Stock-based Compensation

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

5. STOCK-BASED COMPENSATION

Compensation expense recorded for all stock options, stock awards and stock appreciation rights (SARs) was as follows:

(In thousands)
Three Months Ended March 31
2022		2021
$	2,957	$	2,540

The increase in stock-based compensation expense for the first quarter of 2022 compared to the first quarter of 2021 was primarily attributable to the previously-disclosed accelerated vesting of certain equity grants for the Company’s Chief Executive Officer, who retired effective on April 25, 2022, that were partially offset by lower cash-settled SARs-related compensation expense. The lower cash-settled SARs compensation expense reflects a $25.48 per share decrease in the market price of Company common stock in the first quarter of 2022 compared to a $7.79 per share increase in the first quarter of 2021.    

Unrecognized compensation costs for stock options, stock awards and SARs were as follows:

(In thousands)	March 31, 2022		December 31, 2021
Stock options	$	2,008	$	2,229
Stock awards		9,504		4,971
SARs		8,274		4,828

The increases in unrecognized compensation costs for stock options, stock awards and SARs reflected the 2022 grants of:

	Shares
Stock options		34,444
Stock awards (at target)		44,399
SARs		161,832

The unrecognized compensation costs at March 31, 2022, are expected to be recognized over weighted-average periods of 1.3 years for stock options, 2.0 years for stock awards and 2.0 years for SARs.