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Stock Incentive Plans | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Stock Incentive Plans | Stock Incentive Plans Stock Incentive Plan The Company recorded share-based compensation expense as follows for the three months ended March 31, 2022 and 2021:
| Three Months Ended
| March 31, 2022 |  | March 31, 2021
Salaries, wages and employee benefits - continuing operations | $ | 2,422 |  |  | $ | 2,269 |
Salaries, wages and employee benefits - discontinued operation | — |  |  | 16 |
Total share-based compensation expense | $ | 2,422 |  |  | $ | 2,285 |
In May 2016, the Company adopted the 2016 Omnibus Incentive Compensation Plan (the “Omnibus Plan”) for the issuance of up to 2,000 common shares to employees. As of March 31, 2022, appro ximately 649 shares remain available for grant under the Omnibus Plan. Stock Options Certain executives are eligible to receive grants of stock options. Stock options vest over a three-year period from the date of grant. Share-based compensation expense associated with these awards is amortized ratably over the vesting period. The Company estimates the fair value of the grants using the Black-Scholes option-pricing model. Stock option transactions during the three months ended March 31, 2022 on a continuing operations basis were as follows:
| Stock Options |  | Weighted-Average Exercise Price
Outstanding as of January 1 | 342 |  |  | $ | 58.44 |
Granted | 64 |  |  | 106.13 |
Exercised | (3) |  |  | 60.42 |
Forfeited | — |  |  | — |
Outstanding as of March 31 | 403 |  |  | $ | 65.95 |
As of March 31, 2022, the total share-based compensation expense related to unvested stock options not yet recognized was $2,343, and the weighted-average period over which it is expected to be recognized is approximately three years. Restricted Shares The Company’s primary long-term incentive plan is a restricted share award plan that entitles employees to receive a share of the Company’s common stock subject to vesting requirements based on continued employment. Shares granted under the restricted share award plan are restricted from sale or transfer until vesting, and the restrictions lapse in three equal installments beginning one year after the date of grant. Dividends are paid in cash on a current basis throughout the vesting period. Share-based compensation expense associated with these awards is amortized ratably over the requisite service period. Restricted share transactions on a continuing operations basis during the three months ended March 31, 2022 were as follows:
| Restricted Shares |  | Weighted-Average Grant Date Fair Value
Outstanding as of January 1 | 191 |  |  | $ | 69.84 |
Granted | 77 |  |  | 106.24 |
Vested | (89) |  |  | 67.39 |
Forfeited | (3) |  |  | 87.11 |
Outstanding as of March 31 | 176 |  |  | $ | 86.70 |
As of March 31, 2022, the total share-based compensation expense related to restricted shares not yet recognized was $14,051, and the weighted-average period over which it is expected to be recognized is approximately two years. Performance Awards Performance awards are based on achieving certain financial targets, such as targets for earnings before interest, taxes, depreciation and amortization, and the Company’s total shareholder return as compared to the total shareholder return of a selected peer group, as determined by the Board. Performance targets are set at the beginning of each three-year measurement period. Share-based compensation expense associated with these awards is amortized ratably over the vesting period. Depending on the financial target, the compensation expense is determined based on the projected assessment of the level of performance that will be achieved. The Company estimates the fair value of the grants with a financial target based on the Company’s total shareholder return using a Monte Carlo simulation model. Performance award transactions during the three months ended March 31, 2022 on a continuing operations basis were as follows assuming target levels of performance:
| Performance Awards |  | Weighted-Average Grant Date Fair Value
Outstanding as of January 1 | 79 |  |  | $ | 75.61 |
Granted | 14 |  |  | 127.29 |
Earned | (7) |  |  | 63.40 |
Forfeited or unearned | (7) |  |  | 59.41 |
Outstanding as of March 31 | 79 |  |  | $ | 87.69 |
As of March 31, 2022, the total share-based compensation expense related to unearned performance awards not yet recognized, assuming the Company’s current projected assessment of the level of performance that will be achieved, was $4,949, and the weighted-average period over which it is expected to be recognized is approximately two years. Employee Stock Purchase Plan Under the 2005 Employee Stock Purchase Plan (the “ESPP”), the Company is authorized to issue up to a remaining 323 shares of common stock to employees. These shares may be issued at a price equal to 90% of the lesser of the market value on th e first day or the last day of each six-month purchase period. Common stock purchases are paid for through periodic payroll deductions and/or up to two large lump sum contributions. No shares were issued during the three months ended March 31, 2022.
Director Restricted Shares Under the Amended and Restated Non-Employee Director Stock Plan (the “Amended Plan”), approved in May 2007 and further amended in February 2013 and January 2016, up to 360 of common shares may be issued. As of March 31, 2022, approxim ately 75 shares re main available for grant under the Amended Plan. Under the Amended Plan, each non-employee director receives an annual grant of restricted shares of the Company’s common stock. The restricted shares vest on the either of (a) the day immediately prior to the first annual shareholder meeting that occurs after the grant date or (b) one year after the grant date. Director restricted share transactions during the three months ended March 31, 2022 were as follows:
| Director Restricted Shares |  | Weighted-Average Grant Date Fair Value
Outstanding as of January 1 | 15 |  |  | $ | 93.46 |
Granted | — |  |  | — |
Vested | — |  |  | — |
Forfeited | — |  |  | — |
Outstanding as of March 31 | 15 |  |  | $ | 93.46 |
For the three months ended March 31, 2022 and 2021, the Company recorded $339 and $328, respectively, of share-based compensation expense associated with these grants. As of March 31, 2022, the total share-based compensation expense related to the restricted shares not yet recognized was $188, and the weighted-average period over which it is expected to be recognized is approximately less than one year.

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