest after three years and are earned based on the extent to which performance goals are met over the applicable performance period. The performance goals and the applicable performance period vary for each grant year. The performance goals for the performance share units granted in 2022 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2022 to 2024 and 40% on non-new machine sales for the year ending December 31, 2024. The Company defines non-new machine sales as parts sales, used crane sales, rental revenue, service revenue and other revenue. The 2022 performance share units include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted. The performance goals for the performance share units granted in 2021 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2021 to 2023 and 40% on non-new machine sales for the year ending December 31, 2023. The 2021 performance share units include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted. No equity compensation awards were granted to non-employee directors during the three months ended June 30, 2022 and 2021. A total of 56,640 and 56,672 equity compensation awards were granted to non-employee directors during the six months ended June 30, 2022 and 2021, respectively. The 2022 and 2021 non-employee director equity compensation awards vested immediately upon the grant date.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

16. Stock-Based Compensation

Equity compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2022 is included in the Company’s 2021 Annual Report on Form 10-K. The total number of shares of the Company’s common stock available for awards under the Company’s 2013 Omnibus Incentive Plan is 7,477,395 shares. The total number of shares of the Company’s common stock available for issuance as of June 30, 2022 is 3,947,963 shares.

During the three months ended June 30, 2022 and 2021, the Company recorded stock-based compensation expense of $0.9 million and $2.3 million, respectively. During the six months ended June 30, 2022 and 2021, the Company recorded stock-based compensation of $4.0 million and $4.8 million, respectively. The Company reports stock-based compensation expense within engineering, selling and administrative expenses in the Condensed Consolidated Statements of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to retirement, death or disability provisions of the 2013 Omnibus Incentive Plan.

During the three months ended June 30, 2022 and 2021, 20,929 and 750 restricted stock units were granted to employees, respectively. A total of 342,912 and 317,724 restricted stock units, respectively, were granted to employees during the six months ended June 30, 2022 and 2021. The restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the grant date.

During the three months ended June 30, 2022 and 2021, no performance shares were granted to employees. During the six months ended June 30, 2022 and 2021, 198,334 and 203,697 performance shares were granted to employees, respectively. Performance shares vest after three years and are earned based on the extent to which performance goals are met over the applicable performance period. The performance goals and the applicable performance period vary for each grant year. The performance goals for the performance share units granted in 2022 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2022 to 2024 and 40% on non-new machine sales for the year ending December 31, 2024. The Company defines non-new machine sales as parts sales, used crane sales, rental revenue, service revenue and other revenue. The 2022 performance share units include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted.

The performance goals for the performance share units granted in 2021 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2021 to 2023 and 40% on non-new machine sales for the year ending December 31, 2023. The 2021 performance share units include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted.

No equity compensation awards were granted to non-employee directors during the three months ended June 30, 2022 and 2021. A total of 56,640 and 56,672 equity compensation awards were granted to non-employee directors during the six months ended June 30, 2022 and 2021, respectively. The 2022 and 2021 non-employee director equity compensation awards vested immediately upon the grant date.