SHARE-BASED COMPENSATION

12 Months Ended

Dec. 31, 2022

NOTE L – SHARE-BASED COMPENSATION

Stock Awards

The Company had outstanding RSUs granted under the ArcBest Corporation Ownership Incentive Plan (the “Ownership Incentive Plan”) as of December 31, 2022 and 2021. The Ownership Incentive Plan provides for the granting of 4.9 million shares, which may be awarded as incentive and nonqualified stock options, stock appreciation rights, restricted stock, RSUs, or performance award units.

Restricted Stock Units

A summary of the Company’s RSU award program is presented below:


		Weighted-Average
		Grant Date
	Units	Fair Value
Outstanding – January 1, 2022	1,482,399	$	29.25
Granted	164,739	$	78.57
Vested	(601,441)	$	26.08
Forfeited⁽¹⁾	(22,446)	$	39.74
Outstanding – December 31, 2022	1,023,251	$	38.83

(1)	Forfeitures are recognized as they occur.

The Compensation Committee of the Company’s Board of Directors granted RSUs during the years ended December 31 as follows:


		Weighted-Average
		Grant Date
	Units	Fair Value
2022	164,739	$	78.57
2021	136,295	$	86.96
2020	579,660	$	19.22

The fair value of restricted stock awards that vested in 2022, 2021, and 2020 was $48.1 million, $36.4 million, and $7.8 million, respectively. Unrecognized compensation cost related to restricted stock awards outstanding as of December 31, 2022 was $16.2 million, which is expected to be recognized over a weighted-average period of approximately 1.2 years.