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EMPLOYEE STOCK PLANS | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
EMPLOYEE STOCK PLANS | EMPLOYEE STOCK PLANS On May 10, 2023, the shareholders of the Company approved an amendment to the 2019 Stock Omnibus Incentive Plan (the “2019 Plan”). The amendment added 1.5 million shares to the total number of shares that may be issued under the 2019 Plan. All other respects of the 2019 Plan remain unchanged. The 2019 Plan, which expires in 2029, permits the grant of various forms of stock-based awards. A maximum of 4.6 million stock options, restricted stock or other stock-based compensation awards may be granted. The terms and vesting schedules for the stock-based awards vary by type and date of grant. Shares subject to award under the 2019 Plan may be either authorized but unissued shares of our common stock or treasury shares. Refer to the Annual Report on Form 10-K for the year ended December 31, 2023 for further discussion on the 2019 Plan. Compensation expense for stock-based awards recognized during the three and six months ended June 30, 2024 and 2023 was as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stock options | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 768 |
Restricted stock units and awards | 1,552 |  |  | 1,355 |  |  | 2,903 |  |  | 2,614 |
Performance share units | 826 |  |  | 1,433 |  |  | 2,113 |  |  | 3,237 |
Total stock-based compensation expense | $ | 2,378 |  |  | $ | 2,788 |  |  | $ | 5,016 |  |  | $ | 6,619 |
Stock Options and Restricted Stock Units and Awards – The Company did not grant any stock options during the six months ended June 30, 2024. The following table presents our restricted stock units and awards activity during the six months ended June 30, 2024 (in thousands, except per share data):
|  |  | Restricted Stock Units and Awards |
|  |  |  |  | Number of Shares |  | Weighted Average Grant-Date Fair Value (1) |
Outstanding at beginning of year |  |  |  |  | 223 |  |  | $ | 41.19 |  |
Granted |  |  |  |  | 91 |  |  | $ | 67.49 |  |
Exercised or released |  |  |  |  | (122) |  |  | $ | 37.93 |  |
Expired or canceled |  |  |  |  | (3) |  |  | $ | 38.52 |  |
Outstanding at June 30, 2024 |  |  |  |  | 189 |  |  | $ | 56.04 |  |
Exercisable at June 30, 2024 |  |  |  |  | 189 |  |  | $ | 56.04 |  |
(1)Represents weighted average market value of the shares; awards are granted at no cost to the recipients.
Performance Share Units (“PSUs”) – PSUs are earned based on our financial performance over a contractual term of three years and the associated expense is recognized over that period based on the fair value of the award. A three-year cliff vesting schedule of the PSUs is dependent upon the Company’s performance relative to pre-established goals based on an earnings per share target (weighted 70%) and total growth in revenue (weighted 30%). The fair value of PSUs is calculated using the market value of a share of our common stock on the date of grant. For performance achieved above specified levels, the recipient may earn additional shares of stock, not to exceed 200% of the number of PSUs initially granted. The following table presents our PSUs activity during the six months ended June 30, 2024 (in thousands, except per share data):
| Performance Share Units |  | Weighted Average Grant-Date Fair Value Per Unit (1) |
Outstanding at beginning of year | 464 |  |  | $ | 33.84 |  |
Granted | 70 |  |  | $ | 66.07 |  |
Vested | (273) |  |  | $ | 27.51 |  |
Canceled | (7) |  |  | $ | 39.09 |  |
Outstanding at June 30, 2024 | 254 |  |  | $ | 49.42 |  |
(1)Represents weighted average market value of the PSUs; PSUs are granted at no cost to the recipients.

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