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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock-based compensation | Stock-Based Compensation The Company has stock-based compensation plans under which it is currently authorized to grant restricted stock and other stock awards. As of December 31, 2021, there were 3.7 million remaining shares available to grant under these plans. The Company either purchases shares on the open market or issues new shares of common stock to satisfy the vesting of stock-based awards. Total stock-based compensation expense (after tax) was $12.0 million, $10.8 million and $6.5 million in 2021, 2020 and 2019, respectively. As of December 31, 2021, total remaining unrecognized compensation expense related to stock-based compensation was approximately $10.9 million (before income taxes) which will be amortized over a weighted average period of 1.6 years. Stock awards Non-employee directors receive shares of common stock in addition to and in lieu of cash payment for directors' fees. There were 41,925 shares with a fair value of $1.2 million, 45,273 shares with a fair value of $1.1 million and 41,644 shares with a fair value of $1.2 million issued to non-employee directors during the years ended December 31, 2021, 2020 and 2019, respectively. Restricted stock awards In February 2021, key employees were granted restricted stock awards under the long-term performance-based incentive plan. The shares vest over three years, contingent on continued employment. Compensation expense is recognized over the vesting period. At December 31, 2021, the number of outstanding shares granted was 93,700 with a weighted average grant-date fair value of $27.35 per share. Performance share awards Since 2003, key employees of the Company have been granted performance share awards each year under the long-term performance-based incentive plan. Entitlement to performance shares is established by either the market condition or the performance metrics and service condition relative to the designated award. Target grants of performance shares outstanding at December 31, 2021, were as follows:
Grant Date | Performance Period | Target Grant of Shares
February 2020 | 2020-2022 | 273,918 |
February 2021 | 2021-2023 | 281,129 |
Under the market condition for these performance share awards, participants may earn from zero to 200 percent of the apportioned target grant of shares based on the Company's total shareholder return relative to that of the selected peer group. Compensation expense is based on the grant-date fair value as determined by Monte Carlo simulation. The blended volatility term structure ranges are comprised of 50 percent historical volatility and 50 percent implied volatility. Risk-free interest rates were based on U.S. Treasury security rates in effect as of the grant date. Assumptions used for grants applicable to the market condition for certain performance shares issued in 2021, 2020 and 2019 were:
|  | 2021 |  |  |  | 2020 |  |  |  | 2019 |
Weighted average grant-date fair value |  | $37.96 |  |  |  | $40.75 |  |  |  | $35.07 |
Blended volatility range |  | 35.37% - 46.35% |  |  | 15.30% - 15.97% |  |  | 19.50% - 19.69%
Risk-free interest rate range |  | .02% - .20% |  |  | 1.45% - 1.62% |  |  | 2.46% - 2.55%
Weighted average discounted dividends per share |  | $3.16 |  |  |  | $2.91 |  |  |  | $2.85 |
Under the performance conditions for these performance share awards, participants may earn from zero to 200 percent of the apportioned target grant of shares. The performance conditions are based on the Company's compound annual growth rate in earnings from continuing operations before interest, taxes, depreciation, depletion and amortization and the Company's compound annual growth rate in earnings from continuing operations. The weighted average grant-date fair value per share for the performance shares applicable to these performance conditions issued in 2021, 2020 and 2019 was $27.35, $31.63 and $26.25, respectively. The fair value of the performance shares that vested during the years ended December 31, 2021, 2020 and 2019, was $13.7 million, $9.7 million and $9.7 million, respectively. A summary of the status of the performance share awards for the year ended December 31, 2021, was as follows:
| Number of Shares | Weighted Average Grant-Date Fair Value
Nonvested at beginning of period | 613,174 |  | $ | 33.24 |
Granted | 284,104 |  | 32.66 |
Additional performance shares earned | 116,467 |  | 22.68 |
Less: |  |
Vested | 443,661 |  | 28.57 |
Forfeited | 15,037 |  | 35.49 |
Nonvested at end of period | 555,047 |  | $ | 34.40 |

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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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