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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | STOCK-BASED COMPENSATION On May 5, 2022, upon Board and shareholder approval, the Glatfelter Corporation 2022 Long-Term Incentive Plan became effective and is a successor plan to the P. H. Glatfelter Amended and Restated Long-Term Incentive Plan (collectively, the “LTIP”). The LTIP continues to provide for the issuance of Glatfelter common stock to eligible participants in the form of restricted stock units (“RSUs”), restricted stock awards, incentive stock options, non-qualified stock options, stock-only stock appreciation rights (“SOSARs”) and performance share awards (“PSAs”). As of March 31, 2023, there were 1,527,906 shares of common stock available for future issuance under the LTIP. Pursuant to terms of the LTIP, we have issued to eligible participants RSUs, PSAs and SOSARs. Restricted Stock Units and Performance Share Awards In the first quarter of 2023 and 2022, we granted RSUs and PSAs to employees under our LTIP. In both 2023 and 2022, 50% of fair value of the awards granted were RSUs, which vest based on the passage of time, generally over a graded three-year period or, in certain instances, the RSUs were cliff vesting after one or three years. The remaining 50% of the fair value of the awards granted in 2023 and 2022 were PSAs. The PSAs awarded vest based on either the achievement of cumulative financial performance targets covering a two-year 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 | 2023 |  | 2022
Balance at January 1, | 1,650,152 |  |  | 1,111,382 |
Granted | 1,190,206 |  |  | 528,011 |
Forfeited | (98,717) |  |  | (92,569) |
Shares delivered | (199,263) |  |  | (250,301) |
Balance at March 31, | 2,542,378 |  |  | 1,296,523 |
The amount granted in 2023 and 2022 includes 697,045 and 299,993, 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 | 2023 |  | 2022
Three months ended | $ | 931 |  |  | $ | 909 |
Stock-Only Stock Appreciation Rights 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:
| 2023 |  | 2022
| Shares |  | Wtd Avg Exercise Price |  | Shares |  | Wtd Avg Exercise Price
Outstanding at January 1, | 769,544 |  |  | $ | 21.34 |  |  | 1,079,113 |  |  | $ | 20.42 |
Granted | — |  |  | — |  |  | — |  |  | — |
Exercised | — |  |  | — |  |  | — |  |  | — |
Canceled / forfeited | (151,487) |  |  | 18.36 |  |  | (145,440) |  |  | 15.61 |
Outstanding at March 31, | 618,057 |  |  | $ | 22.07 |  |  | 933,673 |  |  | $ | 21.17 |

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