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Stock-Based Compensation Plans | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | NOTE 13 – STOCK-BASED COMPENSATION PLANS The compensation cost recorded for stock options for the three months ended June 30, 2024 and 2023 was $2.2 million and $2.0 million, respectively. The compensation cost recorded for stock equivalent units for the three months ended June 30, 2024 and 2023 was $1.5 million and $1.9 million, respectively. The compensation cost recorded for stock options for the first six months of 2024 and 2023 was $4.2 million and $3.9 million, respectively. The compensation cost recorded for stock equivalent units for the first six months of 2024 and 2023 was $4.0 million and $5.1 million, respectively. The following table summarizes the transactions of the Company’s share-based compensation plans for the six months ended June 30, 2024.
|  | Number of shares |  |  | Weighted Average Grant-Date Fair Value |
Nonvested at December 31, 2023 |  |  | 652,891 |  |  | $ | 75.2 |
Granted |  |  | 136,667 |  |  | $ | 130.5 |
Vested |  |  | (178,495 | ) |  | $ | 86.7 |
Forfeited |  |  | (12,062 | ) |  | $ | 82.7 |
Nonvested at June 30, 2024 |  |  | 599,001 |  |  | $ | 84.2 |
For the awards granted with market conditions, a Monte Carlo model has been used to calculate the grant-date fair value. For all other awards granted, a fair market value methodology has been used to calculate the grant-date fair value. The awards granted with market conditions include a performance measure for Innospec's total shareholder return as compared to a peer group of companies. This measure can result in a maximum 130% vesting for the number of stock options granted. The maximum potential vesting has been reflected in the grant-date fair value calculation, but not reflected for the number of awards granted, as shown in the table above. All other awards granted in the quarter have similar vesting conditions to those granted in the previous periods. As of June 30, 2024, there was $28.8 million of total unrecognized compensation cost related to nonvested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 2.1 years.

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