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Stock Option And Stock Award Plans
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Option And Stock Award Plans 11. STOCK OPTION AND STOCK AWARD PLANS
As of December 31, 2023, the Company had one stock-based compensation plan that permits the grants of stock options, stock appreciation rights (“SARs”), stock, restricted stock, and stock unit awards. Awards available for grant totaled 342,709 shares at December 31, 2023. Stock options may be granted to purchase a specified number of shares of common stock at a price no lower than the fair market value on the date of grant and for a term not to exceed 10 years. Stock options granted by the Company in 2021 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 3,019,333 and 2,719,919 shares at December 31, 2023 and 2022, respectively.
A summary of stock options outstanding at December 31, 2023, 2022 and 2021, and changes during those years, is presented below:
  Option Exercise Price/Share
  Number of
Options		RangeWeighted
Average
Outstanding at January 1, 20212,827,438 $10.75 to$22.49 $13.55 
Granted388,822 16.37 to16.37 16.37 
Forfeited and expired(22,611)14.47 to19.64 18.14 
Exercised(67,705)10.75 to17.29 13.51 
Outstanding at December 31, 2021
3,125,944 10.75 to22.49 13.82 
Forfeited and expired(17,203)14.47 to19.64 15.33 
Outstanding at December 31, 2022
3,108,741 10.75 to22.49 13.81 
Forfeited and expired(89,408)13.78 to19.64 19.60 
Outstanding at December 31, 20233,019,333 $10.75 to$22.49 $13.64 
No options were granted in 2023 nor 2022. The assumptions used in the Black-Scholes options-pricing model for valuing Tredegar stock options originally granted in 2021, and the related estimated fair values at the date of grant, were as follows:
2021
Dividend yield2.6 %
Weighted average volatility percentage48.3 %
Weighted average risk-free interest rate0.9 %
Holding period (years)5
Weighted average exercise price at date of grant (also weighted average market price at date of grant)$16.37 
Estimated weighted average fair value of options per share at date of grant
$5.57 
Total estimated fair value of stock options granted (in thousands)$2,165 
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.
The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2023:
 Options Outstanding at December 31, 2023Options Exercisable at December 31, 2023
  Weighted AverageAggregate Intrinsic Value  Aggregate Intrinsic Value
Range of
Exercise Prices		SharesRemaining Contractual LifeExercise
Price		SharesWeighted Average Exercise Price
$10.75 to$16.37 2,939,509 1.9 years$13.47 $— 2,939,509 $13.47 $— 
17.29 to25.94 79,824 0.2 years19.90 — 79,824 19.90 — 
Total3,019,333 1.9 years$13.64 $— 3,019,333 $13.64 $— 
The total intrinsic value of stock options exercised was $0.2 million in 2021. There were no stock options exercised in 2023 and 2022. The grant-date fair value of stock option-based awards vested in 2023, 2022 and 2021 was $2.2 million, $5.4 million, and $3.5 million, respectively. As of December 31, 2023, there was no unrecognized compensation cost related to stock option-based awards.
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, 2023, 2022 and 2021:
 Unvested Restricted StockMaximum Unvested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria
 Number
of Shares		Weighted Avg. Grant Date Fair Value/ShareGrant Date
Fair Value
(In thousands)		Number
of Shares		Weighted Avg. Grant Date Fair Value/ShareGrant Date
Fair Value
(In thousands)
Outstanding at January 1, 2021234,979 $16.68 $3,919 112,502 $21.82 $2,455 
Granted200,073 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, 2021335,800 16.30 5,473 50,718 17.63 1,366 
Granted301,969 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, 2022474,978 13.82 6,564 — — — 
Granted454,623 7.67 3,487 — — — 
Vested(167,077)11.29 (1,886)— — — 
Forfeited(26,445)11.60 (307)— — — 
Outstanding at December 31, 2023736,079 $10.68 $7,861 — $— $— 
As of December 31, 2023, the unrecognized compensation cost related to non-vested restricted stock awards was $3.6 million. This cost is expected to be recognized over the remaining weighted average period of 1.9 years.
SARs granted by the Company in 2021 vest after 2 years and have a 7-year life. There were no SARs granted in 2023 or 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 are recognized over the vesting period, or immediately, for vested awards.
A summary of SARs outstanding at December 31, 2023, 2022 and 2021, and changes during those years, is presented below:
  Exercise Price/Share
  Number of
SARs		RangeWeighted
Average
Outstanding at January 1, 2021376,440 $10.75 to$19.64 $11.64 
Granted164,464 16.37 to16.37 16.37 
Forfeited and expired(10,043)10.75 to16.37 13.01 
Exercised(9,260)10.75 to15.25 13.87 
Outstanding at December 31, 2021521,601 10.75 to16.37 13.55 
Forfeited and expired(22,914)10.75 to16.37 14.83 
Outstanding at December 31, 2022498,687 10.75 to16.37 13.49 
Forfeited and expired(53,969)10.75 to16.37 12.78 
Outstanding at December 31, 2023444,718 $10.75 to$16.37 $13.57 
The grant-date fair value of SARs awards vested in 2022 and 2021 was $0.5 million and $0.1 million, respectively. The grant-date fair value of SARs awards vested in 2023 was immaterial. As of December 31, 2023, there was no unrecognized compensation cost related to SARs