the Company in 2022, 2021 and 2020 vest after 2 years and have a 7-year life or vest after 3 years and have a 5-year life. Stock options exercisable totaled 2,719,919 and 1,762,190 shares at December 31, 2022 and 2021, respectively.

On December 1, 2020, Tredegar’s Board of Directors declared a special cash dividend of $200 million, or $5.97 per share, on the Company’s common stock (the “Special Dividend”). The Special Dividend was payable on December 18, 2020 and had an ex-dividend date of December 21, 2020. All stock option awards that were outstanding at the time of the Special Dividend were modified pursuant to the nondiscretionary anti-dilution provisions in the related stock-based compensation plan. SARs that were outstanding at the time of the Special Dividend were also modified pursuant to the nondiscretionary anti-dilution provisions in the related SARs grant agreements. The modifications included increasing the number of outstanding stock options and SARs as well as reducing the exercise prices of all outstanding stock options and SARS. The modification did not result in additional stock-based compensation expense. No other terms or conditions of outstanding awards were modified.


		Option Exercise Price/Share
	Number of Options	Range					Weighted Average
Outstanding at January 1, 2020	1,628,903	$	15.65	to	$	24.84	$	19.13
Granted	638,074	10.75		to	14.62		11.90
Modification for special cash dividend(a)	701,535	10.75		to	14.62		11.90
Forfeited and expired(a)	(141,074)	10.75		to	24.84		11.87
Outstanding at December 31, 2020(a)	2,827,438	10.75		to	22.49		13.55
Granted	388,822	16.37		to	16.37		16.37
Forfeited and expired	(22,611)	14.47		to	19.64		18.14
Exercised	(67,705)	10.75		to	17.29		13.51
Outstanding at December 31, 2021	3,125,944	10.75		to	22.49		13.82

Forfeited and expired	(17,203)	14.47		to	19.64		15.33

Outstanding at December 31, 2022	3,108,741	$	10.75	to	$	22.49	$	13.81
(a) The option exercise price per share reflects the reduction to the exercise prices of outstanding stock options impacted by the modification due to the anti-dilution provisions in the stock-based compensation plan.

The assumptions used in the Black-Scholes options-pricing model for valuing Tredegar stock options originally granted in 2021 and 2020, and the related estimated fair values at the date of grant, were as follows, no options were granted in 2022:


	2021			2020
Dividend yield	2.6		%	2.5		%
Weighted average volatility percentage	48.3		%	43.8		%
Weighted average risk-free interest rate	0.9		%	0.8		%
Holding period (years)	5			5
Weighted average exercise price at date of grant (also weighted average market price at date of grant)(a)	$	16.37		$	14.41
Estimated weighted average fair value of options per share at date of grant	$	5.57		$	4.44
Total estimated fair value of stock options granted (in thousands)	$	2,165		$	2,833
(a) In December 2020, the weighted average exercise price for outstanding stock option awards granted in 2020 were modified to $10.75. As the anti-dilution provisions in the stock-based compensation plan were structured to equitably adjust the award’s fair value before and after the modification, there is no resulting incremental fair value.

The dividend yield is the actual dividend yield on Tredegar’s common stock at the date of grant, which the Company believes is a reasonable estimate of the expected yield during the holding period. The expected volatility is based on the historical volatility of Tredegar’s common stock using a sequential period of historical data equal to the expected holding period of the option. The Company has no reason to believe that future volatility for this period is likely to differ from the past. The assumed risk-free interest rate is based on observed interest rates for U.S. Treasury debt securities appropriate for the expected holding period.


					Options Outstanding at December 31, 2022						Options Exercisable at December 31, 2022
						Weighted Average			Aggregate Intrinsic Value					Aggregate Intrinsic Value
Range of Exercise Prices					Shares	Remaining Contractual Life	Exercise Price				Shares	Weighted Average Exercise Price
$	10.75	to	$	16.37	2,939,509	3.4 years	$	13.47	$	—	2,550,687	$	13.03	$	—
17.29		to	25.94		169,232	0.7 years	19.74		—		169,232	19.74		—
Total					3,108,741	3.3 years	$	13.82	$	—	2,719,919	$	13.45	$	—

The total intrinsic value of stock options exercised was $0.2 million in 2021. There were no stock options exercised in 2022 and 2020. The grant-date fair value of stock option-based awards vested in 2022, 2021, and 2020 was $5.4 million, $3.5 million, and $3.0 million, respectively. As of December 31, 2022, the unrecognized compensation cost for continuing operations related to stock option-based awards was $0.2 million. This cost is expected to be recognized over the remaining weighted average period of 0.2 years.

Restricted stock grants ordinarily vest three years from the date of grant based upon continued employment. The fair value of restricted stock awards is estimated as of the grant date using the closing stock price on that date. Stock unit awards vest upon the achievement of certain performance targets. The following table summarizes additional information about unvested restricted stock outstanding at December 31, 2022, 2021 and 2020:


	Unvested Restricted Stock					Maximum Unvested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria
	Number of Shares	Weighted Avg. Grant Date Fair Value/Share		Grant Date Fair Value (In thousands)		Number of Shares	Weighted Avg. Grant Date Fair Value/Share		Grant Date Fair Value (In thousands)
Outstanding at January 1, 2020	285,935	$	18.27	$	5,224	147,663	$	21.25	$	3,138
Granted	155,138	14.55		2,257		34,275	15.25		523
Vested	(148,709)	17.39		(2,586)		(37,370)	17.38		(649)
Forfeited	(57,385)	17.00		(976)		(32,066)	17.36		(557)
Outstanding at December 31, 2020	234,979	16.68		3,919		112,502	21.82		2,455
Granted	200,073	15.63		3,127		14,669	15.24		224
Vested	(87,636)	15.78		(1,383)		(73,930)	17.17		(1,269)
Forfeited	(11,616)	16.38		(190)		(2,523)	17.63		(44)
Outstanding at December 31, 2021	335,800	16.30		5,473		50,718	17.63		1,366
Granted	301,969	11.88		3,587		—	—		—
Vested	(144,317)	15.10		(2,179)		—	—		—
Forfeited	(18,474)	14.94		(276)		(50,718)	17.63		1,366
Outstanding at December 31, 2022	474,978	$	13.82	$	6,564	—	$	—	$	—

As of December 31, 2022, the unrecognized compensation cost for continuing operations related to non-vested restricted stock awards was $3.2 million. This cost is expected to be recognized over the remaining weighted average period of 1.6 years.

SARs granted by the Company in 2021 and 2020 vest after 2 years and have a 7-year life. There were no SARs granted in 2022. SARs may be settled in cash upon exercise and therefore are classified as liabilities and included in accrued expenses in the consolidated balance sheet. The fair value of these liability awards is remeasured at each reporting period until the date of settlement. Increases and decreases in stock-based compensation expense is recognized over the vesting period, or immediately, for vested awards.


		Exercise Price/Share
	Number of SARs	Range					Weighted Average
Outstanding at January 1, 2020	—	$	—	to	$	—	$	—
Granted(a)	387,252	10.75		to	19.64		11.60
Modification for special cash dividend	71,402	10.75		to	19.64		11.60
Forfeited and expired	(82,214)	10.75		to	19.64		11.39
Outstanding at December 31, 2020	376,440	10.75		to	19.64		11.64
Granted	164,464	16.37		to	16.37		16.37
Forfeited and expired	(10,043)	10.75		to	16.37		13.01
Exercised	(9,260)	10.75		to	15.25		13.87
Outstanding at December 31, 2021	521,601	10.75		to	16.37		13.55

Forfeited and expired	(22,914)	10.75		to	16.37		14.83

Outstanding at December 31, 2022	498,687	$	10.75	to	$	16.37	$	13.49
(a) The SARs exercise price per share reflects the reduction to the exercise prices of outstanding SARs as a results of the modification to the awards pursuant to the nondiscretionary anti-dilution provisions in the related SARs grant agreements.

The grant-date fair value of SARs awards vested in 2022, 2021 and 2020 was $0.5 million, $0.1 million and $0.6 million, respectively. As of December 31, 2022, the unrecognized compensation cost for continuing operations was immaterial. This cost is expected to be recognized over the remaining weighted average period of 0.2 years.