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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Human Resources and Compensation Committee of our Board of Directors granted 519,482 stock options, 665,417 restricted stock units (“RSUs”) and 542,743 performance stock units (“PSUs”) to our employees during the first six months of 2023 under our Omnibus Equity Incentive Plan. Our electing non-employee directors received 56,650 deferred share units (“DSUs”) and 154,609 RSUs and deferred RSUs during the six months ended June 30, 2023 under our Omnibus Equity Incentive Plan. The weighted average exercise price per share and weighted average fair value per share of the stock options granted in the six months ended June 30, 2023 was $5.51 and $3.01, respectively. We estimated the fair value of the stock options using the following assumptions in our Black-Scholes model:
Dividend yield |  |  |  |  | 0.73% |  |  |  |
Expected volatility |  |  |  |  | 58.16% |  |  |  |
Risk-free interest rate |  |  |  |  | 4.04% |  |  |  |
Expected term (in years) |  |  |  |  | 6.0 years |  |  |  |
We measure the fair value of grants of RSUs and DSUs based on the closing market price of a share of our common stock on the date of the grant. The weighted average fair value per share was $5.58 for RSUs granted to employees, $4.24 for RSUs and deferred RSUs granted to non-employee directors and $4.94 for DSUs granted during the six months ended June 30, 2023. We measure the fair value of grants of PSUs using a monte carlo valuation. The weighted average fair value of the PSUs granted in the six months ended June 30, 2023 was $7.30 per share and will be expensed over a vesting period of three years. The final payout to holders of PSUs will be based upon the Company's total shareholder return relative to a peer group's performance measured at the end of each performance period. In the three months ended June 30, 2023 and 2022, we recognized $1.4 million and $0.6 million, respectively, of stock-based compensation expense. The majority of the expense, $1.3 million and $0.6 million, respectively, was recorded in selling and administrative expense in the Condensed Consolidated Statements of Operations, with the remaining expense recorded in cost of goods sold. In the six months ended June 30, 2023 and 2022, we recognized $2.2 million and $1.0 million, respectively, of stock-based compensation expense. The majority of the expense, $2.0 million and $1.0 million, respectively, was recorded in selling and administrative expense in the Condensed Consolidated Statements of Operations, with the remaining expense recorded in cost of goods sold. As of June 30, 2023, the unrecognized compensation cost related to the unvested portion of all stock-based awards was approximately $13.4 million and is expected to be recognized over the remaining vesting period of the respective grants.

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