The Company's 2019 Long-Term Incentive Compensation Plan, dated February 22, 2019, and subsequently approved by shareholders on May 10, 2019, and amended and restated on May 6, 2022, is authorized to issue up to 7.0 million shares of common stock as options, share appreciation rights, restricted shares and units, performance shares and units and other stock or cash-based awards. Approximately 3.8 million shares remain available for issuance at December 31, 2023.

Stock-based compensation expense for all stock-based compensation awards is based on the grant-date fair value. The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award and recognizes forfeitures as they occur. Total compensation expense recognized in the Consolidated Statements of Operations for all stock compensation programs was $12.9 million, $11.2 million, and $11.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.

These awards are contingent to requisite service periods established within the grant documents and range from 1 to 3 years. RSUs graded vest in conjunction with the requisite service period. Total restricted stock expense is equal to the market value of the Company's common shares on the date of the award and is recognized over the requisite service period on a straight-line basis.


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2023	252	$	32.79
Granted	152	44.84
Vested	(154)	29.57
Forfeited	(2)	41.26
Non-vested at December 31, 2023	248	$	41.74


	Year Ended December 31,
	2023		2022		2021
Total fair value of shares vested (in thousands)	$	4,369	$	7,465	$	9,453
Weighted-average fair value of RSUs granted	$	44.84	$	43.38	$	26.86

As of December 31, 2023, there was $3.8 million of total unrecognized compensation cost related to non-vested RSUs that is expected to be recognized over a weighted-average period of 1.4 years.

Each EPS PSU gives the participant the right to receive common shares dependent on the achievement of specified performance results over a 3-year performance period. At the end of the performance period, the number of shares of stock issued will be determined by adjusting the award upward or downward from a target award. Fair value of EPS PSUs issued is based on the market value of the Company's common shares on the date of the award. The related compensation expense is recognized over the performance period when achievement of the award is probable and is adjusted for changes in the number of shares expected to be issued if changes in performance are expected. Currently, the Company is accounting for the awards granted in 2023 at 50% of the maximum available for issuance; and the awards granted in 2022 and 2021 at the maximum amount available for issuance.


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2023	397	$	28.35
Granted	131	46.04
Vested	(113)	19.06
Forfeited	(48)	20.65
Non-vested at December 31, 2023	367	$	38.51

As of December 31, 2023, there was $3.7 million unrecognized compensation cost related to non-vested EPS PSUs that is expected to be recognized over a weighted-average period of 1.1 years.

Each TSR PSU gives the participant the right to receive common shares dependent on total shareholder return on the Company's Common Shares over a 3-year period. At the end of the period, the number of shares of stock issued will be determined by adjusting the award upward or downward from a target award. The fair value of TSR PSUs is estimated at the date of grant using a Monte Carlo Simulation with the following assumptions: Expected volatility was estimated based on the historical volatility of the Company's common shares over the 2.83 years period prior to the grant date. The average expected life was based on the contractual term of the plan. The risk-free rate is based on the U.S. Treasury Strips available with maturity period consistent with the expected life.


			2023
Risk free interest rate			4.60%
Dividend yield			—%
Volatility factor of the expected market price of the common shares			51.39%
Expected term (in years)			2.83
Correlation coefficient			0.34


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2023	397	$	36.31
Granted	144	64.06
Vested	(170)	16.80
Forfeited	(4)	54.31
Non-vested at December 31, 2023	367	$	56.01

As of December 31, 2023, there was approximately $4.4 million unrecognized compensation cost related to non-vested TSR PSUs that is expected to be recognized over a weighted-average period of 1.1 years.

The ESP Plan allows employees to purchase common shares through payroll withholdings. The Company has approximately 297 thousand common shares remaining available for issuance to and purchase by employees under this plan. The Company's 2004 ESP Plan restated and amended in 2023 authorized the Company to issue an additional 270 thousand common shares in 2023. The ESP Plan also contains an option component. The purchase price per share under the ESP Plan is the lower of the market price at the beginning or end of the year. The Company records a liability for withholdings not yet applied towards the purchase of common stock. This liability is included in Accrued expenses and other current liabilities on the Consolidated Balance Sheets.

The fair value of the option component of the ESP Plan is estimated at the date of grant under the Black-Scholes option pricing model with the following assumptions at the grant date. Expected volatility was estimated based on the historical volatility of the Company's common shares over the past year. The average expected life was based on the contractual term of the plan. The risk-free rate is based on the U.S. Treasury yield curve rate with a one year term. Forfeitures are estimated at the date of grant based on historical experience.


	Year Ended December 31,
	2023		2022		2021
Risk free interest rate	4.73	%	0.39	%	0.10	%
Dividend yield	2.07	%	1.82	%	2.86	%
Volatility factor of the expected market price of the common shares	53	%	38	%	72	%
Expected life for the options (in years)	1.0		1.0		1.0