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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Pursuant to the Company's Omnibus Incentive and Equity Plan (the "Omnibus 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 December 31, 2021, 807,671 shares of common stock remain available for issuance of the 3,370,000 shares that are authorized for issuance under the Omnibus Plan. Stock-based compensation expense is summarized as follows:
| Years Ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Stock-based compensation expense | $ | 26,225 |  |  | $ | 21,481 |  |  | $ | 22,232 |
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 that convert into RSUs after performance measurement is complete. Shares that are issued upon vesting, generally one to three years after grant, are newly issued shares from the Omnibus Plan and are not issued from treasury stock. RSU activity, inclusive of PSUs, for the year ended December 31, 2021 is summarized as follows:
| Number of shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020 | 533,185 |  |  | $ | 106.19 |
Granted | 107,367 |  |  | $ | 268.65 |
Forfeited | (24,699) |  |  | $ | 129.96 |
Settled | (185,123) |  |  | $ | 123.19 |
Outstanding at December 31, 2021 | 430,730 |  |  | $ | 138.01 |
The grant-date intrinsic value of RSUs granted during the year ended December 31, 2021 was $28.8 million.
| Years Ended December 31,
(in millions, except per share values) | 2021 |  | 2020 |  | 2019
Weighted-average grant-date fair value per share | $ | 268.65 |  |  | $ | 86.73 |  |  | $ | 108.42 |
Fair value of RSUs vested | $ | 22.8 |  |  | $ | 21.8 |  |  | $ | 17.8 |
For the years ended December 31, 2021, 2020 and 2019, a total of 73,069, 68,625 and 66,441 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations. The Company paid $19.5 million, $6.5 million and $6.9 million for the years ended December 31, 2021, 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 otherwise been issued as a result of the vesting. During the years ended December 31, 2021 and 2020, the Company granted 26,425 and 68,371 PSUs, respectively, 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 December 31, 2021 and 2020, unamortized stock-based compensation expense for unvested RSUs and PSUs was $24.9 million and $22.3 million, respectively, with a weighted average remaining contractual life of 1.0 years and 1.2 years, respectively. The Company did not capitalize any stock-based compensation expenses during the years ended December 31, 2021, 2020 and 2019. Stock Options Stock option activity for the year ended December 31, 2021 is summarized as follows:
| Number of shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2020 | 1,193 |  |  | $ | 55.18 |
Exercised | (1,193) |  |  | $ | 55.18 |
Outstanding at December 31, 2021 | — |  |  | $ | — |
Vested and exercisable at December 31, 2021 | — |  |  | $ | — |
The total intrinsic value of stock options exercised for the years ended December 31, 2021, 2020 and 2019 was $0.2 million, $0.4 million and $6.4 million, respectively. Cash received from stock option exercises was $0.1 million, $0.2 million and $0.7 million for 2021, 2020 and 2019, respectively. Employee Stock Purchase Plan The Company offers an employee stock purchase plan that allows employees to purchase shares of common stock on the open market at market price through after-tax payroll deductions. The initial transaction fees are paid for by the Company and shares of common stock are purchased on a quarterly basis. The Company does not reserve shares for this plan or discount the purchase price of the shares.

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