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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company applies the provisions of the FASB’s Accounting Standards Codification (“ASC”) Topic 718, “Compensation – Stock Compensation,” to account for the Company’s stock-based compensation. Stock-based compensation cost is measured at the grant date based on the calculated fair value of the award and is recognized over the employees’ requisite service periods. The Company recorded stock-based compensation expense related to restricted stock awards and performance share units of $587 and $604 for the three months ended September 30, 2021 and 2020, respectively, and expense of $1,800 and $1,842 for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021, unrecognized compensation expense for unvested awards approximated $3,647. The Company expects to recognize this expense over the upcoming 3.4 years through February 2025. Shares issued as a result of vested stock-based compensation awards generally will be from previously issued shares that have been reacquired by the Company and held as treasury stock or authorized and previously unissued common stock. Restricted Stock Awards, Performance Share Units, and Performance-Based Stock Awards Under the 2006 Omnibus Plan, the Company grants eligible employees restricted stock and performance share units. The forfeitable restricted stock awards granted generally time-vest ratably over a three-year period, unless indicated otherwise by the underlying restricted stock agreement. Since May 2018, awards of restricted stock have been subject to a minimum one-year vesting period, including those granted to non-employee directors. Performance share units are offered annually under separate three-year long-term incentive programs. Performance share units are subject to forfeiture and will be converted into common stock of the Company based upon the Company’s performance relative to performance measures and conversion multiples, as defined in the underlying program. If the Company’s estimate of the number of performance share units expected to vest changes in a subsequent accounting period, cumulative compensation expense could increase or decrease. The change will be recognized in the current period for the vested shares and would change future expense over the remaining vesting period. Since May 1, 2017, non-employee directors have been permitted to defer receipt of annual stock awards and equity elected to be received in lieu of quarterly cash compensation. If so elected, these deferred stock units will be issued as common stock six months after separation from their service on the Board of Directors. Since May 2018, no non-employee directors have elected the option to receive deferred stock units of the Company’s common stock in lieu of director cash compensation. In February 2021, the Compensation Committee approved the 2021 Performance Share Unit Program and the Executive Annual Incentive Compensation Plan (consisting of cash and equity components). Also in February 2021, the Board of Directors approved a special performance-based stock retention program under the 2006 Omnibus Plan, whereby eligible executives could earn shares of Company common stock provided that the Company’s stock price achieves certain enumerated thirty-day average closing stock price hurdles over a five-year performance period. Any shares earned are payable no earlier than the third anniversary of the date of the grant. The program expires on February 28, 2026, after which date no shares may be earned or distributed. The following table summarizes the restricted stock awards, deferred stock units, and performance share units activity for the nine months ended September 30, 2021:
|  | Restricted Stock |  | Deferred Stock Units |  | Performance Share Units |  | Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2020 |  | 171,934 |  |  | 66,136 |  |  | 150,022 |  |  | $ | 18.05 |
Granted |  | 111,337 |  |  | 8,814 |  |  | 147,367 |  |  | 15.92 |
Vested |  | (106,347) |  |  | — |  |  | (7,940) |  |  | 19.08 |
Adjustment for incentive awards expected to vest |  | — |  |  | — |  |  | (66,323) |  |  | 17.84 |
Cancelled and forfeited |  | (3,167) |  |  | — |  |  | (47,111) |  |  | 16.46 |
Outstanding as of September 30, 2021 |  | 173,757 |  |  | 74,950 |  |  | 176,015 |  |  | $ | 17.89 |

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