XML 34 R20.htm IDEA: XBRL DOCUMENT
v3.20.4

Stock-Based Compensation Plans | 12 Months Ended
--- | ---
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-Based Compensation Plans | NOTE 14. Stock-Based Compensation Plans The 2017 Long-Term Incentive Plan (the “2017 Incentive Plan”) was approved by the Board of Directors and subsequently approved by the Company’s stockholders at the 2017 annual meeting. The 2017 Incentive Plan authorizes a broad range of awards including stock options, stock appreciation rights, restricted stock and restricted stock units, performance shares or units, other stock-based awards, and cash incentive awards to all employees (including the Company’s executive officers), directors, consultants, independent contractors or agents of us or a related company. The 2017 Incentive Plan is effective as of March 15, 2017. As of December 31, 2020, 828,022 shares were available for future grant under the 2017 Incentive Plan. We have awarded time-based restricted stock to our employees and the Company’s non-employee Directors. This restricted stock vests over a three to five-year period for all recipients other than the Company’s non-employee Directors. The non-employee Directors restricted stock vests over a one period. In 2020, 2019 and 2018, in addition to the time-based restricted stock we granted performance-based restricted stock to our executive officers. The performance-based restricted stock cliff vests after the third anniversary year if certain EBITDA targets are achieved. Share-based compensation expense for 2020, 2019 and 2018 was $17.1 million, $16.3 million and $13.5 million or $13.1 million, $12.1 million and $10.1 million, net of taxes, respectively. Included in the 2020, 2019 and 2018 share-based compensation expense was $4.5 million, $3.4 million and $1.8 million of performance-based share expenses or $3.5 million, $2.6 million and $1.3 million, net of taxes, respectively. The following table summarizes the non-vested restricted stock activity for the year ended December 31, 2020:
|  |  |  |  | Time-Based |  |  |  |  |  |  | Performance-Based |
|  |  |  |  | Restricted Stock |  |  |  |  |  |  | Restricted Stock |
|  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
| Time-Based |  |  | Average |  |  | Performance-Based |  |  | Average |
| Restricted Stock |  |  | Grant Date |  |  | Restricted Stock |  |  | Grant Date |
| Shares |  |  | Fair Value |  |  | Shares |  |  | Fair Value |
Non-vested January 1, 2020 |  | 875,492 |  |  | $ | 41.34 |  |  |  | 127,500 |  |  | $ | 43.04 |
Granted |  | 339,196 |  |  | $ | 52.07 |  |  |  | 132,288 |  |  | $ | 51.07 |
Vested |  | (311,077 | ) |  | $ | 43.19 |  |  |  | (114,000 | ) |  | $ | 49.20 |
Forfeited |  | (111,128 | ) |  | $ | 43.92 |  |  |  | (16,310 | ) |  | $ | 44.45 |
Non-vested at December 31, 2020 |  | 792,483 |  |  | $ | 46.01 |  |  |  | 129,478 |  |  | $ | 45.64 |
The following table summarizes the restricted stock granted during the respective years:
Time-based restricted stock grants | 2020 |  |  | 2019 |  |  | 2018 |
Employees |  | 312,855 |  |  |  | 355,579 |  |  |  | 463,818 |
Outside directors |  | 26,341 |  |  |  | 32,262 |  |  |  | 37,125 |
Total |  | 339,196 |  |  |  | 387,841 |  |  |  | 500,943 |
Weighted average grant date fair value | $ | 52.07 |  |  | $ | 38.02 |  |  | $ | 47.34 |
Vesting period | 1-5 years |  |  | 1-5 years |  |  | 1-5 years |
The 2018 performance shares earned a 200% award therefore an additional 57,000 shares were issued to settle the award on the vesting date of December 4, 2020. A new performance-based restricted stock grant of 75,288 shares were issued to employees in 2020. The performance-based restricted stock grants in 2019 and 2018 were 76,500 and 89,143, respectively. The weighted average grant date fair value of these shares was $51.07 in 2020, $37.20 in 2019, and $49.20 in 2018, all with a cliff vest after three years. The fair value of non-vested restricted stock is equal to the market price of our stock at the date of grant. The total fair value of restricted shares vested during the years ended December 31, 2020, 2019 and 2018 was $17.8 million, $14.7 million and $13.3 million, respectively. As of December 31, 2020, 2019, and 2018, there was $27.5 million, $27.4 million and $31.5 million of unrecognized compensation cost related to non-vested time-based compensation, respectively, that is expected to be recognized over a weighted average period for 2020, 2019, and 2018 of 2.47 years, 2.91 years and 2.81 years. Additionally, as of December 31, 2020, 2019, and 2018 there was $3.5 million, $4.2 million and $2.4 million of unrecognized compensation cost, respectively, related to the non-vested performance-based restricted stock compensation that is expected to be recognized over a weighted average period of 1.5 years for both 2020 and 2019 and 2.0 years for 2018. During January 2021, we granted 265,308 shares of restricted stock, which includes 79,608 performance-based shares and 185,700 time-based shares, to certain employees and 24,563 shares of restricted stock to outside directors with a weighted average grant date fair value of $57.00. The stock vests over a five-year period for employees and one year for outside directors, except for the performance-based shares that cliff vest after three years.

X
- 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
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration