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Stock-based Compensation | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | 5. STOCK-BASED COMPENSATION Compensation expense recorded for all stock options, performance shares, restricted stock units (RSUs) and stock appreciation rights (SARs) was as follows:
(In thousands) |
Three Months Ended June 30, |  |  | Six Months Ended June 30, |
2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
$ | 1,158 |  |  | $ | 3,998 |  |  | $ | 2,157 |  |  | $ | 6,955 |
The decrease in stock-based compensation expense for both the second quarter and first six months of 2023, compared to the same periods of 2022, was primarily attributable to Company management lowering its assessment of the achievement of performance targets for certain grants and the non-recurrence of accelerated vesting of certain equity grants for the Company's former Chief Executive Officer, who retired on April 25, 2022. Unrecognized compensation costs for stock options, performance shares, RSUs and SARs were as follows:
(In thousands) |  | June 30, 2023 |  |  | December 31, 2022 |
Stock options |  | $ | 449 |  |  | $ | 692 |
Performance shares and RSUs |  |  | 5,596 |  |  |  | 6,144 |
SARs |  |  | 5,909 |  |  |  | 5,211 |
The change in unrecognized compensation costs reflects the new 2023 grants of stock options, performance shares, RSUs and SARs and Company management lowering its assessment of the achievement of performance targets for certain grants. The new 2023 grants were as follows:
|  | Shares |
Stock options |  |  | 2,777 |
Performance shares (at target) and RSUs |  |  | 86,118 |
SARs |  |  | 77,006 |
T he unrecognized compensation costs at June 30, 2023, are expected to be recognized over weighted-average periods of 1.1 years for stock options, 1.9 years for performance shares and RSUs and 1.9 years for SARs.

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