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INCENTIVE STOCK PLANS (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs | A summary of our stock-based compensation cost is presented below:
| 2021 |  | 2020 |  | 2019
Selling and general expenses | $8,255 |  |  | $6,839 |  |  | $6,416 |
Cost of sales | 816 |  |  | 693 |  |  | 378 |
Timber and Timberlands, net (a) | 206 |  |  | 170 |  |  | 110 |
Other operating expense, net (b) | — |  |  | 324 |  |  | — |
Total stock-based compensation | $9,277 |  |  | $8,026 |  |  | $6,904 |
Tax benefit recognized related to stock-based compensation expense (c) | $487 |  |  | $421 |  |  | $362 |
(a)Represents amounts capitalized as part of the overhead allocation of timber-related costs. (b)Represents expense associated with the acceleration of share-based compensation on Pope replacement awards related to qualifying terminations. See Note 27 - Charges for Integration and Restructuring for additional details. (c)A valuation allowance is recorded against the tax benefit recognized as we do not expect to be able to realize the benefit in the future.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of our restricted stock is presented below:
| 2021 |  | 2020 |  | 2019
Restricted shares granted (a) | 22,140 |  |  | 100,452 |  |  | 24,592 |
Weighted average price of restricted shares granted | $37.36 |  |  | $23.15 |  |  | $30.90 |
Intrinsic value of restricted stock outstanding (b) | $3,062 |  |  | $4,666 |  |  | $5,540 |
Grant date fair value of restricted stock vested | 3,121 |  |  | 2,755 |  |  | 5,339 |
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested | 869 |  |  | 566 |  |  | 1,610 |
(a)The year ended December 31, 2020 includes 69,176 replacement awards issued as a result of the merger with Pope Resources. (b)Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2021.
| 2021
| Number of Shares |  | Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1, | 158,820 |  |  | $28.47 |
Granted | 22,140 |  |  | 37.36 |
Vested (a) | (104,917) |  |  | 29.74 |
Cancelled | (181) |  |  | 34.71 |
Non-vested Restricted Shares at December 31, | 75,862 |  |  | $29.29 |
(a)The year ended December 31, 2021 includes 1,430 replacement awards vested as a result of acceleration due to qualifying terminations. A summary of our restricted stock units is presented below:
| 2021 |  | 2020 |  | 2019
Restricted stock units granted | 129,290 |  |  | 171,409 |  |  | 103,634 |
Weighted average price of restricted stock units granted | $33.59 |  |  | $22.58 |  |  | $31.51 |
Intrinsic value of restricted stock units outstanding (a) | $15,095 |  |  | $7,801 |  |  | $3,351 |
Grant date fair value of restricted stock units vested | 493 |  |  | 218 |  |  | 2 |
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted stock units vested | 189 |  |  | 47 |  |  | 1 |
(a)Intrinsic value of restricted stock units outstanding is based on the market price of the Company’s stock at December 31, 2021.
| 2021
| Number of Shares |  | Weighted Average Grant Date Fair Value
Non-vested Restricted Stock Units at January 1, | 265,522 |  |  | $25.75 |
Granted | 129,290 |  |  | 33.59 |
Vested | (18,998) |  |  | 25.94 |
Cancelled | (1,798) |  |  | 29.37 |
Non-vested Restricted Stock Units at December 31, | 374,016 |  |  | $28.44 |
Schedule of Nonvested Performance-based Units Activity | A summary of our performance share units is presented below:
| 2021 |  | 2020 |  | 2019
Common shares reserved for performance shares granted during year | 191,203 |  |  | 361,870 |  |  | 232,684 |
Weighted average fair value of performance share units granted | $36.10 |  |  | $29.59 |  |  | $35.99 |
Intrinsic value of outstanding performance share units (a) | $16,360 |  |  | $11,711 |  |  | $10,758 |
Fair value of performance shares vested | 1,738 |  |  | 3,522 |  |  | 6,387 |
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on performance shares vested | 559 |  |  | 992 |  |  | 2,639 |
(a)Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2021.
| 2021
| Number of Units |  | Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1, | 398,607 |  |  | $34.17 |
Granted | 109,259 |  |  | 36.10 |
Units Distributed | (102,505) |  |  | 40.27 |
Outstanding Performance Share units at December 31, | 405,361 |  |  | $33.16 |
Expected volatility was estimated using daily returns on the Company’s common shares for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. Treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2021:
| 2021 |  | 2020 |  | 2019
Expected volatility | 35.6 | % |  | 32.6 | % |  | 18.4 | %
Risk-free rate | 0.4 | % |  | 0.3 | % |  | 2.3 | %
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the status of our stock options as of and for the year ended December 31, 2021 is presented below:
| 2021
| Number of Shares |  | Weighted Average Exercise Price (per common share) |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Options outstanding at January 1, | 340,985 |  |  | $34.07 |  |  |  |  |
Exercised | (186,590) |  |  | 32.31 |  |  |  |  |
Cancelled or expired | (30,225) |  |  | 34.25 |  |  |  |  |
Options outstanding at December 31, | 124,170 |  |  | 36.67 |  |  | 1.27 |  | $458 |
Options exercisable at December 31, | 124,170 |  |  | $36.67 |  |  | 1.27 |  | $458 |
A summary of additional information pertaining to our stock options is presented below:
| 2021 |  | 2020 |  | 2019
Intrinsic value of options exercised (a) | $916 |  |  | $108 |  |  | $475 |
Cash received from exercise of options | 5,922 |  |  | 1,368 |  |  | 1,260 |
(a)Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.

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