Share-Based Compensation Plans

12 Months Ended

Dec. 31, 2022

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. Such plan, as amended, no longer allows for the grant of stock options. Under the terms of this plan, 3,250,000 shares were authorized, and 792,726 shares remain available for grant or issuance as of December 31, 2022. Any issuances under this plan are valued at the fair market value of our common stock on the grant date. Forfeitures are recognized as they occur.

The following table summarizes activity regarding restricted stock units since December 31, 2019:


	Shares	Weighted Average Price
Balance, December 31, 2019	417,578	$	70.24
Granted	137,771	$	81.56
Forfeited	(984)	$	79.17
Vested	(156,447)	$	72.72
Balance, December 31, 2020	397,918	$	73.16
Granted	129,859	$	96.32
Forfeited	(2,242)	$	78.86
Vested	(121,067)	$	77.86
Balance, December 31, 2021	404,468	$	79.16
Granted	107,621	$	123.52
Forfeited	(4,665)	$	105.88
Vested	(189,830)	$	67.40
Balance, December 31, 2022	317,594	$	100.83

We recognized approximately $12.1 million, $11.1 million, and $11.2 million of compensation expense for stock units awarded to non-employee directors and employees pursuant to our incentive plans for the years ended December 31, 2022, 2021, and 2020, respectively. We have approximately $9.8 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 49,360 restricted stock units granted to current or former non-employee directors vested as of December 31, 2022, but, at the election of such directors, issuance has been deferred for up to 10 years.

NOTE 13 - SHARE-BASED COMPENSATION PLANS (Continued)

There were 20,000 stock options outstanding at December 31, 2019. Such stock options were exercised during 2020 at a weighted average price of $24.48. The total intrinsic value (the amounts by which the stock price exceeded the exercise price on the date of exercise) for these options was approximately $1.2 million. There has been no other activity with respect to stock options since December 31, 2020, and there were no options outstanding at December 31, 2022 and 2021.

The income tax benefit derived in 2022, 2021, and 2020 as a result of share-based compensation was approximately $3.9 million, $2.6 million, and $1.9 million, respectively, of which approximately $1.7 million, $0.8 million, and $0.2 million, respectively, represented excess tax benefits.

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.