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Stock Based Compensation | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION During the three months ended March 31, 2021, the Company had the following activity related to stock based compensation: Time Vested Restricted Stock Awards The Company made the following awards of time vested restricted stock:
Date |  | Shares Granted |  | Plan |  | Grant Date Fair Value Per Share |  | Vesting Period
2/18/2021 |  | 49,550 |  |  | 2005 Employee Stock Plan |  | $ | 81.84 |  |  | Ratably over 5 years from grant date
The fair value of the restricted stock awards is based upon the average of the high and low price at which the Company’s common stock traded on the date of grant. The holders of restricted stock awards are entitled to receive dividends and to vote from and as of the date of grant. Performance-Based Restricted Stock Awards On February 18, 2021, the Company granted 18,900 performance-based restricted stock awards to certain executive level employees. These performance-based restricted stock awards were issued from the 2005 Employee Stock Plan and were determined to have a grant date fair value per share of $81.84, determined by the average of the high and low price at which the Company's common stock traded on the date of grant. The number of shares to be vested is contingent upon the Company's attainment of certain performance measures outlined in the award agreement and will be measured as of the end of the three year performance period, January 1, 2021 through December 31, 2023. The awards will vest upon the earlier of the date on which it is determined if the performance goal is achieved subsequent to the performance period or March 31, 2024. These awards are accounted for as equity awards due to the nature of these awards and the fact that these shares will not be settled in cash. The holders of these awards are not entitled to receive dividends or vote until the shares are vested. On March 12, 2021, the performance-based restricted stock awards that were awarded on February 15, 2018 vested at 85% of the maximum target shares awarded, or 13,005 shares.

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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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