SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2020

NOTE K – SHARE-BASED COMPENSATION

Stock Awards

The Company had outstanding RSUs granted under the ArcBest Corporation Ownership Incentive Plan (the “Ownership Incentive Plan”) as of December 31, 2020 and 2019. The Ownership Incentive Plan provides for the granting of 4.3 million shares, which may be awarded as incentive and nonqualified stock options, stock appreciation rights, restricted stock, RSUs, or performance award units.

Restricted Stock Units

A summary of the Company’s RSU award program is presented below:


		Weighted-Average
		Grant Date
	Units	Fair Value
Outstanding – January 1, 2020	1,617,120	$	24.82
Granted	579,660	$	19.22
Vested	(320,788)	$	30.29
Forfeited⁽¹⁾	(34,842)	$	25.48
Outstanding – December 31, 2020	1,841,150	$	22.09

(1)	Forfeitures are recognized as they occur.

The Compensation Committee of the Company’s Board of Directors granted RSUs during the years ended December 31, 2020, 2019, and 2018 as follows:


		Weighted-Average
		Grant Date
	Units	Fair Value
2020	579,660	$	19.22
2019	386,840	$	27.75
2018	231,510	$	44.50

Beginning with 2018 grants, the vesting date for RSUs granted to employees was reduced from the end of a five-year period to the end of a four-year period following the date of grant. The fair value of restricted stock awards that vested in 2020, 2019, and 2018 was $7.8 million, $4.9 million, and $9.6 million, respectively. Unrecognized compensation cost related to restricted stock awards outstanding as of December 31, 2020 was $18.0 million, which is expected to be recognized over a weighted-average period of approximately 2 years.