The Company has various stock option and stock-based incentive plans and various agreements whereby stock options, restricted stock awards, and SARS were made available to certain key employees, directors, and others based upon meeting various individual, divisional or company-wide performance criteria and time-based criteria. All such awards qualify and are accounted for as equity awards. Equity incentive plan awards, which are granted under the Company's 2009 Omnibus Incentive Plan, are intended to retain and reward key employees for outstanding performance and efforts as they relate to the

Company’s short-term and long-term objectives and its strategic plan. At December 31, 2022, approximately 1.3 million common shares remain available for stock-based compensation grants.

Stock-based compensation expense was $21.8 million, $22.9 million and $16.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Income tax benefit for stock-based compensation expense was $5.4 million, $5.8 million and $4.1 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, there was approximately $21.6 million of total unrecognized compensation cost related to share-based compensation arrangements granted under incentive plans. That cost is expected to be recognized over a weighted-average period of approximately 16.2 months.

No stock options were granted in 2022 and 2021. In 2020, we granted 495,000 stock options to certain employees at an average exercise price per share of $42.87. The stock options vest 35%, 35% and 30% over years one, two, and three, respectively, and have nine-year contractual terms.


Years ended December 31	2022			2021			2020
(shares in thousands)	Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price

Outstanding beginning of year	368	$	43.72	1,015	$	43.88	536	$	45.11
Granted during the year	—	—		—	—		495	42.87
Forfeited during the year	(1)	41.33		(32)	41.33		(4)	53.83
Exercised during the year	(5)	41.33		(615)	44.11		(12)	53.83
Outstanding end of year	362	$	43.76	368	$	43.72	1,015	$	43.88

Vested Options:
Vested during the year	161	$	42.98	248	$	46.70	115	$	50.46
Eligible end of year for exercise	223	$	44.25	67	$	47.05	439	$	43.19

Aggregate intrinsic value ($ in thousands):
Total options outstanding		$	6,204		$	13,593		$	24,838
Options exercisable		$	3,716		$	2,268		$	11,047
Options exercised		$	91		$	26,348		$	97

Weighted average fair value of options granted during the year		N/A			N/A			$	15.17

The aggregate intrinsic value (excess of market value over the option exercise price) in the table above is before income taxes, and assuming the Company’s closing stock price of $60.60, $80.69 and $68.35 per share as of December 31, 2022, 2021 and 2020, respectively, is the price that would have been received by the option holders had those option holders exercised their options as of that date. At December 31, 2022, the weighted average remaining contractual term for options outstanding was 6.1 years and the weighted average remaining contractual term for options exercisable was 5.9 years.

The cash received from the exercise of stock options was $0.2 million, $4.9 million and $0.6 million in 2022, 2021 and 2020, respectively. The income tax benefit related to the stock options exercised was $6.7 million in 2021, and immaterial in 2022

As of December 31, 2022, there was approximately $0.9 million of total unrecognized compensation expense related to the stock options, which is expected to be recognized over a weighted-average remaining life of approximately 5 months.

No SARS were granted in the years ended December 31, 2022, 2021 and 2020. The following table summarizes the Company’s SARS activity during the years ended December 31, 2022, 2021 and 2020:


Years ended December 31	2022			2021			2020
(shares in thousands)	Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price
Total SARS:
Outstanding beginning of year	224	$	64.33	485	$	56.96	535	$	54.53

Forfeited during the year	—	—		—	—		(10)	68.01
Exercised during the year	—	—		(261)	50.63		(40)	22.39
Outstanding end of year	224	$	64.33	224	$	64.33	485	$	56.96

Vested SARS:
Vested during the year	—	$	—	85	$	63.86	115	$	60.71
Eligible end of year for exercise	224	$	64.33	224	$	64.33	404	$	55.58

Aggregate intrinsic value ($ in thousands):
Total SARS outstanding		$	383		$	3,669		$	6,032
SARS exercisable		$	383		$	3,669		$	5,540
SARS exercised		$	—		$	9,045		$	1,918

Weighted average fair value of SARS granted during the year		N/A			N/A			N/A

The aggregate intrinsic value (excess of market value over the SARS exercise price) in the table above is before income taxes, and assuming the Company’s closing stock price of $60.60, $80.69 and $68.35 per share as of December 31, 2022, 2021 and 2020, respectively, is the price that would have been received by the SARS holder had that SARS holder exercised the SARS as of that date. SARS vest ratably over four years and have nine-year contractual terms. All SARS outstanding as of December 31, 2022 were fully vested.

The Company’s stock-based awards include restricted stock awards. As of December 31, 2022, there was approximately $20.7 million of total unrecognized compensation expense related to restricted stock, which is expected to be recognized over a weighted-average remaining life of approximately 17.9 months.

Restricted stock awards possess voting rights, are included in the calculation of actual shares outstanding, and include both performance- and time-based contingencies. The grant date fair value of the awards is expensed over the related service or performance period. Time-based shares cliff vest at the conclusion of the required service period, which ranges from less than one year to seven years. The performance contingent shares are earned based on the achievement of a cumulative financial performance target, which ranges from less than one year to a seven-year period and vest at the conclusion of the measurement period.


	2022			2021			2020
(shares in thousands)	Shares	Weighted-Average Grant Date Stock Price		Shares	Weighted-Average Grant Date Stock Price		Shares	Weighted-Average Grant Date Stock Price
Unvested beginning of year	929	$	55.06	790	$	50.39	738	$	49.65
Granted during the year	254	64.62		371	67.27		309	55.03
Vested during the year	(408)	43.23		(198)	60.05		(178)	52.80
Forfeited during the year	(17)	66.30		(34)	50.37		(79)	55.87
Unvested end of year	758	$	64.38	929	$	55.06	790	$	50.39