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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense

The following table outlines the compensation expense recorded by type of award (in thousands):

			Year Ended December 31,
			2021						2020						2019
Restricted and deferred stock units			$	11,895					$	5,283					$	5,518
Performance stock units			3,663						748						764
Stock options			—						125						604
Total stock-based compensation			$	15,558					$	6,156					$	6,886

Summary of Unrecognized Compensation Expense and Vesting Criterion

As of December 31, 2021, unrecognized compensation expense related to the awards granted under the LTIP will be amortized through the relevant periods as follows (in thousands):

			Unrecognized Compensation Expense						Final Year of Recognition
Restricted and deferred stock units			$	9,333					2024
Performance stock units			11,192						2024
Total unrecognized stock-based compensation			$	20,525

The total number of dual-criteria PSUs granted under the LTIP was split as follows for the relevant grant years:

			2021						2020						2019
TSR			100		%				67		%				50		%
ROCE			—		%				33		%				50		%

Summary of the Status and Activity of Non-Vested RSUs, DSUs, and Options

A summary of the status and activity of non-vested RSUs and DSUs for the year ended December 31, 2021 is presented below:

			RSUs and DSUs						Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year			550,056						$	20.30
Granted or assumed			662,748						50.12
Vested			(373,696)						25.61
Forfeited			(24,046)						17.99
Non-vested, end of year			815,062						$	42.18

A summary of the status and activity of non-vested stock options for the year ended December 31, 2021 is presented below:

			Stock Options						Weighted- Average Exercise Price						Weighted-Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value (in thousands)
Outstanding, beginning of year			72,368						$	34.36
Exercised			(46,309)						34.36
Forfeited			(510)						34.36
Outstanding, end of year			25,549						$	34.36					5.0						$	373
Options outstanding and exercisable			25,549						$	34.36					5.0						$	373

Schedule of Assumptions

The following table presents the assumptions used to determine the fair value of the PSUs associated with the market-based settlement criteria as granted under the LTIP:

			Year Ended December 31,
			2021						2020						2019
TSR
Expected term (in years)			3						3						3
Risk-free interest rate			0.30		%				0.22		%				2.26		%
Expected daily volatility			3.8		%				3.5		%				2.6		%
ATSR
Expected term (in years)			2.2
Risk-free interest rate			0.56		%
Expected daily volatility			4.7		%

Summary of the Status and Activity of PSUs

A summary of the status and activity of non-vested PSUs for the year ended December 31, 2021 is presented below:

			PSUs (1)						Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year			185,588						$	22.63
Granted or assumed			177,034						88.13
Vested			(43,255)						32.68
Non-vested, end of year			319,367						$	57.58

___________________________

(1)The number of awards assumes that the associated performance condition is met at the target amount. The final number of shares of the Company’s common stock issued may vary depending on the performance multiplier, which ranges from zero to two, depending on the level of satisfaction of the performance condition.

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