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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | 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. In 2021, we issued awards of RSUs and PSAs under our LTIP. In 2021, 40% of fair value of the awards granted were RSUs, which vest 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. In addition, some awards vest over one year or less depending upon the retirement eligibility of the grantees in the LTIP. The remaining 60% of the fair value of the awards granted in 2021 were PSAs. The PSAs awarded in 2021 vest based on either the achievement of a cumulative financial performance target covering a two-year period followed by an additional one-year service period or based on the three-year total shareholder return relative to a broad market index. 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. 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 | 2021 |  | 2020
Balance at January 1, | 1,071,652 |  |  | 896,463 |
Granted | 363,104 |  |  | 386,995 |
Forfeited | (101,431) |  |  | (87,523) |
Shares delivered | (196,637) |  |  | (136,182) |
Balance at September 30, | 1,136,688 |  |  | 1,059,753 |
The amount granted in 2021 and 2020 includes 162,480 and 171,150, 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:
| September 30
In thousands | 2021 |  | 2020
Three months ended | $ | 1,478 |  |  | $ | 1,617 |
Nine months ended | 4,015 |  |  | 3,994 |
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. All SOSARs are vested and have a term of ten years. No SOSARs were awarded since 2016. The following table sets forth information related to outstanding SOSARs:
| 2021 |  | 2020
SOSARS | Shares |  | Wtd Avg Exercise Price |  | Shares |  | Wtd Avg Exercise Price
Outstanding at January 1, | 1,082,413 |  |  | $ | 20.40 |  |  | 1,291,947 |  |  | $ | 20.05 |
Granted | — |  |  | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | (58,460) |  |  | 12.85 |
Canceled / forfeited | — |  |  | — |  |  | (151,074) |  |  | 20.25 |
Outstanding at September 30, | 1,082,413 |  |  | $ | 20.40 |  |  | 1,082,413 |  |  | $ | 20.40 |

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