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Stock Plans and Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Shares Authorized, Available for Future Grant and Outstanding Under Each Plans | The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans as of December 31, 2021:
| Authorized |  | Available |  | Outstanding(1)
| (in thousands)
2004 Incentive Plan | 33,000 |  |  | 4,736 |  |  | 2,776 |
2013 Directors Plan | 1,000 |  |  | 512 |  |  | 48 |
2021 Inducement Plan | 1,300 |  |  | 310 |  |  | 774 |
Topgolf Equity Compensation Plans and Option Agreement | — |  |  | — |  |  | 1,933 |
Total | 35,300 |  |  | 5,558 |  |  | 5,531 |
____________ (1)Includes 1,384 shares of accrued incremental dividend equivalent rights on outstanding shares underlying restricted stock units granted under the 2004 Incentive Plan and 2013 Directors Plan.
Stock Option Activities | The following table summarizes the Company’s stock option activities for the year ended December 31, 2021 (in thousands, except price per share amounts and contractual term):
Options |  | Number of Shares |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at January 1, 2021 |  | 598 |  |  | $ | 6.52 |  |  |  |  |
Granted |  | 3,168 |  |  | $ | 25.93 |  |  |  |  |
Exercised |  | (1,436) |  |  | $ | 15.52 |  |  |  |  |
Forfeited |  | (110) |  |  | $ | 33.42 |  |  |  |  |
Expired |  | (232) |  |  | $ | 30.93 |  |  |  |  |
Outstanding at December 31, 2021 |  | 1,988 |  |  | $ | 26.60 |  |  | 5.22 |  | $ | 7,380 |
Vested and expected to vest in the future at December 31, 2021 |  | 1,979 |  |  | $ | 26.57 |  |  | 5.21 |  | $ | 7,380 |
Exercisable at December 31, 2021 |  | 1,552 |  |  | $ | 24.81 |  |  | 4.62 |  | $ | 7,380 |
The following table summarizes information related to outstanding stock options as of December 31, 2021:
|  |  |  | Weighted Average
Range of Option Prices |  | Options Outstanding |  | Remaining Life (Years) |  | Exercise Price
$6.52 to $35.14 |  | 1,988,000 |  | 5.22 |  | $26.60
Summary of Fair Value Assumptions | The table below summarizes the range and the weighted averages of the fair value assumptions used in the Black-Scholes valuation as of March 8, 2021.
Assumptions: |  | Range |  | Weighted Averages
Expected term (in years) |  | 0.3 - 7.1 |  | 3.7
Volatility |  | 43.0% - 85.4% |  | 55.1%
Risk-free interest rate |  | 0.1% -1.3% |  | 0.6%
Dividend yield |  | — |  | —
Roll-Forward of Activity for Restricted Stock Units | The table below is a roll-forward of the activity for restricted stock units for the year ended December 31, 2021 (in thousands, except fair value amounts):
Restricted Stock Units |  | Units |  | Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2021 |  | 900 |  |  | $ | 15.83 |
Granted |  | 1,154 |  |  | 29.60 |
Vested |  | (432) |  |  | 15.07 |
Forfeited |  | (41) |  |  | 27.50 |
Unvested at December 31, 2021(1) |  | 1,581 |  |  | $ | 25.79 |
____________ (1)Excludes 1,384 shares of accrued incremental dividend equivalent rights on outstanding shares underlying restricted stock units granted under the 2004 Incentive Plan and 2013 Directors Plan.
Roll-Forward of Activity for Restricted Stock Awards | The table below is a roll-forward of the activity for restricted stock awards granted as part of the replacement awards for the year ended December 31, 2021 (in thousands, except fair value amounts):
Restricted Stock Awards |  | Units |  | Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2021 |  | — |  |  | $ | — |
Granted |  | 188 |  |  | 28.74 |
Vested |  | (29) |  |  | 29.52 |
Forfeited |  | (11) |  |  | 16.63 |
Unvested at December 31, 2021 |  | 148 |  |  | $ | 29.52 |
Roll-Forward of Activity for Performance Share Units | The table below is a roll-forward of the activity for performance based awards during the year ended December 31, 2021 (in thousands, except fair value amounts):
Performance Share Units |  | Units |  | Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2021 |  | 835 |  |  | $ | 17.08 |
Performance Share Units Granted |  | 1,440 |  |  | $ | 30.35 |
Target Award Adjustment(1) |  | 279 |  |  | $ | 14.80 |
Vested |  | (557) |  |  | $ | 14.80 |
Forfeited |  | (36) |  |  | $ | 25.77 |
Unvested at December 31, 2021 |  | 1,961 |  |  | $ | 27.00 |
____________ (1)Represents shares earned by participants at 200% for awards granted in 2018.
Share-Based Compensation Including Expense for Phantom Stock Units and Cash Settled Stock Appreciation Rights Granted to Employees | The table below summarizes the amounts recognized in the financial statements for the years ended December 31, 2021, 2020 and 2019 for share-based compensation, including expense for restricted stock units, performance share units, stock options and cash settled stock appreciation rights (in thousands):
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Cost of products | $ | 1,219 |  |  | $ | 763 |  |  | $ | 961 |
Selling, general and administrative expenses | 36,524 |  |  | 9,326 |  |  | 10,955 |
Research and development expenses | 942 |  |  | 838 |  |  | 980 |
Total cost of share-based compensation included in income, before income tax | 38,685 |  |  | 10,927 |  |  | 12,896 |
Income tax benefit | 8,898 |  |  | 2,513 |  |  | 2,966 |
Total cost of employee share-based compensation, after tax | $ | 29,787 |  |  | $ | 8,414 |  |  | $ | 9,930 |

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