Under its long-term incentive plan, the Company's common shares have been made available for grant, at the discretion of the Compensation Committee of the Board of Directors, to officers, directors and other key employees. Grants can take the form of performance- or time-based restricted stock units, deferred shares and stock options. A summary of the awards granted in 2022 is presented below:


	Expected to be Settled in Equity	Expected to be Settled in Cash	Total Awards Granted
Performance-based restricted stock units	194,875	8,755	203,630
Time-based restricted stock units	155,470	5,845	161,315
Deferred shares	19,500	—	19,500

Performance-based restricted stock units are calculated and awarded based on the achievement of specified performance objectives and cliff vest three years from the date of grant. Time-based restricted stock units generally vest in 25% increments annually beginning on the first anniversary of the grant. Deferred shares generally cliff vest in a range of one to five years from the date of grant. For time-based restricted stock units that are expected to settle in cash, the Company had $2.9 million and $0.9 million accrued in salaries, wages and benefits as of December 31, 2022 and 2021, respectively, on the Consolidated Balance Sheets.

A summary of stock award activity, including performance-based restricted stock units, time-based restricted stock units and deferred shares that will settle in common shares for the year ended December 31, 2022 is as follows:


	Number of Shares	Weighted-average Grant Date Fair Value
Outstanding - beginning of year	993,971	$	56.06
Granted - new awards	369,845	66.49
Adjusted for performance results achieved (1)	(12,836)	42.60
Vested	(386,594)	48.33
Canceled or expired	(26,415)	64.13
Outstanding - end of year	937,971	$	63.61

(1) Adjustments for the number of shares vested under the 2019 awards at the end of the three-year period ended December 31, 2021 being slightly lower than the target number of shares.

As of December 31, 2022, a total of 937,971 stock awards have been awarded that have not yet vested. The Company distributed shares totaling 386,594 in 2022, 577,948 in 2021 and 557,590 in 2020 due to the vesting of stock awards. The grant date fair value of these vested shares was $18.7 million, $25.5 million and $24.4 million, respectively. The Company recognized compensation expense of $29.3 million, $18.2 million and $19.6 million for the years ended December 31, 2022, 2021 and 2020, respectively, relating to performance-based restricted stock units, time-based restricted stock units, deferred shares and restricted shares.

In addition to performance-based restricted stock units, time-based restricted stock units and deferred shares, the Company has granted stock option awards to officers and key employees. Stock options typically have a ten-year term and generally vest in 25% increments beginning annually on the first anniversary date of grant.

During 2022, 2021 and 2020, the Company recognized stock-based compensation expense of $1.1 million, $2.0 million and $3.6 million, respectively, for stock option awards.

Beginning in 2020, the Company discontinued the use of nonqualified stock options. As such, there were no stock option awards granted in 2022, 2021 or 2020.


	Number of Shares	Weighted-average Exercise Price		Weighted-average Remaining Contractual Term	Aggregate Intrinsic Value (millions)
Outstanding - beginning of year	1,217,945	$	41.59

Exercised	(295,695)	41.54
Canceled or expired	(940)	43.44
Outstanding - end of year	921,310	$	41.61	6 years	$	26.8
Options expected to vest	921,310	41.61		6 years	26.8
Options exercisable	810,445	41.37		6 years	23.7

The total intrinsic value of stock option awards exercised during the years ended December 31, 2022, 2021 and 2020 was $7.3 million, $29.4 million and $20.7 million, respectively. Net cash proceeds from the exercise of stock option awards were $8.5 million, $26.0 million and $37.4 million, respectively.

As of December 31, 2022, the Company had unrecognized compensation expense of $32.1 million related to stock options and stock awards, which is expected to be recognized over a total weighted-average period of two years. There were 4.3 million shares available for future grants for all plans at December 31, 2022.