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Equity Awards | 12 Months Ended
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Dec. 31, 2022
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 awarded the following restricted stock units ("RSUs") during 2022, 2021, and 2020: •granted 209,617, 131,198, and 190,650, 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; •granted 22,554, 21,112 and 30,590 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; and •issued 337, 1,792 and 3,673 RSUs, respectively, related to director fee deferrals as certain of the Company's directors elected to defer all or a portion of their directors fees and to receive the amount in Company common stock at a future date. The Company awarded the following RSUs during 2022 and 2021: •issued 260 and 49 RSUs, respectively, to certain employees related to dividend equivalent rights on existing equity awards. The Company awarded the following RSUs during 2020: •granted 31,816 RSUs to certain employees, which are subject only to a service condition and fully vest at the end of three years so long as the employee remains with the Company; and •granted 2,558 RSUs to certain employees, which are subject only to a service condition and vest one year from the date of grant so long as the employee remains with the Company. During 2022, the Company awarded 85,156 performance-based RSUs to certain key employees which vest three years from the grant date as long as the employee remains with the Company. These awards are earned 50% based upon the Company's achievement of an earnings per share compound annual growth rate ("EPS CAGR") metric over a period beginning January 1, 2022 and ending December 31, 2024. The remaining 50% 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 estimates the grant-date fair value subject to a market condition using a Monte Carlo simulation model, using the following weighted average assumptions: risk-free rate of 1.88% and annualized volatility of 36.5%. Depending on the performance achieved for these two metrics, the amount of shares earned, if any, can vary for each metric from 0% of the target award to a maximum of 200% of the target award. The Company awarded 72,962 and 113,146 of similar performance-based RSUs in 2021 and 2020, respectively. For similar performance-based RSUs awarded in 2019, the Company attained 65.4% of the target on a weighted average basis, resulting in a decrease of 24,975 shares during 2022. During 2020, the Company awarded 87,034 performance-based RSUs to certain key divisional employees which vest three years from the grant date as long as the employee remains with the Company. These awards are earned based upon the Company's stock price performance over the period from January 1, 2020 and ending December 31, 2022. The stock price achievement is calculated based on the Company's average closing stock price for each quarter end for the 20 trading days up to and including March 31, June 30, September 30, and December 31, 2022, respectively. The Company estimates the grant-date fair value subject to a market condition using a Monte Carlo simulation model, using the following weighted average assumptions: risk free rate of 0.85% and annualized volatility of 25.2%. Depending on the performance achieved for this metric, the amount of shares earned, if any, can vary from 0% of the target award to a maximum of 160% of the target award, although it automatically is earned at the target award level if the Company's stock price is equal to or greater than a specified stock price for either five consecutive trading days or 20 total trading days during the performance period. Information related to restricted shares as of and for the year ended December 31, 2022 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, 2022 |  | 673,732 |  |  | $ | 27.38 |  |  |  |  |
Granted |  | 317,924 |  |  | 32.87 |  |  |  |  |
Vested |  | (231,170) |  |  | 30.34 |  |  |  |  |
Cancelled |  | (41,037) |  |  | 35.25 |  |  |  |  |
Outstanding at December 31, 2022 |  | 719,449 |  |  | $ | 28.40 |  |  | 0.9 |  | $ | 19,957,515 |
As of December 31, 2022, there was $6.2 million of unrecognized compensation cost related to unvested restricted shares that is expected to be recorded over a weighted average period of 1.6 years. The Company recognized stock-based compensation expense related to restricted shares of $9.8 million, $9.5 million and $8.2 million in 2022, 2021 and 2020, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying statement of operations.

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