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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock-Based Compensation |
10. | STOCK-BASED COMPENSATION
The P. H. Glatfelter Amended and Restated Long Term Incentive Plan (the “LTIP”) provides for the issuance of Glatfelter common stock to eligible participants in the form of restricted stock units, restricted stock awards, non-qualified stock options, performance shares, incentive stock options and performance units. Pursuant to terms of the LTIP, we have issued to eligible participants restricted stock units (“RSUs”), performance share awards (“PSAs”) and stock only stock appreciation rights. Awards of RSUs and PSAs are made under our LTIP. The vesting of RSUs is generally based on the passage of time, generally over a three -year period or in certain instances the RSUs were issued with five-year cliff vesting. PSAs are issued to members of management and vesting is based on achievement of cumulative financial performance targets covering a two year period followed by an additional one-year service period. The performance measures include a minimum, target and maximum performance level providing the grantees an opportunity to receive more or less shares than targeted depending on actual financial performance. In addition, PSA awards include a modifier based on the three-year total shareholder return relative to a broad market index. For RSUs the grant date fair value of the awards, or the closing price per common share on the date of the award, is used to determine the amount of expense to be recognized over the applicable service period. For PSAs, the grant date fair value is estimated using a lattice model. The significant inputs include the stock price, volatility, dividend yield, and risk-free rate of return. Settlement of RSUs and PSAs will be made in shares of our common stock currently held in treasury. The following table summarizes RSU and PSA activity during periods indicated:
Units |  | 2020 |  |  |  | 2019 |
Balance at January 1, |  |  | 896,463 |  |  |  |  | 756,786 |
Granted |  |  | 294,315 |  |  |  |  | 384,766 |
Forfeited |  |  | (17,455 | ) |  |  |  | (122,444 | )
Shares delivered |  |  | (78,509 | ) |  |  |  | (67,646 | )
Balance at March 31, |  |  | 1,094,814 |  |  |  |  | 951,462 |
The amount granted in 2020 and 2019 includes 168,663 and 214,899, respectively, of PSAs exclusive of reinvested dividends. The following table sets forth aggregate RSU and PSA compensation expense included in continuing operations for the periods indicated:
|  | March 31 |
In thousands |  | 2020 |  |  |  | 2019 |
Three months ended |  | $ | 1,085 |  |  |  | $ | 434 |
Stock Only Stock Appreciation Rights (“SOSARs”) Under terms of the SOSAR, a recipient receives the right to a payment in the form of shares of common stock equal to the difference, if any, in the fair market value of one share of common stock at the time of exercising the SOSAR and the exercise price. The SOSARs vest ratably over a three year period and have a term of ten years. No SOSARs were awarded since 2016. The following table sets forth information related to outstanding SOSARS:
|  | 2020 |  |  | 2019 |
SOSARS |  | Shares |  |  |  | Wtd Avg Exercise Price |  |  | Shares |  |  | Wtd Avg Exercise Price |
Outstanding at January 1, |  |  | 1,291,947 |  |  |  | $ | 20.05 |  |  |  | 2,334,742 |  |  | $ | 18.08 |
Granted |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | (44,710 | ) |  |  |  | 12.94 |  |  |  | (283,060 | ) |  |  | 13.95 |
Canceled / forfeited |  |  | (2,841 | ) |  |  |  | 17.27 |  |  |  | (258,439 | ) |  |  | 20.82 |
Outstanding at March 31, |  |  | 1,244,396 |  |  |  | $ | 20.31 |  |  |  | 1,793,243 |  |  | $ | 18.96 |
The following table sets forth SOSAR compensation expense included in continuing operations for the periods indicated:
|  | March 31 |
In thousands |  | 2020 |  |  |  | 2019 |
Three months ended |  | $ | — |  |  |  | $ | 43 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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