Equity Compensation Plans

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

At March 31, 2021 and December 31, 2020, 7,540,310 and 7,957,891 shares of common stock, respectively, were available for grant under our Incentive Plan. The unamortized compensation cost of awards issued under the Incentive Plan, which are settled by delivery of shares of common stock and purchases under the Employee Stock Purchase Plan, totaled $29 million at March 31, 2021, as shown in the following table.

Table 18.1 – Activities of Equity Compensation Costs by Award Type


	Three Months Ended March 31, 2021
(In Thousands)	Restricted Stock Awards		Restricted Stock Units		Deferred Stock Units		Performance Stock Units		Employee Stock Purchase Plan		Total
Unrecognized compensation cost at beginning of period	$	564	$	3,540	$	17,766	$	5,794	$	—	$	27,664
Equity grants	—		2,370		2,641		—		259		5,270

Equity grant forfeitures	(2)		(591)		(550)		—		—		(1,143)
Equity compensation expense	(167)		(307)		(1,761)		(586)		(65)		(2,886)
Unrecognized Compensation Cost at End of Period	$	395	$	5,012	$	18,096	$	5,208	$	194	$	28,905

At March 31, 2021, the weighted average amortization period remaining for all of our equity awards was one year.

Restricted Stock Awards ("RSAs")

At March 31, 2021 and December 31, 2020, there were 30,119 and 78,998 shares, respectively, of RSAs outstanding. Restrictions on these shares lapse through 2022. During the three months ended March 31, 2021, there were no RSAs granted, restrictions on 48,879 RSAs lapsed and those shares were distributed, and no RSAs were forfeited.

Restricted Stock Units ("RSUs")

At March 31, 2021 and December 31, 2020, there were 458,554 and 282,424 shares, respectively, of RSUs outstanding. Restrictions on these shares lapse through 2025. During the three months ended March 31, 2021, there were 272,261 RSUs granted, 58,899 RSUs distributed, and 37,232 RSUs forfeited.

Deferred Stock Units (“DSUs”)

At March 31, 2021 and December 31, 2020, there were 2,963,453 and 2,805,144 DSUs, respectively, outstanding of which 1,248,084 and 1,206,125, respectively, had vested. During the three months ended March 31, 2021, there were 312,045 DSUs granted, 122,575 DSUs distributed, and 31,161 DSUs forfeited. Unvested DSUs at March 31, 2021 vest through 2025.

Performance Stock Units (“PSUs”)

At both March 31, 2021 and December 31, 2020, the target number of PSUs that were unvested was 978,735. During the three months ended March 31, 2021, no PSUs were forfeited. Vesting for all PSUs will generally occur at the end of three years from their grant date based on various Total Shareholder Return ("TSR") performance calculations, as discussed in our Annual Report on Form 10-K for the year ended December 31, 2020.

Employee Stock Purchase Plan ("ESPP")

The ESPP allows a maximum of 600,000 shares of common stock to be purchased in aggregate for all employees. As of March 31, 2021 and December 31, 2020, 505,346 and 489,886 shares had been purchased, respectively, and there remained a negligible amount of uninvested employee contributions in the ESPP at March 31, 2021.