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Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Stock-Based Compensation

Stock-Based Compensation

14. Stock-Based Compensation

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Key employees, outside directors, consultants, and advisors of PAG are eligible to receive stock-based compensation pursuant to the terms of our 2020 Equity Incentive Plan (the “2020 Plan”). This plan allows for the issuance of shares for stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, and other awards. The 2020 Plan allows for up to 5,000,000 awards, of which 4,954,087 shares of common stock were available for grant as of December 31, 2020, and terminates once all awards have been issued. Compensation expense related to our equity incentive plans were $20.4 million, $17.8 million, and $16.8 million during 2020, 2019, and 2018, respectively.

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Restricted Stock

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During 2020, 2019, and 2018, we granted 280,830, 524,063, and 330,048 shares, respectively, of restricted common stock and restricted stock units at no cost to participants under the plan. These awards provide the holder voting and dividend rights prior to vesting. The awards are subject to forfeiture and are non-transferable, which restrictions generally lapse over a four-year period from the grant date at a rate of 15%, 15%, 20% and 50% per year. We have determined that the grant date quoted market price of the underlying common stock is the appropriate measure of compensation cost. This cost is amortized as expense over the restriction period. As of December 31, 2020, there was $27.2 million of unrecognized compensation cost related to the restricted stock, which is expected to be recognized over the restricted period.

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Presented below is a summary of the status of our restricted stock as of December 31, 2020, and 2019 and changes during the year ended December 31, 2020:

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​	​	​	​	​	​	​	​	​	​
​		​		Weighted Average			Aggregate
​	​	Shares	​	Grant Date Fair Value		​	Intrinsic Value
December 31, 2019		1,126,705	​	$	46.55	​	​	​	​
Granted		280,830	​		51.61	​	​	​	​
Vested		(357,295)	​		44.85	​	​	​	​
Forfeited		(22,505)	​		46.08	​	​	​	​
December 31, 2020		1,027,735	​	$	47.75	​	$	61.0	​

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- Definition

The entire disclosure for share-based payment arrangement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

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- References

No definition available.

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