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Stock Plans and Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Shares Authorized, Available for Future Grant and Outstanding Under Each Plans
The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans as of December 31, 2021:
AuthorizedAvailable
Outstanding(1)
(in thousands)
2004 Incentive Plan33,000 4,736 2,776 
2013 Directors Plan1,000 512 48 
2021 Inducement Plan1,300 310 774 
Topgolf Equity Compensation Plans and Option Agreement— — 1,933 
Total35,300 5,558 5,531 
____________
(1)Includes 1,384 shares of accrued incremental dividend equivalent rights on outstanding shares underlying restricted stock units granted under the 2004 Incentive Plan and 2013 Directors Plan.
Stock Option Activities
The following table summarizes the Company’s stock option activities for the year ended December 31, 2021 (in thousands, except price per share amounts and contractual term):
OptionsNumber of
Shares		Weighted-
Average
Exercise Price
Per Share		Weighted-
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
Outstanding at January 1, 2021598 $6.52 
Granted3,168 $25.93 
Exercised(1,436)$15.52 
Forfeited(110)$33.42 
Expired(232)$30.93 
Outstanding at December 31, 20211,988 $26.60 5.22$7,380 
Vested and expected to vest in the future at December 31, 20211,979 $26.57 5.21$7,380 
Exercisable at December 31, 20211,552 $24.81 4.62$7,380 
The following table summarizes information related to outstanding stock options as of December 31, 2021:
Weighted Average
Range of Option PricesOptions OutstandingRemaining Life (Years)Exercise Price
$6.52 to $35.14
1,988,0005.22$26.60
Summary of Fair Value Assumptions The table below summarizes the range and the weighted averages of the fair value assumptions used in the Black-Scholes valuation as of March 8, 2021.
Assumptions:RangeWeighted Averages
Expected term (in years)
0.3 - 7.1
3.7
Volatility
43.0% - 85.4%
55.1%
Risk-free interest rate
0.1% -1.3%
0.6%
Dividend yield——
Roll-Forward of Activity for Restricted Stock Units
The table below is a roll-forward of the activity for restricted stock units for the year ended December 31, 2021 (in thousands, except fair value amounts):
Restricted Stock UnitsUnitsWeighted-
Average
Grant-Date
Fair Value
Unvested at January 1, 2021
900 $15.83 
Granted1,154 29.60 
Vested(432)15.07 
Forfeited(41)27.50 
Unvested at December 31, 2021(1)
1,581 $25.79 
____________
(1)Excludes 1,384 shares of accrued incremental dividend equivalent rights on outstanding shares underlying restricted stock units granted under the 2004 Incentive Plan and 2013 Directors Plan.
Roll-Forward of Activity for Restricted Stock Awards The table below is a roll-forward of the activity for restricted stock awards granted as part of the replacement awards for the year ended December 31, 2021 (in thousands, except fair value amounts):
Restricted Stock AwardsUnitsWeighted-
Average
Grant-Date
Fair Value
Unvested at January 1, 2021
— $— 
Granted188 28.74 
Vested(29)29.52 
Forfeited(11)16.63 
Unvested at December 31, 2021
148 $29.52 
Roll-Forward of Activity for Performance Share Units
The table below is a roll-forward of the activity for performance based awards during the year ended December 31, 2021 (in thousands, except fair value amounts):
Performance Share UnitsUnitsWeighted-
Average
Grant-Date
Fair Value
Unvested at January 1, 2021
835 $17.08 
Performance Share Units Granted1,440 $30.35 
Target Award Adjustment(1)
279 $14.80 
Vested(557)$14.80 
Forfeited(36)$25.77 
Unvested at December 31, 2021
1,961 $27.00 
____________
(1)Represents shares earned by participants at 200% for awards granted in 2018.
Share-Based Compensation Including Expense for Phantom Stock Units and Cash Settled Stock Appreciation Rights Granted to Employees
The table below summarizes the amounts recognized in the financial statements for the years ended December 31, 2021, 2020 and 2019 for share-based compensation, including expense for restricted stock units, performance share units, stock options and cash settled stock appreciation rights (in thousands):
Years Ended December 31,
202120202019
Cost of products$1,219 $763 $961 
Selling, general and administrative expenses36,524 9,326 10,955 
Research and development expenses942 838 980 
Total cost of share-based compensation included in income, before income tax38,685 10,927 12,896 
Income tax benefit8,898 2,513 2,966 
Total cost of employee share-based compensation, after tax$29,787 $8,414 $9,930