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Stock-based Compensation | 9 Months Ended
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Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-based Compensation |
5. | STOCK-BASED COMPENSATION
On September 30, 2021, the Company had stock options, stock awards and stock appreciation rights (SARs) outstanding under its 2011 Incentive Compensation Plan. SARs granted prior to 2015 are cash-settled, and SARs granted in 2015 and later are stock-settled. Stock options and SARs granted prior to 2017 generally cliff vested after two years. Starting in 2017, stock options and SARs have a three-year graded vesting feature, with one-third of the awards vesting each year. The Company has elected the straight-line method of expense attribution for the stock options and SARs with the graded vesting feature. Compensation expense recorded for all stock options, stock awards and SARs was as follows:
(In thousands) |
Three Months Ended September 30 |  |  | Nine Months Ended September 30 |
2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
$ | 2,723 |  |  | $ | 3,223 |  |  | $ | 8,069 |  |  | $ | 7,414 |
The decrease in stock-based compensation expense for the three months of 2021 versus the same period in 2020 was due to a decrease in cash-settled SARS compensation expense which reflects a decrease in the market value of Company stock during the third quarter of 2021 versus an increase in the market value of Company stock during the third quarter of 2020. The increase in stock-based compensation expense for the first nine months of 2021 compared to the first nine months of 2020 was primarily attributable to performance awards. The increase in performance awards compensation expense reflects management’s assessment of profitability performance targets. Unrecognized compensation costs for stock options, stock awards and SARs were as follows:
(In thousands) |  | September 30, 2021 |  |  | December 31, 2020 |
Stock options |  | $ | 2,739 |  |  | $ | 1,993 |
Stock awards |  |  | 6,728 |  |  |  | 5,313 |
SARs |  |  | 5,931 |  |  |  | 4,341 |
The increases in unrecognized compensation costs for stock options, stock awards and SARs reflected the 2021 grants of:
|  | Shares |
Stock options |  |  | 66,134 |
Stock awards (at target) |  |  | 41,228 |
SARs |  |  | 142,451 |
The unrecognized compensation costs at September 30, 2021, are expected to be recognized over weighted-average periods of 1.8 years for stock options, SARs and stock awards.

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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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