Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

A summary of restricted share activity for the nine months ended September 30, 2023 is as follows:


	2023
	Time-Based			Performance-Based
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
	(In whole shares)			(In whole shares)
Outstanding - beginning of year	716,242	$	20.53	50,000	$	32.55
Granted(a)	369,238	16.12		—	—
Vested	(306,433)	19.83		—	—

Canceled or expired	(4,517)	19.91		—	—
Outstanding - end of period	774,530	$	18.71	50,000	$	32.55

(a) - Included in this amount is 9,000 restricted share units.

Stock-based compensation is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Income. Total stock-based compensation expense was $1.6 million and $2.0 million for the three months ended September 30, 2023 and 2022, respectively. Total stock-based compensation expense was $4.9 million and $5.4 million for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, there was $9.0 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted-average period of 2.0 years.