Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION PLANS

We have an incentive plan under which stock awards, stock units, and other share-based compensation may be granted to officers, non-employee directors and key employees of the Company. During 2020, we amended and restated our incentive plan, eliminating the ability to grant new stock options, until such time, if any, as the plan is subsequently amended to provide for the ability to make such grants. Under the terms of this plan, 3,250,000 shares were authorized, and 1,023,299 shares are available for grant or issuance as of December 31, 2020. Any issuances under this plan are valued at the fair market value of our common stock on the grant date. The vesting schedule of any stock awards or stock units is determined by the Compensation and Personnel Committee of our Board of Directors at the time of the grant. Forfeitures are recognized as they occur.

The following table summarizes activity regarding our stock options and awards of shares and stock units since December 31, 2017:


Stock Options				Restricted Stock Units
	Shares	Weighted Average Price			Shares	Weighted Average Price
Balance, December 31, 2017	93,000	$	24.48	Balance, December 31, 2017	508,872	$	54.13
Granted	—	—		Granted	135,259	$	80.37
Expired	—	—		Forfeited	(1,250)	$	71.27
Exercised	(53,000)	$	24.48	Vested	(166,295)	$	48.44
Balance, December 31, 2018	40,000	$	24.48	Balance, December 31, 2018	476,586	$	63.52
Granted	—	—		Granted	169,766	$	64.34
Expired	—	—		Forfeited	(2,545)	$	71.88
Exercised	(20,000)	$	24.48	Vested	(226,229)	$	51.64
Balance, December 31, 2019	20,000	$	24.48	Balance, December 31, 2019	417,578	$	70.24
Granted	—	—		Granted	137,771	$	81.56
Expired	—	—		Forfeited	(984)	$	79.17
Exercised	(20,000)	$	24.48	Vested	(156,447)	$	72.72
Balance, December 31, 2020	—	—		Balance, December 31, 2020	397,918	$	73.16

NOTE 14 - SHARE-BASED COMPENSATION PLANS - (Continued)

We recognized approximately $11.2 million, $11.4 million, and $11.0 million of compensation expense for stock units awarded to non-employee directors and employees pursuant to incentive plans for the years ended December 31, 2020, 2019, and 2018, respectively. We have approximately $8.6 million of compensation expense, net of income taxes, which will be recognized over the remaining vesting periods of up to 3 years. In addition, an aggregate of 63,907 restricted stock units granted to current or former non-employee directors vested as of December 31, 2020, but issuance has been deferred up to 5 years.

The income tax benefit derived in 2020, 2019, and 2018 as a result of stock option exercises and other share-based compensation was approximately $1.9 million, $2.6 million, and $3.6 million, respectively, of which approximately $0.2 million, $1.0 million, and $1.6 million, respectively, represented excess tax benefits.

The total intrinsic value (the amounts by which the stock price exceeded the exercise price on the date of exercise) of options that were exercised during both 2020 and 2019 was approximately $1.2 million, and the total intrinsic value of options that were exercised during 2018 was approximately $2.7 million. There were no options outstanding at December 31, 2020, however, the aggregate intrinsic value of options outstanding and exercisable as of December 31, 2019 and 2018 was approximately $1.2 million and $1.4 million, respectively.

We have an employee stock purchase plan. Under the terms of this plan, the maximum number of shares of our common stock that may be purchased is 3,000,000 shares. Generally, our corporate employees and non-union employees of our United States subsidiaries are eligible to participate in this plan. Employees covered by collective bargaining agreements generally are not eligible to participate in this plan.