XML 17 R24.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Equity Awards | 12 Months Ended
--- | ---
Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Equity Awards | Equity Awards The Company maintains the following long-term equity incentive plans (collectively, the "Plans"):
Plan Names |  | Shares Approved for Issuance
TriMas Corporation 2017 Equity and Incentive Compensation Plan |  | 2,000,000 |
TriMas Corporation Director Retainer Share Election Program |  | 100,000 |
The Company previously maintained the 2006 Long Term Equity Incentive Plan, which expired in 2016, and the 2011 Omnibus Incentive Compensation Plan, which was replaced by the TriMas Corporation 2017 Equity and Incentive Compensation Plan in 2017, such that, while existing grants remain outstanding until exercised, vested or canceled, no new shares may be issued under these plans. Stock Options The Company did not grant any stock options during 2019, 2018 and 2017. Information related to stock options as of and for the year ended December 31, 2019 is as follows:
|  | Number of Stock Options |  | Weighted Average Option Price |  | Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
Outstanding at January 1, 2019 |  | 206,854 |  |  | $ | 13.19 |  |  |  |  |
Granted |  | — |  |  | — |  |  |  |  |
Exercised |  | (56,854 | ) |  | 0.86 |  |  |  |  |
Cancelled |  | — |  |  | — |  |  |  |  |
Expired |  | — |  |  | — |  |  |  |  |
Outstanding at December 31, 2019 |  | 150,000 |  |  | $ | 17.87 |  |  | 6.6 |  | $ | 2,031,000 |
As of December 31, 2019, all 150,000 stock options outstanding were exercisable under the Plans. Stock options of 50,000 vested during each of 2019, 2018 and 2017, respectively. The Company recognized approximately $0.1 million, $0.2 million and $0.5 million of stock-based compensation expense related to stock options during 2019, 2018 and 2017, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income. Restricted Stock Units During 2019, 2018 and 2017, the Company issued 139,575, 141,203, and 189,062 RSUs, respectively, to certain employees which are subject only to a service condition and vest ratably over three years so long as the employee remains with the Company. During 2019, 2018 and 2017, the Company granted 25,872, 25,830 and 30,429 RSUs, respectively, to its non-employee independent directors, which vest one year from date of grant so long as the director and/or Company does not terminate their service prior to the vesting date. During 2019, the Company awarded 95,882 performance-based RSUs to certain Company key employees which vest three years from the grant date as long as the employee remains with the Company. These awards are earned 50.0% based upon the Company's achievement of earnings per share compound annual growth rate ("EPS CAGR") metrics over a period beginning January 1, 2019 and ending December 31, 2021. The remaining 50.0% of the awards are earned based on the Company's total shareholder return ("TSR") relative to the TSR of the common stock of a pre-defined industry peer-group, measured over the performance period. TSR is calculated as the Company's average closing stock price for the 20-trading days at the end of the performance period plus Company dividends, divided by the Company's average closing stock price for the 20-trading days prior to the start of the performance period. The Company estimated the grant-date fair value and term of the awards subject to a market condition using a Monte Carlo simulation model, using the following weighted average assumptions: risk-free interest rate of 2.29% and annualized volatility of 26.7%. Depending on the performance achieved for these two metrics, the amount of shares earned, if any, can vary from 0% of the target award to a maximum of 200% of the target award for the EPS CAGR metric and 0% of the target award to a maximum of 200% of the target award for the TSR metric. The Company awarded 104,532 and 111,761 of similar performance-based RSUs in 2018 and 2017, respectively. For similar performance-based RSUs awarded in 2016, the Company attained 139.0% of the target on a weighted average basis, resulting in an increase of 38,315 shares during 2019. The Company allows for its non-employee independent directors to make an annual election to defer all or a portion of their director fees and to receive the deferred amount in cash or equity. Certain of the Company's directors have elected to defer all or a portion of their director fees and to receive the amount in Company common stock at a future date. The Company issued 4,494, 7,263 and 12,912 shares in 2019, 2018 and 2017, respectively, related to director fee deferrals. Information related to restricted shares as of and for the year ended December 31, 2019 is as follows:
|  | Number of Unvested Restricted Shares |  | Weighted Average Grant Date Fair Value |  | Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value
Outstanding at January 1, 2019 |  | 663,128 |  |  | $ | 26.67 |  |  |  |  |
Granted |  | 304,138 |  |  | 31.14 |  |  |  |  |
Vested |  | (315,555 | ) |  | 22.58 |  |  |  |  |
Cancelled |  | (29,183 | ) |  | 30.06 |  |  |  |  |
Outstanding at December 31, 2019 |  | 622,528 |  |  | $ | 30.77 |  |  | 1.0 |  | $ | 19,553,604 |
As of December 31, 2019, there was approximately $7.7 million of unrecognized compensation cost related to unvested restricted shares that is expected to be recorded over a weighted average period of 2.0 years. The Company recognized stock-based compensation expense related to restricted shares of approximately $5.7 million, $6.9 million and $6.2 million in 2019, 2018 and 2017, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying statement of income.

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