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SHARE-BASED COMPENSATION PLANS | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION PLANS | SHARE-BASED COMPENSATION PLANS The following table provides information on share-based compensation expense and income tax benefit recognized:
| Three months ended September 30, |  | Nine months ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (In thousands)
Stock option and stock purchase plans | $ | 593 |  |  | $ | 1,052 |  |  | $ | 2,230 |  |  | $ | 3,461 |
Unvested stock awards | 12,112 |  |  | 7,337 |  |  | 33,769 |  |  | 15,558 |
Share-based compensation expense | 12,705 |  |  | 8,389 |  |  | 35,999 |  |  | 19,019 |
Income tax benefit | (1,695) |  |  | (1,470) |  |  | (5,208) |  |  | (2,955) |
Share-based compensation expense, net of tax | $ | 11,010 |  |  | $ | 6,919 |  |  | $ | 30,791 |  |  | $ | 16,064 |
Total unrecognized pre-tax compensation expense related to all share-based compensation arrangements at September 30, 2021 was $54 million and is expected to be recognized over a weighted-average period of 1.9 years. We generally grant share-based awards in the first quarter of each year during our annual equity award process. The following table is a summary of the awards granted in the annual equity award process in the first quarter of 2021:
| Shares Granted |  | Weighted-Average Fair Market Value
| (Shares in thousands) |  |  |  |
Time-vested restricted stock rights | 391 |  |  |  | $ | 64.89 |  |  |
Performance-based restricted stock rights | 119 |  |  |  | 67.11 |  |  |
Total | 510 |  |  |  | $ | 65.41 |  |  |
Restricted stock awards are unvested stock rights granted to employees that entitle the holder to shares of common stock as the award vests. Time-vested restricted stock rights typically vest ratably over three years regardless of company performance. The fair value of the time-vested awards is determined and fixed based on Ryder’s stock price on the date of grant. Performance-based restricted stock rights (PBRSRs) are generally granted to executive management and include a performance-based vesting condition. PBRSRs are awarded based on various revenue, return-based and cash flow performance targets and may include a total shareholder return (TSR) modifier for certain members of management. The fair values of PBRSRs that include a TSR modifier are estimated using a lattice-based option-pricing valuation model that incorporates a Monte-Carlo simulation. The fair value of PBRSRs that do not include a TSR modifier is determined and fixed on the grant date based on our stock price on the date of grant. Share-based compensation expense for PBRSRs is recognized on a straight-line basis over the vesting period, based upon the probability that the performance target will be met. PBRSRs awarded in the first quarter of 2021 contained vesting conditions based on return on equity, strategic revenue growth and free cash flow.

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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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