Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

The Company recognized compensation expense for all share-based payments granted for the years ended December 31, 2020, 2019 and 2018 based on the grant-date fair value estimated in accordance with the provisions of ASC 718-10. Compensation expense is recognized on a straight-line basis over the options’ or other awards’ estimated lives for fixed awards with ratable vesting provisions.

Under the Company’s 2012 Incentive Plan (“2012 Plan”), the Company reserved up to a maximum of 3,200 shares of common stock for issuance upon the grant or exercise of stock options, restricted stock, restricted stock units (“RSUs”) and other types of awards, to directors and key employees through December 31, 2022. Option awards are granted with an exercise price equal to the market price of the Company’s common stock on the date of the grant and generally vest between three and five years with a 10-year contractual term. The grant date fair value of restricted stock and RSUs is equal to the market price of the Company’s common stock on the date of the grant and generally vest between three and five years.

On May 19, 2017, the Company’s stockholders approved the 2017 Long-Term Incentive Plan (“2017 Plan”), which allows the Company to reserve up to a maximum of 3,000 shares of common stock for issuance upon the grant or exercise of awards under the 2017 Plan. No additional awards may be granted under the 2012 Plan after May 19, 2017.

Restricted Stock Plans

A summary of the Company’s RSUs under the Company’s long-term incentive plans as of December 31, 2020, and changes during the year then ended is presented as follows:


	Shares	Weighted average grant date fair value		Weighted average remaining contractual term (years)	Aggregate intrinsic value
Restricted Stock Units outstanding, December 31, 2019	362	$	158.13
Granted	192	120.36
Released	(146)	203.05
Forfeited	(33)	140.69
Restricted Stock Units outstanding, December 31, 2020	375	$	122.84	1.4	$	52,822
Expected to vest as of December 31, 2020	361			1.4	$	50,895

The Company recognized stock-based compensation costs related to the issuance of RSUs of $19,697 ($14,576, net of taxes), $23,620 ($17,479, net of taxes) and $31,382 ($24,436, net of taxes) for the years ended December 31, 2020, 2019 and 2018, respectively, which has been allocated to selling, general and administrative expenses. Pre-tax unrecognized compensation expense for unvested RSUs granted to employees, net of estimated forfeitures, was $17,706 as of December 31, 2020, and will be recognized as expense over a weighted-average period of approximately 1.60 years.

Additional information relating to the Company’s RSUs under the Company’s long-term incentive plans are as follows:


	2020	2019	2018
Restricted Stock Units outstanding, January 1	362	446	555
Granted	192	187	136
Released	(146)	(230)	(235)
Forfeited	(33)	(41)	(10)
Restricted Stock Units outstanding, December 31	375	362	446
Expected to vest as of December 31	361	356	440

During 2020, 2019 and 2018, a total of 1 shares were awarded each year to certain non-employee directors in lieu of cash for their annual retainers.

The Company has not granted stock options since the year ended December 31, 2012. At December 31, 2020, there were fully vested options to acquire 63 shares outstanding, with a weighted average remaining contractual term of less than one year.