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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2020
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Pursuant to the Company's Omnibus Incentive and Equity Plan (the "Plan"), officers, employees and directors may be granted equity-based awards, including restricted stock units ("RSUs"), performance stock units ("PSUs"), stock options and unrestricted shares of common stock. At March 31, 2020, 364,416 shares of common stock remained available for issuance of the 2,820,000 shares that are authorized for issuance under the Plan. Stock-based compensation expense is summarized as follows:
| Three Months Ended March 31,
(in thousands) | 2020 |  | 2019
Stock-based compensation expense | $ | 3,621 |  |  | $ | 5,629 |
Restricted Stock Units Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs may be time-vested or performance-contingent (PSUs) and generally vest in one to three years. Shares that are issued upon vesting are newly issued shares from the Plan and are not issued from treasury stock. RSU activity for the three months ended March 31, 2020 is summarized as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2019 | 528,376 |  |  | $ | 115.74 |
Granted | 190,372 |  |  | $ | 86.81 |
Forfeited | (1,789 | ) |  | $ | 123.14 |
Settled | (123,090 | ) |  | $ | 111.65 |
Outstanding at March 31, 2020 | 593,869 |  |  | $ | 107.29 |
For the three months ended March 31, 2020 and 2019, a total of 41,426 and 47,658 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations. The Company paid $3.6 million and $4.8 million for the three months ended March 31, 2020 and 2019, respectively, in minimum employee tax withholding obligations related to RSUs withheld for net share settlements. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have been otherwise issued as a result of the vesting. During the three months ended March 31, 2020, the Company granted 68,371 PSUs, included in the table above, that contain performance-based metrics in addition to a service condition. Compensation expense for PSUs is generally recognized over a three-year service period based upon the value determined using a combination of (i) the intrinsic value method, for awards that contain a performance metric that represents a "performance condition" in accordance with ASC 718, and (ii) the Monte Carlo simulation valuation model for awards that contain a "market condition" performance metric under ASC 718. Compensation expense for PSU awards that contain a market condition is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the market condition. Compensation expense for PSU awards with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon measurement at the end of the performance period. As of March 31, 2020, unamortized stock-based compensation expense for unvested RSUs and PSUs was $33.1 million, with a weighted-average remaining amortization period of 1.7 years. Stock Options Stock options generally cliff vest after three years and have a contractual life of 10 years. Stock option activity for the three months ended March 31, 2020 is summarized as follows:
| Number of Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2019 | 6,654 |  |  | $ | 39.35 |
Exercised | (3,145 | ) |  | $ | 31.74 |
Outstanding, vested and exercisable at March 31, 2020 | 3,509 |  |  | $ | 46.17 |

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- 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
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