XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.19.3

Equity-Based Compensation | 9 Months Ended
--- | ---
Sep. 30, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract] |
EQUITY-BASED COMPENSATION | EQUITY-BASED COMPENSATION On May 4, 2018, the shareholders of the Company approved the adoption of the Gibraltar Industries, Inc. 2018 Equity Incentive Plan (the "2018 Plan"). The 2018 Plan provides for the issuance of up to 1,000,000 shares of common stock and supplements the remaining shares available for issuance under the existing Gibraltar Industries, Inc. 2015 Equity Incentive Plan (the "2015 Plan"). Both the 2018 Plan and the 2015 Plan allow the Company to grant equity-based incentive compensation awards, in the form of non-qualified options, restricted shares, restricted stock units, performance shares, performance stock units, and stock rights to eligible participants. In 2016, the shareholders of the Company approved the adoption of the Gibraltar Industries, Inc. 2016 Stock Plan for Non-Employee Directors ("Non-Employee Directors Plan") which allows the Company to grant awards of shares of the Company's common stock to non-employee Directors of the Company and permits the Directors to defer receipt of such shares pursuant to the terms of the Non-Employee Directors Plan. Equity Based Awards - Settled in Stock The following table sets forth the number of equity-based awards granted during the nine months ended September 30, which will convert to shares upon vesting, along with the weighted average grant date fair values:
| 2019 |  | 2018
Awards | Number of Awards (1) |  | Weighted Average Grant Date Fair Value |  | Number of Awards (2) |  | Weighted Average Grant Date Fair Value
Performance stock units | 183,908 |  |  | $ | 40.49 |  |  | 135,540 |  |  | $ | 33.60 |
Restricted stock units | 144,172 |  |  | $ | 39.43 |  |  | 95,674 |  |  | $ | 36.81 |
Deferred stock units | 7,509 |  |  | $ | 37.95 |  |  | 10,255 |  |  | $ | 35.96 |
Common shares | 7,509 |  |  | $ | 37.95 |  |  | 2,113 |  |  | $ | 35.50 |
(1) Included in the performance stock units granted above are 145,420 performance stock units awarded in the first quarter of 2019, which will convert to shares based on the Company's actual return on invested capital ("ROIC") relative to the ROIC targeted for the performance period ended December 31, 2019, and 38,488 performance stock units granted in the third quarter of 2019, which will convert to shares based on net sales and gross profit performance of Apeks acquired in August 2019 compared to targeted net sales and gross profit for the performance period ended December 31, 2021. (2) Performance stock units granted in 2018 which will convert to 126,337 shares to be issued in the first quarter of 2021, representing 95.5% of the targeted 2018 award, based on the Company’s actual ROIC compared to ROIC target for the performance period ended December 31, 2018. Equity Based Awards - Settled in Cash The Company's equity-based liability includes awards under a management stock purchase plan. As of September 30, 2019, the Company's total share-based liabilities recorded on the consolidated balance sheet were $27.0 million, of which $22.0 million was included in non-current liabilities. The share-based liabilities as of December 31, 2018 were $38.4 million, of which $23.6 million was included in non-current liabilities. During the nine months ended September 30, 2019, the Company paid $8.9 million to participants of cash-settled performance stock units awarded in 2016. The participants earned 200% of the target, or 256,000 units, which were converted to cash and valued at the trailing 90-day closing price of the Company's common stock as of December 31, 2018. Management Stock Purchase Plan The Management Stock Purchase Plan ("MSPP") provides participants the ability to defer a portion of their compensation, convertible to unrestricted investments, restricted stock units, or a combination of both, or defer a portion of their Directors’ fees, convertible to restricted stock units. Employees eligible to defer a portion of their compensation also receive a company-matching award in restricted stock units equal to a percentage of their compensation. The deferrals and company-matching are credited to an account that represents a share-based liability. The portion of the account deferred to unrestricted investments is measured at fair market value of the unrestricted investments, and the portion of the account deferred to restricted stock units and company-matching restricted stock units is measured at a 200-day average of the Company stock price. The account will be converted to and settled in cash payable to participants upon retirement or a termination of their service to the Company. The following table provides the number of restricted stock units credited to active participant accounts and the payments made with respect to restricted stock units issued under the MSPP during the nine months ended September 30,:
| 2019 |  | 2018
Restricted stock units credited | 51,381 |  |  | 74,180 |
Share-based liabilities paid (in thousands) | $ | 5,742 |  |  | $ | 4,986 |

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_ShareBasedCompensationAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration