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STOCK-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION We record stock-based compensation expense for restricted stock awards, restricted stock units, performance share units (collectively, “stock-based awards”), and shares purchased under an employee stock purchase plan (“ESPP”). Our 2016 Omnibus Incentive Plan (“Incentive Plan”), effective May 11, 2016, applies to directors, officers, employees and consultants of the Company and permits the granting of nonqualified and incentive stock options, restricted stock awards, performance share units, restricted stock units and stock appreciation rights. At the time of adoption, there were 1.5 million shares available for issuance. Effective May 9, 2018, an additional 1.8 million shares were authorized under the Incentive Plan. Additionally, effective May 11, 2023, an additional 0.7 million shares were authorized under the Incentive Plan. Stock-based awards Under the Incentive Plan, stock-based awards are granted to the Board, executive officers and key employees. Stock-based awards granted to executive officers and key employees generally vest annually over three or four years. Restricted stock units granted to members of our Board vest in the fourth quarter of the same fiscal year in which the shares are granted. Receipt of the vested shares may be deferred until after a director leaves the Board. Compensation expense related to these grants is calculated based on the grant-date fair value. We recognize compensation expense on a straight-line basis over the vesting period, net of forfeitures. Performance share units are only granted to certain executive officers. Vesting of performance share units is contingent upon the achievement of return on equity, profitability, or individual performance goals at the end of each performance period, which is generally three years. Each performance share unit is equivalent to one share of common stock. Compensation expense for these grants is calculated based on the grant-date market value of our stock and is recognized ratably over the performance period only for the performance share units expected to vest. Our estimate of the performance units expected to vest is reviewed and adjusted as appropriate each quarter. Stock-based award activity for the fiscal year ended December 31, 2023, was as follows:
(shares in thousands) | Shares | Weighted-average grant-date fair value
Non-vested at beginning of period | 1,436 |  | $ | 21.93 |
Granted | 1,137 |  | $ | 17.77 |
Vested | (761) |  | $ | 20.70 |
Forfeited | (236) |  | $ | 19.59 |
Non-vested at the end of the period | 1,576 |  | $ | 19.88 |
The following table summarizes the weighted-average grant-date fair value per share for stock-based awards granted:
| 2023 | 2022 | 2021
Weighted-average grant-date fair value | $17.77 | $25.51 | $20.21
As of December 31, 2023, total estimated unrecognized stock-based compensation expense was $14.2 million. We expect to recognize this expense over a weighted average remaining period of 1.7 years. The total fair value of stock-based awards that vested during fiscal 2023, 2022 and 2021 was $12.2 million, $13.9 million and $20.6 million, respectively. Employee Stock Purchase Plan At the time of adoption in 2010, there was 1.0 million shares of common stock authorized for purchase under our ESPP. Effective May 11, 2023, an additional 1.0 million shares of common stock were authorized for purchase under our ESPP. The plan allows eligible employees to contribute up to 10% of their earnings toward the monthly purchase of the company’s common stock. The employee’s purchase price is 85% of the lesser of the company’s common stock price on either the first day or the last day of each calendar month. We consider our ESPP to be a component of stock-based compensation and accordingly we recognize compensation expense over the requisite service period for stock purchases made under the plan. The requisite service period begins on the enrollment date and ends on the purchase date, the duration of which is one month. The following table summarizes transactions under our ESPP:
(shares in thousands) | 2023 | 2022 | 2021
Shares issued | 63 |  | 52 |  | 44 |
Average price per share | $ | 13.58 |  | $ | 18.85 |  | $ | 19.77 |
Stock-based compensation expense Total stock-based compensation expense for fiscal 2023, 2022 and 2021, which is included in SG&A expense on our Consolidated Statements of Operations and Comprehensive Income (Loss), was $13.9 million, $9.7 million and $13.9 million, respectively. The related tax benefit was $2.9 million, $2.0 million and $2.9 million for fiscal 2023, 2022 and 2021, respectively.

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