Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

(16) Stock-Based Compensation

Presented below is a summary of the stock-based compensation cost and associated tax benefit included in the accompanying consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Stock-based compensation expense	$	11,447	$	13,417	$	31,508	$	43,992
Tax benefit	$	—	$	—	$	—	$	—

Included in the above expenses for the three and nine months ended September 30, 2022 is $1,282 and $3,123, respectively, and $6,472, and $18,885 for the three and nine months ended September 30, 2021, respectively, pertaining to annual incentive compensation which is paid in Company shares. Additionally, the above expense for the three and nine months ended September 30, 2022 includes $1,989 and $5,969 related to the Volumetric contingent earnout milestones as discussed in Note 2.

During the three and nine months ended September 30, 2022, the Company granted 235 and 3,398 shares of restricted stock which had a weighted average grant date fair value of $10.86 per share and $14.11 per share, respectively. The restricted stock awards generally vest ratably over three years, except for those awards granted to settle the accrued incentive compensation liability at December 31, 2021 for which the awards vested immediately.

During the nine months ended September 30, 2022, the Company also granted 325 of performance-based restricted stock units, whereby the number of shares that ultimately vest are based on the three-year performance of the Company's share price as compared to an index. These awards were valued using a Monte Carlo simulation and the grant date fair value is $28.71 per share.

Unrecognized stock-based compensation expense at September 30, 2022 was $57,360 which is expected to be recognized over a weighted average period of 2.8 years.

The following tables summarize information relating to restricted equity stock vesting:


	Nine Months Ended September 30,
(in thousands)	2022		2021
Vesting of restricted stock:
Fair value of shares vested	$	49,961	$	47,666
Tax benefit realized upon vesting	$	—	$	—
Number of shares vested	3,044		1,706