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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Share-Based Compensation | Note 3. Share-Based Compensation We grant share-based compensation awards to our officers, directors, and certain key employees pursuant to the 2017 Viad Corp Omnibus Incentive Plan (the “2017 Plan”). The 2017 Plan has a 10-year term and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock awards and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards; and (f) certain other stock-based awards. In June 2017, we registered 1,750,000 shares of common stock issuable under the 2017 Plan. As of March 31, 2021, there were 759,578 shares available for future grant under the 2017 Plan. The following table summarizes share-based compensation (income) expense:
|  | Three Months Ended |
|  | March 31, |
(in thousands) |  | 2021 |  |  | 2020 |
Performance-based restricted stock units |  | $ | 140 |  |  | $ | (2,635 | )
Restricted stock awards and restricted stock units |  |  | 1,244 |  |  |  | 490 |
Stock options |  |  | 379 |  |  |  | — |
Share-based compensation (income) expense before income tax |  |  | 1,763 |  |  |  | (2,145 | )
Income tax benefit(1) |  |  | (27 | ) |  |  | (109 | )
Share-based compensation (income) expense, net of income tax |  | $ | 1,736 |  |  | $ | (2,254 | )
(1) | The 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees. There was no income tax benefit associated with our employees in the United States and the United Kingdom due to a valuation allowance on our deferred tax assets within these jurisdictions. Refer to Note 17 – Income Taxes.
Performance-based Restricted Stock Units Performance-based restricted stock units (“PRSU”) are tied to our stock price and the expected achievement of certain performance-based criteria. The vesting of PRSU shares is based upon the achievement of the performance-based criteria over a three to four-year period. We account for PRSU awards that will be settled in shares of our common stock as equity-based awards. We measure share-based compensation expense of equity-based awards at fair value on the grant date on a straight-line basis over the vesting period. The estimated number of shares to be achieved is updated each reporting period. We account for PRSU awards that will be settled in cash as liability-based awards. We measure share-based compensation expense of liability-based awards at fair value at each reporting date until the date of settlement. Forfeitures are accounted for as they occur. During the three months ended March 31, 2021, we granted PRSU awards with a grant date fair value of $3.2 million, all of which are payable in shares. In 2021, PRSU awards granted in 2018 vested; however, as performance metrics were not achieved, no awards were paid in cash or in shares. In 2020, PRSU awards granted in 2017 vested and we paid $2.6 million in cash. No PRSU awards were paid in shares in 2020. As of March 31, 2021, the unamortized cost of outstanding equity-based PRSU awards was $3.1 million, which we expect to recognize over a weighted-average period of approximately 2.8 years. Liabilities related to liability-based PRSU awards were $0.9 million as of March 31, 2021 and $0.8 million as of December 31, 2020. The following table summarizes the activity of the outstanding PRSU awards:
|  | Equity-Based PRSU Awards |  |  | Liability-Based PRSU Awards |
|  | Shares |  |  | Weighted-Average Grant Date Fair Value |  |  | Shares |  |  | Weighted-Average Grant Date Fair Value |
Balance at December 31, 2020 |  |  | 61,208 |  |  | $ | 57.18 |  |  |  | 121,485 |  |  | $ | 56.34 |
Granted |  |  | 101,785 |  |  | $ | 31.28 |  |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |  |  |  | (42,698 | ) |  | $ | 51.96 |
Forfeited |  |  | — |  |  | $ | — |  |  |  | (703 | ) |  | $ | 56.97 |
Balance at March 31, 2021 |  |  | 162,993 |  |  | $ | 41.01 |  |  |  | 78,084 |  |  | $ | 57.12 |
Service-based Restricted Stock Awards and Restricted Stock Units Restricted stock awards and restricted stock units are service-based awards. We account for restricted stock awards and restricted stock units that will be settled in shares of our common stock as equity-based awards. We measure share-based compensation expense of equity-based awards at fair value on the grant date on a straight-line basis over the vesting period. We account for restricted stock units that will be settled in cash as liability-based awards. We measure share-based compensation expense of liability-based awards at fair value at each reporting date until the date of settlement. Forfeitures are recorded when they occur. As of March 31, 2021, the unamortized cost of outstanding equity-based restricted stock awards and restricted stock units was $6.8 million, which we expect to recognize over a weighted-average period of approximately 1.3 years. We repurchased 12,055 shares for $0.5 million during the three months ended March 31, 2021 and 17,674 shares for $1.1 million during the three months ended March 31, 2020 related to tax withholding requirements on vested share-based awards. Aggregate liabilities related to liability-based restricted stock units were $0.2 million as of March 31, 2021 and $0.2 million as of December 31, 2020. During the three months ended March 31, 2021, 3,174 restricted stock units vested, and we paid $0.1 million in cash. During the three months ended March 31, 2020, 2,815 restricted stock units vested, and we paid $0.2 million in cash. The following table summarizes the activity of the outstanding restricted stock awards and restricted stock units:
|  | Equity-Based Restricted Stock Awards |  |  | Equity-Based Restricted Stock Units |  |  | Liability-Based Restricted Stock Units |
|  | Shares |  |  | Weighted-Average Grant Date Fair Value |  |  | Shares |  |  | Weighted-Average Grant Date Fair Value |  |  | Shares |  |  | Weighted-Average Grant Date Fair Value |
Balance at December 31, 2020 |  |  | 107,107 |  |  | $ | 53.23 |  |  |  | 151,261 |  |  | $ | 19.51 |  |  |  | 10,459 |  |  | $ | 51.91 |
Granted |  |  | 22,320 |  |  | $ | 44.80 |  |  |  | 62,919 |  |  | $ | 44.79 |  |  |  | — |  |  | $ | — |
Vested |  |  | (37,170 | ) |  | $ | 53.86 |  |  |  | — |  |  | $ | — |  |  |  | (3,174 | ) |  | $ | 52.24 |
Forfeited |  |  | (1,030 | ) |  | $ | 56.94 |  |  |  | (2,026 | ) |  | $ | 19.75 |  |  |  | — |  |  | $ | — |
Balance at March 31, 2021 |  |  | 91,227 |  |  | $ | 50.87 |  |  |  | 212,154 |  |  | $ | 27.00 |  |  |  | 7,285 |  |  | $ | 53.34 |
Stock Options We grant non-qualified stock options that are performance-based, as well as non-qualified options that are service-based. The performance-based awards are recognized on a straight-line basis over the performance period ranging from 1.0 to 3.4 years, and the underlying shares expected to be settled are adjusted each reporting period based on estimated future achievement of the respective performance metrics. The service-based awards are recognized on a straight-line basis over the requisite service period on a graded-vesting schedule over two years. The following table summarizes stock option activity:
|  | Shares |  |  | Weighted-Average Exercise Price |  |  | Aggregate Intrinsic Value(1) |
Options outstanding at December 31, 2020 |  |  | 204,150 |  |  | $ | 19.98 |  |  |  |  |
Granted |  |  | 137,858 |  |  | $ | 44.80 |  |  |  |  |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |
Options outstanding at March 31, 2021 |  |  | 342,008 |  |  | $ | 29.98 |  |  | $ | 4,445,085 |
Options exercisable at March 31, 2021 |  |  | — |  |  | $ | — |  |  | $ | — |
(1) | The aggregate intrinsic value of stock options outstanding represents the difference between our closing stock price at the end of the reporting period and the exercise price, multiplied by the number of in-the-money stock options.
The following table summarizes stock options outstanding and exercisable as of March 31, 2021:
|  |  |  | Options Outstanding |  |  | Options Exercisable |
Range of exercise prices |  |  | Shares |  |  | Weighted-Average Remaining Contractual Life (in years) |  |  | Weighted-Average Exercise Price |  |  | Shares |  |  | Weighted-Average Exercise Price |
$ | 19.30 |  |  |  | 150,000 |  |  |  | 7.75 |  |  | $ | 19.30 |  |  |  | — |  |  | $ | — |
$ | 21.85 |  |  |  | 54,150 |  |  |  | 6.41 |  |  | $ | 21.85 |  |  |  | — |  |  | $ | — |
$ | 44.80 |  |  |  | 137,858 |  |  |  | 6.90 |  |  | $ | 44.80 |  |  |  | — |  |  | $ | — |
$19.30 - $44.80 |  |  |  | 342,008 |  |  |  | 7.20 |  |  | $ | 29.98 |  |  |  | — |  |  | $ | — |
The fair value of stock options granted in 2021 was estimated on the date of grant using the Black-Scholes option pricing model. Following is additional information on stock options granted during the three months ended March 31, 2021 and the underlying assumptions used in assessing fair value:
|  | Three Months Ended |
|  | March 31, 2021 |
Assumptions used to estimate fair value of stock options granted: |  |  |  |
Risk-free interest rate |  | 0.50% |
Expected term (in years) |  |  | 4.5 |
Expected volatility |  | 55.8% |
Expected dividend yield |  |  | — |
Weighted average grant-date fair value per share of options granted |  | $ | 20.26 |
As of March 31, 2021, the total unrecognized compensation cost related to non-vested stock option awards was $3.8 million. We expect to recognize such costs over a weighted-average period of approximately 1.9 years.

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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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