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Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed Amount

Stock-based compensation expense, which is included in Operations and maintenance on the accompanying Consolidated Statements of Income, was as follows for the years ended December 31 (in thousands):

			2021			2020			2019
Stock-based compensation expense			$	9,655		$	5,373		$	12,095

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of the status of the restricted stock and restricted stock units at December 31, 2021, was as follows:

			Restricted Stock			Weighted-Average Grant Date Fair Value
			(in thousands)
Balance at January 1, 2021			196			$	69.05
Granted			118			65.64
Vested			(83)			67.85
Forfeited			(12)			69.59
Balance at December 31, 2021			219			$	67.64

The weighted-average grant-date fair value of restricted stock granted and the total fair value of shares vested during the years ended December 31, were as follows:

			Weighted-Average Grant Date Fair Value			Total Fair Value of Shares Vested
						(in thousands)
2021			$	65.64		$	5,400
2020			$	69.49		$	6,722
2019			$	73.66		$	8,438

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The outstanding performance periods at December 31, 2021 were as follows (shares in thousands):

Possible Payout Range of Target

Grant Date

Performance Period

Target Grant of Shares

Minimum

Maximum

January 1, 2020

January 1, 2020 - December 31, 2022

36

0%

200%

January 1, 2019

January 1, 2019 - December 31, 2021

36

0%

200%

A summary of the status of the Performance Share Plan at December 31, 2021 was as follows:

			Equity Portion						Liability Portion
						Weighted-Average Grant Date Fair Value (a)						Weighted-Average Fair Value at
			Shares						Shares			December 31, 2021
			(in thousands)						(in thousands)
Performance Shares balance at beginning of period			61			$	69.71		61
Granted			—			—			—
Forfeited			—			—			—
Vested			(25)			61.82			(25)
Performance Shares balance at end of period			36			$	68.14		36			$	31.51

____________________

(a)    The grant date fair values for the performance shares granted in 2020 and 2019 were determined by Monte Carlo simulation using a blended volatility of 18% and 21%, respectively, comprised of 50% historical volatility and 50% implied volatility and the average risk-free interest rate of the three-year United States Treasury security rate in effect as of the grant date.

The weighted-average grant-date fair value of performance share awards granted was as follows in the years ended:

			Weighted Average Grant Date Fair Value
December 31, 2020			$	81.42
December 31, 2019			$	68.72

Performance Plan Payouts

Performance plan payouts have been as follows (in thousands):

Performance Period			Year Paid			Stock Issued			Cash Paid			Total Intrinsic Value
January 1, 2018 to December 31, 2020			2021			28			$	1,647		$	3,294
January 1, 2017 to December 31, 2019			2020			14			$	1,100		$	2,199
January 1, 2016 to December 31, 2018			2019			44			$	2,860		$	5,720

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The Monte Carlo simulation is used to estimate expected share payout based on the Company’s TSR for a three-year performance period relative to the designated peer group beginning January 1 of the award year.

			2021
Fair value of share units award			$64.97
Three-year risk-free rate			0.17%
Black Hills Corporation’s common stock volatility			33%
Volatility range for the peer group			25		%	-			76%

Schedule of Nonvested Share Activity

The grant-date fair value for an individual outcome of a performance condition is determined by the closing common share price on the grant date.

The following table summarizes the performance share unit activity for the year ended December 31, 2021:

			Performance Share Units - Market Condition						Performance Share Units - Performance Condition
			Share Units			Weighted-Average Fair Value per Share Unit			Share Units			Weighted-Average Fair Value per Share Unit
Nonvested at January 1, 2021															—			$	—		—			$	—
Granted			32,903			64.97			21,948			61.45
Nonvested at December 31, 2021			32,903			$	64.97		21,948			$	61.45

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