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Equity Compensation Plan (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Information With Respect to Stock Options | We used the following assumptions in determining the fair value of these awards:
|  | Expected stock price volatility |  | Annual expected dividend yield |  | Risk free interest rate
Shares granted February 16, 2021 |  |  |  |  |  |
EnPro Industries, Inc. |  | 47.32 | % |  | 1.40 | % |  | 0.22 | %
S&P 600 Capital Goods Index |  | 50.86 | % |  | n/a |  | 0.22 | %
Shares granted February 18, 2020 |  |  |  |  |  |
EnPro Industries, Inc. |  | 31.62 | % |  | 1.69 | % |  | 1.37 | %
S&P 600 Capital Goods Index |  | 34.90 | % |  | n/a |  | 1.37 | %
Shares granted February 11, 2019 |  |  |  |  |  |
EnPro Industries, Inc. |  | 30.72 | % |  | 1.4 | % |  | 2.53 | %
S&P 600 Capital Goods Index |  | 34.36 | % |  | n/a |  | 2.53 | %
The following table provides certain information with respect to stock options as of December 31, 2021:
Range of Exercise Price | Share Options Outstanding |  | Stock Options Exercisable |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life
Under $80.00 | 68,549 |  |  | 23,163 |  |  | $ | 53.78 |  |  | 8.16
Over $80.00 and under $90.00 | 76,222 |  |  | — |  |  | 80.66 |  |  | 9.18
Over $90.00 | 10,265 |  |  | — |  |  | 106.10 |  |  | 9.91
Total | 155,036 |  |  | 23,163 |  |  | $ | 70.46 |  |  | 8.78
Summary of Restricted Share Units Activity, Performance Share Activity and Restricted Stock Activity | A summary of award activity under these plans is as follows:
| Restricted Share Units |  | Performance Shares - Equity |  | Performance Shares - Liability
| Shares |  | Weighted- Average Grant Date Fair Value |  | Shares |  | Weighted- Average Grant Date Fair Value |  | Shares |  | Fair Value at December 31, 2020
Nonvested at December 31, 2018 | 218,930 |  |  | $ | 57.87 |  |  | 199,655 |  |  | $ | 75.87 |  |  | — |  |  | $ | — |
Granted | 78,576 |  |  | 68.48 |  |  | 116,342 |  |  | 77.15 |  |  | — |  |  | — |
Vested | (78,958) |  |  | 44.44 |  |  | (75,312) |  |  | 49.68 |  |  | — |  |  | — |
Forfeited | (6,830) |  |  | 72.99 |  |  | (12,130) |  |  | 82.26 |  |  | — |  |  | — |
Achievement level adjustment | — |  |  | — |  |  | 24,105 |  |  | 49.68 |  |  | — |  |  | — |
Shares settled for cash | (12,294) |  |  | 43.85 |  |  | — |  |  | — |  |  | — |  |  | — |
Nonvested at December 31, 2019 | 199,424 |  |  | 72.72 |  |  | 252,660 |  |  | 81.46 |  |  | — |  |  | — |
Granted | 97,144 |  |  | 59.27 |  |  | — |  |  | — |  |  | 95,924 |  |  | 105.91 |
Vested | (53,163) |  |  | 68.42 |  |  | — |  |  | — |  |  | — |  |  | — |
Forfeited | (34,890) |  |  | 71.14 |  |  | (33,218) |  |  | 81.91 |  |  | (2,336) |  |  | 105.91 |
Achievement level adjustment | — |  |  | — |  |  | (132,846) |  |  | 93.61 |  |  | — |  |  | — |
Shares settled for cash | (8,136) |  |  | 68.35 |  |  | — |  |  | — |  |  | — |  |  | — |
Nonvested at December 31, 2020 | 200,379 |  |  | 67.83 |  |  | 86,596 |  |  | 77.15 |  |  | 93,588 |  |  | 105.91 |
Granted | 134,895 |  |  | 75.97 |  |  | — |  |  | — |  |  | 160,206 |  |  | 174.16 |
Vested | (30,665) |  |  | 82.14 |  |  | (49,586) |  |  | 77.15 |  |  | — |  |  | — |
Forfeited | (104,573) |  |  | 70.59 |  |  | (6,978) |  |  | 77.15 |  |  | (69,272) |  |  | 177.86 |
Achievement level adjustment | — |  |  | — |  |  | (30,032) |  |  | 77.15 |  |  | — |  |  | — |
Shares settled for cash | (16,878) |  |  | 82.50 |  |  | — |  |  |  |  | — |  |  | — |
Nonvested at December 31, 2021 | 183,158 |  |  | $ | 70.07 |  |  | — |  |  | $ | — |  |  | 184,522 |  |  | $ | 177.86 |
Share-based Compensation Arrangement by Share-based Payment Award, Valuation Assumptions | The following assumptions were used to estimate the fair value of the 2021 option awards:
| Grant Date
| February 25, 2021 |  | May 4, 2021 |  | May 17, 2021 |  | August 5, 2021 |  | November 26, 2021
Fair-value at grant date (per share) | $ | 27.46 |  |  | $ | 30.32 |  |  | $ | 33.53 |  |  | $ | 29.78 |  |  | $ | 36.53 |
Assumptions: |  |  |  |  |  |  |  |  |
Average expected term | 6.0 years |  | 6.0 years |  | 6.0 years |  | 6.0 years |  | 5.6 years
Expected volatility | 40.29 | % |  | 40.37 | % |  | 40.46 | % |  | 40.65 | % |  | 39.51 | %
Risk-free interest rate | 1.02 | % |  | 1.05 | % |  | 1.07 | % |  | 0.87 | % |  | 0.42 | %
Expected dividend yield | 1.35 | % |  | 1.24 | % |  | 1.14 | % |  | 1.26 | % |  | 1.74 | %
The following assumptions were used to estimate the fair value of the 2020 option awards:
| Grant Date
| February 27, 2020 |  | August 27, 2020
Average expected term | 6 years |  | 6 years
Expected volatility | 31.53 | % |  | 39.51 | %
Risk-free interest rate | 1.17 | % |  | 0.42 | %
Expected dividend yield | 1.93 | % |  | 1.74 | %
Share-based Payment Arrangement, Option, Activity | A summary of option activity under the Plans as of December 31, 2021, and changes during the year then ended, is presented below:
| Share Options Outstanding |  | Weighted Average Exercise Price
Balance at December 31, 2020 | 202,804 |  |  | $ | 58.91 |
Granted | 162,327 |  |  | 81.96 |
Exercised | (38,451) |  |  | 48.32 |
Forfeited | (171,644) |  |  | 68.82 |
Balances at December 31, 2021 | 155,036 |  |  | $ | 70.46 |
Schedule Of Intrinsic Value Related to stock Options | The year-end intrinsic value related to stock options is presented below:
| As of and for the Years Ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Options outstanding | $ | 6.1 |  |  | $ | 4.0 |  |  | $ | 0.5 |
Options exercisable | $ | 1.3 |  |  | $ | 0.6 |  |  | $ | 0.4 |
Schedule of Equity Based Compensation | We recognized the following equity-based employee compensation expenses and benefits related to our Plan activity:
| Years Ended December 31,
(in millions) | 2021 |  | 2020 |  | 2019
Compensation expense | $ | 5.0 |  |  | $ | 5.4 |  |  | $ | 6.8 |
Related income tax benefit | $ | 1.4 |  |  | $ | 1.4 |  |  | $ | 2.2 |

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