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Share-Based Compensation
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Share-Based Compensation Share-Based CompensationPrior to its expiration on February 25, 2021, the Company's 2011 Incentive Plan ("2011 Plan") provided for the grant of share-based awards to its employees, officers, directors and consultants. The 2011 Plan authorized the grant of options, share appreciation rights, restricted stock, restricted stock units, deferred stock units, performance awards, dividend equivalents and other share-based and cash awards. Under the 2011 Plan, the Company has outstanding restricted stock units, performance stock units and deferred stock units none of which participate in Company-paid dividends.
On April 27, 2021 ("Plan Effective Date"), the Company's shareholders approved the 2021 Equity Incentive Plan ("2021 Plan"), which provides for a total of 1,280,000 shares to be reserved and available for issuance pursuant to the grant of new awards under the 2021 Plan, less one share for every one share subject to an award granted under the 2011 Plan after December 31, 2020 and prior to the Plan Effective Date. No new awards were granted between December 31, 2020 and the Plan Effective Date. To the extent that all or a portion of an award (or, after December 31, 2020, an award granted under the 2011 Plan) is canceled, terminates, expires, is forfeited or lapses for any reason (including by reason of failure to meet time-based and/or performance-based vesting requirements), any unissued or forfeited shares originally subject to the award (or, after December 31, 2020, an award granted under the 2011 Plan) will be added back to the 2021 Plan share reserve and again be available for issuance pursuant to awards granted under the 2021 Plan. The 2021 Plan authorizes the grant of options, share appreciation rights, restricted stock, restricted stock units, deferred stock units, performance awards, dividend equivalents and other share-based and cash awards. In addition, the 2021 Plan allows for participants to elect to receive vested units on a deferred basis. Awards granted under the 2021 Plan are entitled to dividend equivalents, which are subject to the same forfeiture, transfer restrictions and deferral terms as apply to the award to which they relate. The Company's annual grants of restricted stock units and performance stock units typically awarded in the first quarter of the year were delayed until April 2021 following the shareholder approval of the 2021 Plan.

Each of the above incentive plans are administered by the Company's Compensation Committee of the Board of Directors.

Share-based compensation expense of $6.0 million, $5.1 million and $2.6 million was recorded in the years ended December 31, 2021, 2020 and 2019, respectively, and recognized in "Selling, general and administrative expenses" in the Consolidated Statements of Operations.

Restricted Stock Units ("RSUs")

Prior to 2020, key members of management were awarded with restricted stock units ("RSUs") each year based upon the financial performance of the Company and its subsidiaries. Beginning in 2020, awards were determined based on a predetermined award value of the base salary of eligible employees aligned to a total compensation program.

Restricted stock unit awards granted in 2016 and prior vest at the end of five years from the date of grant, while awards granted in 2017 and 2018 vest three years from the date of grant. RSUs granted in 2019, 2020 and 2021 vest ratably, at the end of each 12-month period, over a three-year period. A participant generally must be employed by the Company on the vesting date of each award. However, awards will vest if employment terminates earlier on account of a qualifying employment termination event such as death, disability and retirement at age 65. Additional RSUs are granted on an annual basis to the Company's outside directors under the Company's Non-Employee Directors Compensation Plan with a one-year vesting period.

Changes in restricted stock units during the year ended December 31, 2021 are as follows:

(in thousands, except weighted average grant date fair value)Restricted Stock UnitsWeighted Average Grant Date Fair Value
Unvested as of January 1, 2021279 $37.72 
Granted66 $77.38 
Vested(132)$41.03 
Forfeited(26)$41.16 
Unvested as of December 31, 2021187 $48.88 

The following additional activity occurred for the Company's restricted stock units:

Years Ended December 31,
(in millions, except weighted average grant date fair value per award granted)202120202019
Weighted average grant date fair value per award$77.38 $34.99 $34.57 
Fair value of awards vested$9.3 $3.8 $1.6 
Tax benefit (expense) for restricted stock compensation expense$3.8 $(0.4)$0.7 

As of December 31, 2021, the Company had $4.9 million of unrecognized compensation expense before tax related to restricted stock, which is expected to be recognized over a weighted average period of 1.8 years.
Performance Stock Units ("PSUs")

Beginning in 2020, PSUs were granted to officers and other key employees. Vesting is subject to both the continued employment of the participant with the Company and the achievement of certain performance metrics established by the Compensation Committee. A participant generally must be employed by the Company on the vesting date of each award. However, adjusted awards will vest if employment terminates earlier on account of a qualifying employment termination event such as death, disability and retirement at age 65.

PSUs granted in 2020 were divided into three equal tranches with cliff vesting periods of one year, two years and three years. Awards granted in 2021 cliff vest three years from the date of grant. The number of PSUs that vest may range from zero to 200% of the target shares granted and is determined for each tranche based on the achievement of two equally weighted performance criteria: ROIC and TSR. The PSUs are settled in common stock of the Company, with holders receiving one common share for each PSU that vests.

Changes in PSUs during the year ended December 31, 2021 are as follows:

(in thousands, except weighted average grant date fair value)Performance Stock UnitsWeighted Average Grant Date Fair Value
Unvested as of January 1, 202187 $35.41 
Granted51 $92.98 
Vested*(29)$36.08 
Forfeited(10)$53.44 
Unvested as of December 31, 202199 $63.16 
* The vested PSUs presented are based on the target amount of the award for the first tranche of the 2020 awards. In accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the one-year performance period ended during 2021 was 200% of the target shares granted, rounded up the nearest whole share.

The following additional activity occurred for the Company's performance stock units:

Years Ended December 31,
(in millions, except weighted average grant date fair value per award granted)20212020
Weighted average grant date fair value per award$92.98 $34.66 
Fair value of awards vested$4.5 $— 
Tax benefit for performance stock compensation expense$2.3 $— 

As of December 31, 2021, the Company had $3.9 million of unrecognized compensation expense before tax related to PSUs, which is expected to be recognized over a weighted average period of 2.2 years.

Deferred Stock Units ("DSUs")

The 2011 Plan and the Non-Employee Directors Compensation Plan each allow for deferred delivery of shares as received including at vesting. As of December 31, 2021, there were 34,949 fully vested deferred stock units, which were excluded from the tables above. The aggregate fair value of these units at December 31, 2021 was $2.4 million.