XML 54 R22.htm IDEA: XBRL DOCUMENT v3.19.3
Stock-Based Compensation
9 Months Ended
Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

13.  Stock-Based Compensation

Long-term incentive compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2019 is included in the Company’s 2018 Annual Report on Form 10-K.  The total number of shares of the Company’s common stock available for awards under the 2013 Plan is 7,477,395 shares. The total number of shares of the Company’s common stock still available for issuance as of September 30, 2019 is 4,990,354 shares.

Stock-based compensation expense was $2.2 million and $1.9 million for the three months ended September 30, 2019 and 2018, respectively. Stock-based compensation expense was $8.3 million and $6.0 million for the nine months ended September 30, 2019 and 2018, respectively. The Company recognizes stock-based compensation expense over the award’s vesting period.

No options to acquire shares of common stock were granted to employees during the three months ended September 30, 2019. Options to acquire 210,243 shares of common stock were granted to employees during the nine months ended September 30, 2019. The options granted in 2019 become exercisable in three annual increments over a three-year period beginning on the first anniversary of the grant date and expire 10 years subsequent to the grant date. 

During the three months ended September 30, 2019 zero restricted stock units (“RSUs”) were issued to employees. A total of 178,371 RSUs were issued by the Company to employees during the nine months ended September 30, 2019. The RSUs granted to employees in 2019 vest in three annual increments over a three-year period beginning on the first anniversary of the grant date.

No performance shares were issued during the three months ended September 30, 2019. A total of 228,037 performance shares were issued during the nine months ended September 30, 2019. Performance shares 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 shares granted in 2019 are based 50% on total shareholder return relative to peers during the three-year performance period and 50% on Adjusted EBITDA percentage from

continuing operations in 2021. Depending on the foregoing factors, the number of shares earned could range from zero to two times the amount of performance shares outstanding.

The Company did not issue any equity grants to directors during the three months ended September 30, 2019. A total of 50,673 equity grants were issued to directors during the nine months ended September 30, 2019. The 2019 equity grants vested immediately upon the grant date.