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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Pursuant to the Company's Omnibus Incentive and Equity Plan (the "Plan"), officers, employees and directors may be granted equity-based awards, including restricted stock units ("RSUs"), performance stock units ("PSUs"), stock options and unrestricted shares of common stock. At December 31, 2020, 343,165 shares of common stock remain available for issuance of the 2,820,000 shares that are authorized for issuance under the Plan.
Stock-based compensation expense is summarized as follows: 
 Years Ended December 31,
(in thousands)202020192018
Stock-based compensation expense$21,481 $22,232 $23,116 

Restricted Stock Units

Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs may be time-vested or performance-contingent (PSUs) that convert into RSUs after performance measurement is complete and generally vest in one to three years. Shares that are issued upon vesting are newly issued shares from the Plan and are not issued from treasury stock.
RSU activity, inclusive of PSUs, for the year ended December 31, 2020 is summarized as follows: 
Number
of shares		Weighted Average
Grant Date
Fair Value
Outstanding at December 31, 2019528,376 $115.74 
Granted211,660 $86.73 
Forfeited(10,734)$106.28 
Settled(196,117)$110.93 
Outstanding at December 31, 2020533,185 $106.19 

The grant-date intrinsic value of RSUs granted during the year ended December 31, 2020 was $18.4 million.
Years Ended December 31,
(in millions, except per share values)202020192018
Weighted-average grant-date fair value per share$86.73 $108.42 $131.16 
Fair value of RSUs vested$21.8 $17.8 $12.5 

For the years ended December 31, 2020, 2019 and 2018, a total of 68,625, 66,441 and 41,101 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations. The Company paid $6.5 million, $6.9 million and $5.3 million for the years ended December 31, 2020, 2019 and 2018, respectively, in minimum employee tax withholding obligations related to RSUs withheld for net share settlements. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have been otherwise issued as a result of the vesting.

During the years ended December 31, 2020 and 2019, the Company granted 68,371 and 52,960 PSUs that contain performance-based metrics in addition to a service condition. Compensation expense for PSUs is generally recognized over a three-year service period based upon the value determined using a combination of (i) the intrinsic value method, for awards that contain a performance metric that represents a "performance condition" in accordance with ASC 718, and (ii) the Monte Carlo simulation valuation model for awards that contain a "market condition" performance metric under ASC 718. Compensation expense for PSU awards that contain a market condition is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the market condition. Compensation expense for PSU awards with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon measurement at the end of the performance period.
As of December 31, 2020 and 2019, unamortized stock-based compensation expense for unvested RSUs and PSUs was $22.3 million and $27.8 million, respectively, with a weighted average remaining contractual life of 1.2 years and 1.3 years, respectively. The Company did not capitalize any stock-based compensation expenses during the years ended December 31,
2020, 2019 and 2018.

Stock Options

Stock option activity for the year ended December 31, 2020 is summarized as follows: 
Number
of shares		Weighted
Average
Exercise Price
Outstanding at December 31, 20196,654 $39.35 
Exercised(5,461)$35.89 
Outstanding at December 31, 20201,193 $55.18 
Vested and exercisable at December 31, 20201,193 $55.18 

Stock options generally cliff vest after three years and have a contractual life of ten years. The weighted-average remaining contractual term for stock options outstanding, vested and exercisable at December 31, 2020 and December 31, 2019 was 0.2 and 0.8 years, respectively. At December 31, 2020, the aggregate intrinsic value of stock options outstanding and vested and exercisable was $0.2 million. The total intrinsic value of stock options exercised for the years ended December 31, 2020, 2019 and 2018 was $0.4 million, $6.4 million and $3.0 million, respectively. Cash received from stock option exercises was $0.2 million, $0.7 million and $0.8 million for 2020, 2019 and 2018, respectively.

Employee Stock Purchase Plan

The Company offers an employee stock purchase plan that allows employees to purchase shares of common stock on the open market at market price through after-tax payroll deductions. The initial transaction fees are paid for by the Company and shares of common stock are purchased on a quarterly basis. The Company does not reserve shares for this plan or discount the purchase price of the shares.