PUP awards are liability-based awards that are tied to our stock price and the expected achievement of certain performance-based criteria. During the three and six months ended June 30, 2020, the value of the PUP awards decreased due to the reduction of our estimated performance achievement and the decline in our stock price as a result of COVID-19.
(2) | Income tax expense for the three months ended June 30, 2020 is due to the valuation allowance on our deferred tax assets recorded in the second quarter of 2020. |
The following table summarizes the activity of the outstanding share-based compensation awards:
|
| PUP Awards |
|
| Restricted Stock |
|
| Restricted Stock Units |
| |||||||||||||||
|
| Shares |
|
| Weighted-Average Grant Date Fair Value |
|
| Shares |
|
| Weighted-Average Grant Date Fair Value |
|
| Shares |
|
| Weighted-Average Grant Date Fair Value |
| ||||||
Balance at December 31, 2019 |
|
| 214,904 |
|
| $ | 52.53 |
|
|
| 136,123 |
|
| $ | 52.66 |
|
|
| 11,623 |
|
| $ | 52.17 |
|
Granted |
|
| 84,898 |
|
| $ | 56.15 |
|
|
| 49,847 |
|
| $ | 54.45 |
|
|
| 3,952 |
|
| $ | 50.43 |
|
Vested |
|
| (67,866 | ) |
| $ | 47.43 |
|
|
| (64,429 | ) |
| $ | 49.83 |
|
|
| (2,815 | ) |
| $ | 47.45 |
|
Forfeited |
|
| (18,370 | ) |
| $ | 56.40 |
|
|
| (12,865 | ) |
| $ | 56.58 |
|
|
| (1,634 | ) |
| $ | 56.59 |
|
Balance at June 30, 2020 |
|
| 213,566 |
|
| $ | 55.26 |
|
|
| 108,676 |
|
| $ | 54.69 |
|
|
| 11,126 |
|
| $ | 52.10 |
|
The following table summarizes stock option activity:
|
| Shares |
|
| Weighted-Average Exercise Price |
| ||
Options outstanding and exercisable at December 31, 2019 |
|
| 41,143 |
|
| $ | 16.62 |
|
Exercised |
|
| (41,143 | ) |
| $ | 16.62 |
|
Options outstanding and exercisable at June 30, 2020 |
|
| — |
|
| $ | — |
|