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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract] |
Stock-Based Compensation | Stock-Based Compensation A summary of restricted and deferred stock transactions during the three months ended March 31, 2020 is as follows:
| Number of shares
Non-vested stock awards outstanding at January 1, 2020 | 2,102,654 |
Awarded: |
Time-vesting shares | 68,824 |
Performance-based shares | 161,426 |
Released: |
Time-vesting shares | (82,427 | )
Performance-based shares | (163,458 | )
Forfeitures: |
Time-vesting shares | (47,700 | )
Performance-based shares | — |
Non-vested stock awards outstanding at March 31, 2020 | 2,039,319 |
The performance-based share awards are subject to either a market condition or a performance condition. For awards subject to a market condition, the performance metric is the Company's total shareholder return, which includes share price appreciation and dividends paid during the three-year term of the award, measured against a peer group of companies. These awards cliff vest at the end of three years. The number of performance-based shares that will ultimately vest is based on the level of market performance achieved, ranging between 0% and 200% of the shares originally awarded, and are settled in stock. For awards subject to a performance condition, the performance metric is the Company's average return on invested capital over the three-year term. These awards cliff vest at the end of three years. The number of performance-based shares that will ultimately vest is based on the level of performance achieved, ranging between 0% and 200% of the shares originally awarded, and are settled in stock. The time-vesting restricted and deferred stock awards vest ratably over three to five years. The weighted average grant-date fair values of awards issued during the three months ended March 31, 2020 were $70.31 for the time-vesting stock awards and $72.47 for the performance-based stock awards. The fair value of the performance-based shares subject to a market condition awarded in 2020 was calculated using a Monte Carlo valuation model, including a weighted average stock price volatility of 22.0%, an expected term of three years, and a weighted average risk-free interest rate of 1.60%. As of March 31, 2020, unrecognized compensation cost related to outstanding non-vested stock awards was $70. The weighted average period over which the expense is expected to be recognized is 2.83 years. The aggregate market value of the shares released on the vesting dates was $12 for the three months ended March 31, 2020.

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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 + Details
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