Share-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

Equity Compensation Plan

Under the Company’s 2009 Omnibus Incentive Plan, as amended (the “Incentive Plan”), 927,525 shares remained reserved for issuance and were available for new awards under the Incentive Plan as of December 31, 2020.

Awards under the Incentive Plan may include incentive stock options, non-qualified stock option awards (“Stock Option”), stock appreciation rights, non-vested shares of common stock, restricted stock awards (“Restricted Stock”), performance share units (“PSUs”), restricted stock units (“RSUs”), and other share-based awards and cash-based incentive awards. Awards under the Incentive Plan may be granted to employees, directors, consultants or other persons providing services to the Company or its affiliates.

The following table provides certain information related to Stock Options, Restricted Stock, PSUs and RSUs for the year ended December 31, 2020 (in thousands, except per share data):


	For the Year Ended December 31, 2020
	Stock Options						Restricted Stock			Performance Share Units			Restricted Stock Units
	Number of Options (2)	Weighted Average Exercise Price per Share (1)		Aggregate Intrinsic Value		Weighted Average Remaining Term	Number of Shares (2)	Weighted Average Grant Date Fair Value per Share (1)		Number of Share Units (2)	Weighted Average Grant Date Fair Value per Share Units (1)		Number of Share Units (2)	Weighted Average Grant Date Fair Value per Share Units (1)
Outstanding as of December 31, 2019	2,025	$	27.28				16	$	30.85	149	$	32.13	25	$	26.47
Granted	1,214	17.77					—	—		—	—		342	16.13
Forfeited	(5)	31.64					—	—		—	—		—	—
Exercised	—	—					n/a	n/a		n/a	n/a		n/a	n/a
Vested	n/a	n/a					(16)	30.85		(83)	31.76		(90)	19.49
Expired	(132)	22.84					n/a	n/a		n/a	n/a		n/a	n/a
Outstanding as of December 31, 2020	3,102	$	23.74	$	32	7.22	—	$	—	66	$	32.59	277	$	15.97
Exercisable as of December 31, 2020	1,653	$	26.00	$	—	5.67

(1)Unless otherwise specified, such as in the case of the exercise of Stock Options, the per share prices were determined using the closing price of the Company’s Common Stock as quoted on the exchanges on which the Company was listed. Shares issued upon exercise of options represent original issuances in private transactions pursuant to Section 4(2) of the Securities Act of 1933, as amended or issuances under the Company’s Incentive Plan.

(2)All shares outstanding as of December 31, 2020, are expected to vest.


n/a			Not applicable

The following table provides certain information in connection with the Company’s share-based compensation arrangements for the periods presented (in thousands):


	Years Ended December 31,
	2020		2019		2018
Compensation expense:
Stock options	$	4,519	$	6,516	$	7,579
Restricted stock	514		3,104		609
Performance share units	945		2,508		4,598
Restricted stock units	2,717		880		—
Total	$	8,695	$	13,008	$	12,786
Deferred tax benefits:
Stock options	$	719	$	1,522	$	1,877
Restricted stock	—		47		8
Performance share units	52		185		945
Restricted stock units	106		—		—
Total	$	877	$	1,754	$	2,830
Realized tax benefits:
Stock options	$	—	$	577	$	7,957
Restricted stock	—		37		—
Performance share units	275		1,163		920
Restricted stock units	—		—		—
Total	$	275	$	1,777	$	8,877
Excess tax benefits (shortfall):
Stock options	$	(209)	$	415	$	5,330
Restricted stock	—		(18)		—
Performance share units	(28)		244		97
Restricted stock units	—		—		—
Total	$	(237)	$	641	$	5,427
Weighted average fair value per option or share:
Stock option grants	$	3.67	$	9.82	$	11.74
Restricted stock grants	$	—	$	30.73	$	33.64
Performance share unit grants	$	—	$	33.47	$	32.51
Restricted stock unit grants	$	16.13	$	26.47	$	—
Intrinsic value of options exercised	$	—	$	2,343	$	32,217
Fair value of restricted stock vested	$	252	$	2,783	$	632
Fair value of performance share units vested	$	2,151	$	5,520	$	3,726
Fair value of restricted stock units vested	$	1,559	$	657	$	—
Cash received for strike price and tax withholdings	$	—	$	238	$	120
Shares acquired through cashless exercise (1)	64		186		1,361
Value of shares acquired through cashless exercise (1)	$	1,315	$	6,133	$	49,199

(1)All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of Stock Options exercised, Restricted Stock vested, PSUs vested or RSUs vested. These shares have been canceled by the Company.

The following table provides the amount of unrecognized compensation expense as of the most recent balance sheet date and the weighted average period over which those expenses will be recorded for Stock Options, Restricted Stock, PSUs and RSUs (dollars in thousands):


	As of December 31, 2020
	Stock Options		Restricted Stock		Performance Share Units		Restricted Stock Units
Unrecognized expense	$	4,193	$	—	$	297	$	3,235
Weighted average remaining years	1.92		—		0.98		1.32

Stock Options

Stock Options granted by the Company generally expire between five to ten years from the grant date and generally vest over a one- to three-year service period commencing on the grant date.

The Company used the modified Black-Scholes model to estimate the fair value of employee Stock Options on the date of grant utilizing the assumptions noted below. The risk-free rate is based on the U.S. Treasury bill yield curve in effect at the time of grant for the expected term of the option. The expected term of options granted represents the period of time that the options are expected to be outstanding. Expected volatilities are based on historical volatilities of our Common Stock. The dividend yield was based on expected dividends at the time of grant.

The following table provides the assumptions utilized in the Black-Scholes model for Stock Options granted during the periods presented:


	Years Ended December 31,
	2020			2019			2018
Weighted-average risk-free interest rate	0.49		%	2.44		%	2.69		%
Expected term of option in years	6.00			6.00			6.00
Weighted-average volatility	35.8		%	38.1		%	40.2		%
Dividend yield	4.3		%	2.4		%	1.7		%
Weighted average grant date fair value per share	$	3.67		$	9.82		$	11.74

Restricted Stock, Performance Share Units and Restricted Stock Units

Restricted Stock, Performance Share Units and Restricted Stock Units are awarded to certain employees in consideration for services rendered pursuant to terms of employment agreements or to provide those employees a continued incentive to share in the success of the Company. Restricted Stock generally vests over a one to three-year service period commencing on the grant date. Each performance share unit has a value equal to one share of common stock and generally vests over a three-year service period commencing on the grant date. Each restricted stock unit has a value equal to one share of common stock and generally vests over a one to three-year service period commencing on the grant date.