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Share-Based Compensation
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Restricted Share Units (“RSUs”)
2022 Grant - During the three months ended March 31, 2022, the Company granted both time-based and performance-based awards to certain members of management. A total of 520,186 of time-based awards were granted to management which will vest ratably over a three-year period ending March 5, 2025. A total of 508,866 of performance-based awards were granted, of which 254,433 of the awards vest based on a relative Total Shareholder Return ("TSR") calculation and 254,433 of the awards vest based on certain performance metrics of the Company. The non-TSR performance-based awards vest on March 5, 2025 based on the achievement against the target average company performance of three separate performance periods, commencing on January 1 of each 2022, 2023, and 2024 and ending on December 31 of each 2022, 2023 and 2024, for which, for each performance period, the performance metric is an average annual return on invested capital (ROIC) improvement versus 2021 ROIC. Similar to the Company's historical TSR awards granted in prior years, the TSR awards vest based on the Company's three-year TSR versus the peer group performance levels. Given these terms, the TSR metric is considered a market condition for which we used a Monte Carlo simulation to determine the weighted average grant date fair value of $34.26. The following weighted average assumptions were utilized to value the TSR grants:
2022
Dividend yield1.73 %
Expected historical volatility68.6 %
Risk free interest rate1.40 %
Expected life (in years)3
The unrecognized compensation cost associated with all unvested awards at March 31, 2022 was $49 million, adjusted for estimated forfeitures, which is expected to be recognized over a weighted-average period of approximately 2.3 years.
During the three months ended March 31, 2022 and 2021, we recorded $7 million and $9 million of stock compensation expense, respectively.
There were 3,251 options exercised during the three month periods ended March 31, 2022 with an intrinsic value of less than $0.1 million. Cash proceeds from the exercise of stock options was less than $0.1 million for the three months ended March 31, 2022.