Share-Based Compensation

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

5. Share-Based Compensation

We currently have four types of share-based awards outstanding to our employees and directors: stock options, restricted stock units, performance-based stock units, and market stock units.  We believe that our share-based awards align the interests of our employees and directors with those of our stockholders. Vesting terms for each of these award types generally range from one to three years.

For the three and nine months ended September 30, 2021, we recognized total share-based compensation costs of $2.2 million and $8.1 million, respectively. For the three and nine months ended September 30, 2020, we

recognized total share-based compensation costs from continuing operations of $3.4 million and $6.3 million, respectively. We account for forfeitures as they occur. 

In March 2021, we granted annual long-term incentive awards to our employees consisting of (i) approximately 150,000 stock options with a weighted average exercise price of $26.29 per share and a weighted average grant date fair value of $13.21 per share, and (ii) approximately 83,000 restricted stock units with a weighted average grant date fair value of $23.90 per share.  These awards vest over or at the end of three years.

In May 2021, we granted annual long-term incentive awards to the independent members of our Board of Directors consisting of approximately 30,000 restricted stock units with a weighted average grant date fair value of $24.76 per share. These awards generally vest at the end of one year.