Share-Based Compensation

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

5. Share-Based Compensation

We currently have three types of share-based awards outstanding to our employees and directors: stock options, restricted 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.

We recognize share-based compensation expense for the market stock units if the requisite service is rendered, even if the market condition is never satisfied. For the three months ended March 31, 2022 and 2021, we recognized total share-based compensation costs of $1.9 million and $3.0 million, respectively.  We account for forfeitures as they occur. 

In March 2022, we granted annual long-term incentive awards to our employees consisting of (i) approximately 162,000 stock options with a weighted average exercise price of $31.27 per share and a weighted average grant date fair value of $15.75 per share, and (ii) approximately 90,000 restricted stock units with a weighted average grant date fair value of $28.43 per share.  These awards generally vest over or at the end of three years, subject to the underlying award agreements.