Equity Compensation Plans

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

At September 30, 2021 and December 31, 2020, 7,273,676 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 $26 million at September 30, 2021, as shown in the following table.

Table 18.1 – Activities of Equity Compensation Costs by Award Type


	Nine Months Ended September 30, 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		5,766		—		335		8,471
Performance-based valuation adjustment	—		—		—		1,072		—		1,072
Equity grant forfeitures	(2)		(670)		(550)		—		—		(1,222)
Equity compensation expense	(375)		(1,188)		(5,681)		(2,002)		(251)		(9,497)
Unrecognized Compensation Cost at End of Period	$	187	$	4,052	$	17,301	$	4,864	$	84	$	26,488

At September 30, 2021, the weighted average amortization period remaining for all of our equity awards was one year.

Restricted Stock Awards ("RSAs")

At September 30, 2021 and December 31, 2020, there were 29,693 and 78,998 shares, respectively, of RSAs outstanding. Restrictions on these shares lapse through 2022. During the nine months ended September 30, 2021, there were no RSAs granted, restrictions on 49,305 RSAs lapsed and those shares were distributed, and no RSAs were forfeited.

Restricted Stock Units ("RSUs")

At September 30, 2021 and December 31, 2020, there were 445,183 and 282,424 shares, respectively, of RSUs outstanding. During the nine months ended September 30, 2021, there were 272,261 RSUs granted, 64,759 RSUs distributed, and 44,743 RSUs forfeited. Unvested RSUs at September 30, 2021 vest through 2025.

Deferred Stock Units (“DSUs”)

At September 30, 2021 and December 31, 2020, there were 3,318,540 and 2,805,144 DSUs, respectively, outstanding of which 1,546,724 and 1,206,125, respectively, had vested. During the nine months ended September 30, 2021, there were 700,552 DSUs granted, 155,995 DSUs distributed, and 31,161 DSUs forfeited. Unvested DSUs at September 30, 2021 vest through 2025.

Performance Stock Units (“PSUs”)

At September 30, 2021 and December 31, 2020, the target number of PSUs that were unvested was 955,710 and 978,735, respectively. Vesting for PSUs generally occurs at the end of three years from their respective grant dates based on various total shareholder return performance calculations, as discussed in our Annual Report on Form 10-K for the year ended December 31, 2020. With respect to PSUs granted in May 2018, the three-year performance period ended during the second quarter of 2021, resulting in the vesting of no shares of our common stock. During the second quarter of 2021, for PSUs granted in 2020, we adjusted the future amortization expense by $1 million to reflect our current estimate of the number of shares expected to vest in relation to the performance condition for the initial one-year vesting tranche.

Employee Stock Purchase Plan ("ESPP")

The ESPP allows a maximum of 850,000 shares of common stock to be purchased in aggregate for all employees. As of September 30, 2021 and December 31, 2020, 546,093 and 489,886 shares had been purchased, respectively, and there remained a negligible amount of uninvested employee contributions in the ESPP at September 30, 2021.