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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Components of Share-Based Compensation Expense by Type of Award | The following table lists the components of share-based compensation expense by type of award.
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Stock options |  | $ | 741 |  |  | $ | 881 |  |  | $ | 678 |
Restricted stock |  | 3,473 |  |  | 1,897 |  |  | 1,630 |
Performance share units |  | 755 |  |  | 1,155 |  |  | 2,076 |
Change in estimate of share-based award vesting (1) |  | (743) |  |  | (1,111) |  |  | (1,968) |
Share-based compensation expense |  | $ | 4,226 |  |  | $ | 2,822 |  |  | $ | 2,416 |
_______________________________ (1) Amounts reflect the decrease in share-based compensation expense based on the change in estimate of the probability of vesting of share-based awards.
Weighted Average Assumptions Relevant to Determining the Fair Value at the Dates of Grant and Stock Option Modification | The following table shows the weighted average assumptions relevant to determining the fair value of stock options granted in each year.
|  | 2020 |  | 2019 |  | 2018
Expected term |  | 6 years |  | 6 years |  | 6 years
Average risk-free interest rate |  | 1.42 | % |  | 2.47 | % |  | 2.66 | %
Expected dividend yield |  | — | % |  | 3.53 | % |  | 1.15 | %
Expected volatility |  | 52.80 | % |  | 49.53 | % |  | 47.69 | %
Expected forfeiture rate |  | — | % |  | 4.00 | % |  | 4.00 | %
Reconciliation of Option Activity | The following table presents stock option activity for the year ended December 31, 2020.
|  | Number of Options (in thousands) |  | Weighted- Average Exercise Price (per share) |  | Weighted- Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value |  |
Outstanding at January 1, 2020 |  | 775 |  |  | $ | 13.24 |  |  |  |  |  |  |
Granted |  | 159 |  |  | 9.44 |  |  |  |  |  |  |
Forfeited or expired |  | (63) |  |  | 15.09 |  |  |  |  |  |  |
Outstanding at December 31, 2020 |  | 871 |  |  | $ | 12.41 |  |  | 4.0 years |  | $ | — |  |  | (1)
Exercisable at December 31, 2020 |  | 682 |  |  | $ | 13.17 |  |  | 2.7 years |  | $ | — |  |  | (1)
_______________________________ (1)The aggregate intrinsic value is the sum of intrinsic values for each exercisable individual option grant. The intrinsic value is the amount by which the closing market price of our stock at December 31, 2020, was greater than the exercise price of any individual option grant.
Reconciliation of Restricted Stock Option Activity | The following table presents the status of unvested restricted stock awards as of December 31, 2020, and changes during the year then ended.
|  | Nonvested Restricted Shares (in thousands) |  | Weighted Average Grant-Date Fair Value (per share)
Unvested at January 1, 2020 |  | 222 |  |  | $ | 9.33 |
Granted |  | 460 |  |  | 9.35 |
Vested |  | (254) |  |  | 7.31 |
Forfeited |  | (43) |  |  | 9.17 |
Unvested at December 31, 2020 |  | 385 |  |  | $ | 9.42 |
Schedule of Performance Based Awards Goals with Respect to TSR and ROIC | The following tables present the goals with respect to TSR Awards and ROIC Awards granted in 2020, 2019, and 2018.
TSR Awards: |  | Threshold Performance (50% of Shares) |  | Target Performance (100% of Shares) |  | Maximum Performance (150% of Shares)
2020 grants |  | 35 | th Percentile |  | 50 | th Percentile |  | 75 | th Percentile
2019 grants |  | 35 | th Percentile |  | 50 | th Percentile |  | 75 | th Percentile
2018 grants |  | 35 | th Percentile |  | 50 | th Percentile |  | 75 | th Percentile
ROIC Awards: |  | Threshold Performance (35% of Shares) |  | Target Performance (100% of Shares) |  | Maximum Performance (150% of Shares)
2020 grants (1) |  | 4.9 | % |  | 5.1 | % |  | 5.6 | %
2019 grants |  | 4.7 | % |  | 5.8 | % |  | 7.0 | %
2018 grants |  | 15.5 | % |  | 18.0 | % |  | 19.5 | %
_______________________________ (1)The performance levels for 2020 grants were modified by the compensation committee of the board of directors in the first quarter of 2021 to adjust for the sale of the Life Sciences business and the ongoing effects of the COVID-19 pandemic. Threshold Performance was changed to 6.7% to earn 50% of Shares, Target Performance was changed to 7.9% to earn 100% of Shares, and Maximum Performance was changed to 8.7% to earn 150% of Shares.
Schedule of Number of Awards Granted and Grant Date Fair Value of Each Award in Periods | The following table presents the number of PSUs granted and the grant-date fair value of each award in the periods presented.
|  | TSR Awards |  | ROIC Awards
Award Year |  | Shares (in thousands) |  | Grant-Date Fair Value (per share) |  | Shares (in thousands) |  | Grant-Date Fair Value (per share)
2020 |  | 139 |  |  | $ | 10.88 |  |  | 157 |  |  | $ | 9.44 |
2019 |  | 136 |  |  | $ | 9.28 |  |  | 174 |  |  | $ | 7.93 |
2018 |  | 55 |  |  | $ | 24.65 |  |  | 55 |  |  | $ | 24.55 |
Summary of Status of Unvested PSU Awards | The following table presents the status of unvested PSUs as of December 31, 2020, and changes during the year then ended.
|  | Nonvested TSR Awards |  | Nonvested ROIC Awards
|  | Number of Shares (in thousands) |  | Weighted Average Grant-Date Fair Value |  | Number of Shares (in thousands) |  | Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2020 |  | 65 |  |  | $ | 13.27 |  |  | 79 |  |  | $ | 11.50 |
Granted |  | 139 |  |  | 10.88 |  |  | 157 |  |  | 9.44 |
Forfeited |  | (56) |  |  | 11.89 |  |  | (66) |  |  | 10.32 |
Expired |  | (10) |  |  | 24.65 |  |  | (10) |  |  | 24.55 |
Nonvested at December 31, 2020 |  | 138 |  |  | $ | 10.58 |  |  | 160 |  |  | $ | 9.13 |

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