Share-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation |
7. Share-Based Compensation The Company has share-based compensation plans, which are more fully described in Note 9, Share-Based Compensation, to the Consolidated Financial Statements included in the 2021 10-K. During the nine months ended September 30, 2022, the Company granted restricted stock units subject to service conditions and restricted stock units subject to service and performance conditions. Share-based compensation expense amounted to $11.4 million and $14.4 million for the three months ended September 30, 2022 and 2021, respectively, and $37.5 million and $42.3 million for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the total unrecognized compensation cost related to all non-vested stock awards was $78.6 million and the related weighted-average period over which it is expected to be recognized is approximately 1.5 years. The following table summarizes the activity for all stock appreciation rights, or SARs, under the Company’s share-based compensation plans for the nine months ended September 30, 2022:
(1)
The intrinsic value is the amount by which the current market value of the underlying stock exceeds the exercise price of the SARs.
(2)
Includes 0.8 million performance condition SARs.
There were no SARs granted during the three and nine months ended September 30, 2022 and 2021. The total intrinsic value of SARs exercised during the three months ended September 30, 2022 and 2021 was less than $0.1 million and $1.6 million, respectively. The total intrinsic value of SARs exercised during the nine months ended September 30, 2022 and 2021 was $0.4 million and $25.7 million, respectively. The following table summarizes the activities for all restricted stock units under the Company’s share-based compensation plans for the nine months ended September 30, 2022:
(1)
Includes 1,387,708 and 913,388 performance-based restricted stock units as of September 30, 2022 and December 31, 2021, respectively, which represents the maximum amount that can vest.
(2)
Includes 559,430 performance-based restricted stock units.
(3)
Includes 94,110 performance-based restricted stock units
(4)
Includes 564,871 performance-based restricted stock units.
The total vesting date fair value of restricted stock units which vested during the three months ended September 30, 2022 and 2021 was $0.2 million and $0.4 million, respectively. The total vesting date fair value of restricted stock units which vested during the nine months ended September 30, 2022 and 2021 was $33.7 million and $37.8 million, respectively. |
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