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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
FORM 10-Q
_______________________________
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission file number 1-4347
_______________________________
ROGERS CORPORATION
(Exact Name of Registrant as Specified in its Charter)
_______________________________
Massachusetts06-0513860
(State or Other Jurisdiction of(I. R. S. Employer Identification No.)
Incorporation or Organization) 
2225 W. Chandler Blvd., Chandler, Arizona 85224-6155
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (480) 917-6000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock,
par value $1.00 per share
ROG
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer
☐
Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The number of shares outstanding of the registrant’s capital stock as of November 1, 2021 was 18,729,874.


ROGERS CORPORATION
FORM 10-Q

September 30, 2021
Forward-Looking Statements
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Refer to “Forward-Looking Statements” in Item 2, Management’s Discussion and Analysis of Results of Operations and Financial Position for additional information.
2

Part I – Financial Information
Item 1.    Financial Statements
ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars and shares in thousands, except per share amounts)
 Three Months EndedNine Months Ended
 September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Net sales$238,263 $201,944 $702,434 $591,911 
Cost of sales146,609 126,426 431,448 380,794 
Gross margin91,654 75,518 270,986 211,117 
Selling, general and administrative expenses47,886 50,230 135,258 132,254 
Research and development expenses7,531 7,085 22,195 22,185 
Restructuring and impairment charges1,007 9,413 3,260 9,413 
Other operating (income) expense, net1,431 (4)3,536 (96)
Operating income33,799 8,794 106,737 47,361 
Equity income in unconsolidated joint ventures1,773 937 5,884 3,177 
Pension settlement charges(534)— (534)(55)
Other income (expense), net(469)1,446 3,738 1,294 
Interest expense, net(441)(3,553)(1,452)(6,539)
Income before income tax expense34,128 7,624 114,373 45,238 
Income tax expense8,999 618 29,371 10,453 
Net income$25,129 $7,006 $85,002 $34,785 
Basic earnings per share$1.34 $0.37 $4.54 $1.86 
Diluted earnings per share$1.33 $0.37 $4.51 $1.86 
Shares used in computing:  
Basic earnings per share18,740 18,688 18,727 18,678 
Diluted earnings per share18,874 18,713 18,831 18,695 
The accompanying notes are an integral part of the condensed consolidated financial statements.
3
ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Dollars in thousands)

Three Months EndedNine Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Net income$25,129 $7,006 $85,002 $34,785 
Foreign currency translation adjustment(8,126)11,269 (18,627)10,004 
Pension and other postretirement benefits:
Pension settlement benefits, net of tax (Note 4)— — — (48)
Actuarial net gain incurred, net of tax (Note 4)— 3 — 629 
Amortization of loss, net of tax (Note 4)52 66 173 199 
Derivative instrument designated as cash flow hedge:
Change in unrealized gain (loss) before reclassifications, net of tax (Note 4)— (638)— (1,504)
Unrealized gain reclassified into earnings, net of tax (Note 4)— 2,810 — 2,476 
Other comprehensive income (loss)(8,074)13,510 (18,454)11,756 
Comprehensive income$17,055 $20,516 $66,548 $46,541 
The accompanying notes are an integral part of the condensed consolidated financial statements.
4
ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
(Dollars and shares in thousands, except par value)
September 30, 2021December 31, 2020
Assets  
Current assets  
Cash and cash equivalents$220,901 $191,785 
Accounts receivable, less allowance for credit losses of $1,338 and $1,682
163,804 134,421 
Contract assets32,711 26,575 
Inventories118,216 102,360 
Prepaid income taxes2,527 2,960 
Asbestos-related insurance receivables, current portion2,986 2,986 
Other current assets13,420 13,088 
Total current assets554,565 474,175 
Property, plant and equipment, net of accumulated depreciation of $367,244 and $365,844
294,190 272,378 
Investments in unconsolidated joint ventures15,415 15,248 
Deferred income taxes26,529 28,667 
Goodwill264,785 270,172 
Other intangible assets, net of amortization108,033 118,026 
Pension assets5,902 5,278 
Asbestos-related insurance receivables, non-current portion63,807 63,807 
Other long-term assets12,814 16,254 
Total assets$1,346,040 $1,264,005 
Liabilities and Shareholders’ Equity  
Current liabilities  
Accounts payable$54,818 $35,987 
Accrued employee benefits and compensation46,925 41,708 
Accrued income taxes payable7,071 8,558 
Asbestos-related liabilities, current portion3,615 3,615 
Other accrued liabilities25,813 21,641 
Total current liabilities138,242 111,509 
Borrowings under revolving credit facility— 25,000 
Pension and other postretirement benefits liabilities1,682 1,612 
Asbestos-related liabilities, non-current portion69,393 69,620 
Non-current income tax18,024 16,346 
Deferred income taxes7,710 8,375 
Other long-term liabilities11,728 10,788 
Commitments and contingencies (Note 10 and Note 12)
Shareholders’ equity  
Capital stock - $1 par value; 50,000 authorized shares; 18,729 and 18,677 shares issued and outstanding
18,729 18,677 
Additional paid-in capital159,867 147,961 
Retained earnings958,694 873,692 
Accumulated other comprehensive loss(38,029)(19,575)
Total shareholders' equity1,099,261 1,020,755 
Total liabilities and shareholders' equity$1,346,040 $1,264,005 
The accompanying notes are an integral part of the condensed consolidated financial statements.
5
ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
Nine Months Ended
September 30, 2021September 30, 2020
Operating Activities:  
Net income$85,002 $34,785 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization31,121 48,562 
Equity compensation expense13,147 10,317 
Deferred income taxes(1,267)(9,987)
Equity in undistributed income of unconsolidated joint ventures(5,884)(3,177)
Dividends received from unconsolidated joint ventures4,965 7,075 
Pension settlement charges (benefits)534 (63)
Pension and other postretirement benefits(300)(149)
(Gain) loss on sale or disposal of property, plant and equipment(673)49 
Impairment charges385 386 
UTIS fire fixed asset and inventory write-offs1,254 — 
Provision (benefit) for credit losses(310)(63)
Changes in assets and liabilities:
Accounts receivable(32,254)(14,702)
Proceeds from insurance/government subsidies related to operations264 — 
Contract assets(6,136)394 
Inventories(19,386)25,008 
Pension and postretirement benefit contributions(156)(248)
Other current assets(144)1,876 
Accounts payable and other accrued expenses27,495 5,236 
Other, net8,458 8,374 
Net cash provided by operating activities106,115 113,673 
Investing Activities:
Capital expenditures(43,411)(28,944)
Proceeds from the sale of property, plant and equipment, net714 — 
Net cash used in investing activities(42,697)(28,944)
Financing Activities:
Proceeds from borrowings under revolving credit facility— 150,000 
Repayment of debt principal and finance lease obligations(29,655)(213,299)
Payments of taxes related to net share settlement of equity awards(2,752)(5,107)
Proceeds from issuance of shares to employee stock purchase plan1,563 1,373 
Net cash (used in) provided by financing activities(30,844)(67,033)
Effect of exchange rate fluctuations on cash(3,458)1,578 
Net increase in cash and cash equivalents29,116 19,274 
Cash and cash equivalents at beginning of period191,785 166,849 
Cash and cash equivalents at end of period$220,901 $186,123 
Supplemental Disclosures:
Accrued capital additions$6,447 $1,493 
Cash paid during the year for:
Interest, net of amounts capitalized$1,285 $4,301 
Income taxes$25,867 $21,645 
The accompanying notes are an integral part of the condensed consolidated financial statements.
6
ROGERS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
(Dollars and shares in thousands)



Three Months EndedNine Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Capital Stock
Balance, beginning of period$18,722 $18,668 $18,677 $18,577 
Shares issued for vested restricted stock units, net of shares withheld for taxes1 1 29 86 
Shares issued for employee stock purchase plan6 7 13 13 
Shares issued to directors— — 10 — 
Balance, end of period18,729 18,676 18,729 18,676 
Additional Paid-In Capital
Balance, beginning of period154,330 141,092 147,961 138,526 
Shares issued for vested restricted stock units, net of shares withheld for taxes(69)(79)(2,781)(5,193)
Shares issued for employee stock purchase plan853 702 1,550 1,360 
Shares issued to directors— — (10)— 
Equity compensation expense4,753 3,295 13,147 10,317 
Balance, end of period159,867 145,010 159,867 145,010 
Retained Earnings
Balance, beginning of period933,565 851,481 873,692 823,702 
Net income25,129 7,006 85,002 34,785 
Balance, end of period958,694 858,487 958,694 858,487 
Accumulated Other Comprehensive Loss
Balance, beginning of period(29,955)(48,659)(19,575)(46,905)
Other comprehensive income (loss)(8,074)13,510 (18,454)11,756 
Balance, end of period(38,029)(35,149)(38,029)(35,149)
Total Shareholders’ Equity$1,099,261 $987,024 $1,099,261 $987,024 
The accompanying notes are an integral part of the condensed consolidated financial statements.
7

ROGERS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 – Basis of Presentation
As used herein, the terms “Company,” “Rogers,” “we,” “us,” “our” and similar terms mean Rogers Corporation and its consolidated subsidiaries, unless the context indicates otherwise.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information. Accordingly, these statements do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements include all normal recurring adjustments necessary for their fair presentation in accordance with GAAP. All significant intercompany balances and transactions have been eliminated.
Interim results are not necessarily indicative of results for a full year. For further information regarding our accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020. Refer to the discussion below for our restructuring activities significant accounting policy.
Through the fourth quarter of 2020, we operated three strategic operating segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS) and Power Electronics Solutions (PES), with the remaining operations, which represented our non-core businesses, being reported in a fourth operating segment, the Other operating segment. In the first quarter of 2021, we completed the realignment of our strategic business segments to reflect the combination of our ACS and PES businesses resulting in a new strategic business segment, Advanced Electronics Solutions (AES). The combination of these two complementary businesses with capabilities in both high power and high frequency applications is expected to enhance our overall value proposition to customers in multiple high-growth markets. As a result of our organizational and reporting structure changes, we re-evaluated the chief operating decision maker’s review and assessment of the Company’s operating performance for purposes of performance monitoring and resource allocation. We determined, based on the financial data utilized by the chief operating decision maker to assess segment performance and allocate resources among the Company’s strategic business segments, that we now have three operating segments under this new organizational and reporting structure: AES, EMS and Other. Reported results for the AES operating segment prior to 2021 represent the aggregation of the results for our former ACS and PES operating segments.
Note 2 – Fair Value Measurements
The accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value:
•Level 1 – Quoted prices in active markets for identical assets or liabilities.
•Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
As a result of our pension termination and settlement efforts in late 2019 and the first half of 2020, we have a pension surplus investment balance, which is now accounted for as an available-for-sale investment as of June 2020. For additional information regarding this balance, refer to “Note 11 – Pension Benefits and Other Postretirement Benefits.” Available-for-sale investments measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, were as follows:
Available-for-Sale Investment at Fair Value as of September 30, 2021
(Dollars in thousands)Level 1Level 2Level 3Total
Pension surplus investment(1)
$5,072 $1,858 $— $6,930 
Available-for-Sale Investment at Fair Value as of December 31, 2020
(Dollars in thousands)Level 1Level 2Level 3Total
Pension surplus investment(1)
$6,706 $2,400 $— $9,106 
(1) This balance was invested in funds comprised of short-term cash and fixed income securities, and was recorded in the “Other long-term assets” line item in the condensed consolidated statements of financial position. As of September 30, 2021, the fair value of these investments approximated its carrying value.
8

From time to time we enter into various instruments that require fair value measurement, including foreign currency contracts and copper derivative contracts. Derivative instruments measured at fair value on a recurring basis, categorized by the level of inputs used in the valuation, were as follows:
Derivative Instruments at Fair Value as of September 30, 2021
(Dollars in thousands)Level 1Level 2Level 3
Total(1)
Foreign currency contracts$— $(203)$— $(203)
Copper derivative contracts$— $1,850 $— $1,850 
Derivative Instruments at Fair Value as of December 31, 2020
(Dollars in thousands)Level 1Level 2Level 3
Total(1)
Foreign currency contracts$— $(130)$— $(130)
Copper derivative contracts$— $4,785 $— $4,785 
(1) All balances were recorded in the “Other current assets” or “Other accrued liabilities” line items in the condensed consolidated statements of financial position.
For additional information on derivative contracts, refer to “Note 3 – Hedging Transactions and Derivative Financial Instruments.”
Note 3 – Hedging Transactions and Derivative Financial Instruments
We are exposed to certain risks related to our ongoing business operations. The primary risks being managed through our use of derivative instruments are foreign currency exchange rate risk and commodity pricing risk (primarily related to copper). We do not use derivative instruments for trading or speculative purposes. The valuation of derivative contracts used to manage each of these risks is described below:
•Foreign Currency – The fair value of any foreign currency option derivative is based upon valuation models applied to current market information such as strike price, spot rate, maturity date and volatility, and by reference to market values resulting from an over-the-counter market or obtaining market data for similar instruments with similar characteristics.
•Commodity – The fair value of copper derivatives is computed using a combination of intrinsic and time value valuation models, which are collectively a function of five primary variables: price of the underlying instrument, time to expiration, strike price, interest rate and volatility. The intrinsic valuation model reflects the difference between the strike price of the underlying copper derivative instrument and the current prevailing copper prices in an over-the-counter market at period end. The time value valuation model incorporates changes in the price of the underlying copper derivative instrument, the time value of money, the underlying copper derivative instrument’s strike price and the remaining time to the underlying copper derivative instrument’s expiration date from the period end date.
The guidance for the accounting and disclosure of derivatives and hedging transactions requires companies to recognize all of their derivative instruments as either assets or liabilities at fair value in the condensed consolidated statements of financial position. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies for hedge accounting treatment as defined under the applicable accounting guidance. For derivative instruments that are designated and qualify for hedge accounting treatment as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) in the condensed consolidated statements of comprehensive income (loss). This gain or loss is reclassified into earnings in the same line item of the condensed consolidated statements of operations associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings.
Foreign Currency
During the three months ended September 30, 2021, we entered into U.S. dollar, euro, and Korean won forward contracts. We entered into these foreign currency forward contracts to mitigate certain global transactional exposures. These contracts do not qualify for hedge accounting treatment. As a result, any fair value adjustments required on these contracts are recorded in “Other income (expense), net” in our condensed consolidated statements of operations in the period in which the adjustment occurred.
9

As of September 30, 2021, the notional values of the remaining foreign currency forward contracts were as follows:
Notional Values of Foreign Currency Derivatives
USD/CNH$20,063,054 
EUR/USD€12,838,469 
KRW/USD₩9,459,360,000 
Commodity
As of September 30, 2021, we had 10 outstanding contracts to hedge exposure related to the purchase of copper in our AES operating segment. These contracts are held with financial institutions and are intended to offset rising copper prices and do not qualify for hedge accounting treatment. As a result, any fair value adjustments required on these contracts are recorded in “Other income (expense), net” in our condensed consolidated statements of operations in the period in which the adjustment occurred.
As of September 30, 2021, the volume of our copper contracts outstanding was as follows:
Volume of Copper Derivatives
October 2021 - December 2021
222 metric tons per month
January 2022 - March 2022
213 metric tons per month
April 2022 - June 2022
168 metric tons per month
July 2022 - September 2022
69 metric tons per month
Effects on Financial Statements
The impacts from our derivative instruments on the statement of operations and statements of comprehensive income (loss) were as follows:
Three Months EndedNine Months Ended
(Dollars in thousands)Financial Statement Line ItemSeptember 30, 2021September 30, 2020September 30, 2021September 30, 2020
Foreign Currency Contracts
Contracts not designated as hedging instrumentsOther income (expense), net$(909)$(823)$(2,131)$(1,378)
Copper Derivative Contracts 
Contracts not designated as hedging instrumentsOther income (expense), net$(775)$1,238 $3,085 $1,067 
Interest Rate Swap
Contract designated as hedging instrumentOther comprehensive income (loss)$— $2,771 $— $1,254 

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Note 4 – Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss by component were as follows:
(Dollars and accompanying footnotes in thousands)Foreign Currency Translation Adjustments
Pension and Other Postretirement Benefits(1)
Derivative Instrument Designated as Cash Flow Hedge(2)
Total
Balance as of December 31, 2020$(10,571)$(9,004)$— $(19,575)
Other comprehensive income (loss) before reclassifications(18,627)— — (18,627)
Amounts reclassified from accumulated other comprehensive loss— 173 — 173 
Net current-period other comprehensive income (loss)(18,627)173 — (18,454)
Balance as of September 30, 2021$(29,198)$(8,831)$— $(38,029)
Balance as of December 31, 2019$(35,478)$(10,455)$(972)$(46,905)
Other comprehensive income (loss) before reclassifications10,004 629 (1,504)9,129 
Amounts reclassified from accumulated other comprehensive loss— 151 2,476 2,627 
Net current-period other comprehensive income (loss)10,004 780 972 11,756 
Balance as of September 30, 2020$(25,474)$(9,675)$— $(35,149)
(1) Net of taxes of $1,902 and $1,951 as of September 30, 2021 and December 31, 2020, respectively. Net of taxes of $2,154 and $2,368 as of September 30, 2020 and December 31, 2019, respectively.
(2) Net of taxes of $0 as of both September 30, 2021 and December 31, 2020. Net of taxes of $0 and $282 as of September 30, 2020 and December 31, 2019, respectively.
Note 5 – Inventories
Inventories, which are valued at the lower of cost or net realizable value, consisted of the following:
(Dollars in thousands)September 30, 2021December 31, 2020
Raw materials$56,406 $44,976 
Work-in-process28,247 25,291 
Finished goods33,563 32,093 
Total inventories$118,216 $102,360 
Note 6 – Goodwill and Other Intangible Assets
Goodwill
The changes in the net carrying amount of goodwill by operating segment were as follows:
(Dollars in thousands)Advanced Electronics SolutionsElastomeric Material SolutionsOtherTotal
December 31, 2020$124,927 $143,021 $2,224 $270,172 
Foreign currency translation adjustment(4,035)(1,352)— $(5,387)
September 30, 2021$120,892 $141,669 $2,224 $264,785 
11

Other Intangible Assets
The gross and net carrying amounts, as well as the accumulated amortization of other intangible assets were as follows:
September 30, 2021December 31, 2020
(Dollars in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer relationships$149,676 $75,790 $73,886 $150,863 $72,014 $78,849 
Technology79,768 53,868 25,900 83,469 53,540 29,929 
Trademarks and trade names11,977 8,671 3,306 12,039 8,149 3,890 
Covenants not to compete1,340 977 363 1,340 827 513 
Total definite-lived other intangible assets242,761 139,306 103,455 247,711 134,530 113,181 
Indefinite-lived other intangible asset4,578 — 4,578 4,845 — 4,845 
Total other intangible assets$247,339 $139,306 $108,033 $252,556 $134,530 $118,026 
In the table above, gross carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations.
Amortization expense was $3.1 million and $15.4 million for the three months ended September 30, 2021 and 2020, respectively, and $9.4 million and $26.7 million for the nine months ended September 30, 2021 and 2020, respectively. The estimated future amortization expense is $3.1 million for the remainder of 2021 and $11.8 million, $11.2 million, $9.9 million and $8.5 million for 2022, 2023, 2024 and 2025, respectively.
The weighted average amortization period as of September 30, 2021, by definite-lived other intangible asset class, was as follows:
Definite-Lived Other Intangible Asset ClassWeighted Average Remaining Amortization Period
Customer relationships7.4 years
Technology3.7 years
Trademarks and trade names4.9 years
Covenants not to compete0.9 years
Total definite-lived other intangible assets6.4 years
Note 7 – Earnings Per Share
Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding.
The following table sets forth the computation of basic and diluted earnings per share:
(Dollars and shares in thousands, except per share amounts)Three Months EndedNine Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Numerator:   
Net income$25,129 $7,006 $85,002 $34,785 
Denominator:
Weighted-average shares outstanding - basic18,740 18,688 18,727 18,678 
Effect of dilutive shares134 25 104 17 
Weighted-average shares outstanding - diluted18,874 18,713 18,831 18,695 
Basic earnings per share$1.34 $0.37 $4.54 $1.86 
Diluted earnings per share$1.33 $0.37 $4.51 $1.86 
Dilutive shares are calculated using the treasury stock method and primarily include unvested restricted stock units. Anti-dilutive shares are excluded from the calculation of diluted shares and diluted earnings per share. For the three months ended September 30, 2021 and 2020, 1,994 shares and 32,501 shares were excluded, respectively.
12

Note 8 – Capital Stock and Equity Compensation
Equity Compensation
Performance-Based Restricted Stock Units
As of September 30, 2021, we had performance-based restricted stock units from 2021, 2020 and 2019 outstanding. These awards generally cliff vest at the end of a three-year measurement period. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed during the measurement period, except as noted below in Chief Executive Officer’s 2021 Equity Award Grants. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures.
The outstanding awards have one measurement criterion: the three-year total shareholder return (TSR) on our capital stock as compared to that of a specified group of peer companies. The TSR measurement criterion of the awards is considered a market condition. As such, the fair value of this measurement criterion was determined on the grant date using a Monte Carlo simulation valuation model. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period with no changes for final projected payout of the awards. We account for forfeitures as they occur.
The following table sets forth the assumptions used in the Monte Carlo calculation for each material award granted in 2021 and 2020:
February 10, 2021February 12, 2020
Expected volatility51.0%41.0%
Expected term (in years)2.92.9
Risk-free interest rate0.18%1.41%
Expected volatility – In determining expected volatility, we have considered a number of factors, including historical volatility.
Expected term – We use the vesting period of the award to determine the expected term assumption for the Monte Carlo simulation valuation model.
Risk-free interest rate – We use an implied “spot rate” yield on U.S. Treasury Constant Maturity rates as of the grant date for our assumption of the risk-free interest rate.
Expected dividend yield – We do not currently pay dividends on our capital stock; therefore, a dividend yield of 0% was used in the Monte Carlo simulation valuation model.
A summary of activity of the outstanding performance-based restricted stock units for the nine months ended September 30, 2021 is presented below:
Performance-Based
Restricted Stock Units
Awards outstanding as of December 31, 2020111,059 
Awards granted41,210 
Stock issued— 
Awards cancelled(35,627)
Awards outstanding as of September 30, 2021116,642 
We recognized $2.6 million and $1.6 million of compensation expense for performance-based restricted stock units for the three months ended September 30, 2021 and 2020, respectively. We recognized $5.8 million and $4.3 million of compensation expense for performance-based restricted stock units for the nine months ended September 30, 2021 and 2020, respectively.
Time-Based Restricted Stock Units
As of September 30, 2021, we had time-based restricted stock unit awards from 2021, 2020, 2019 and 2018 outstanding. The outstanding awards all ratably vest on the first, second and third anniversaries of the original grant date. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed subsequent to the last grant anniversary date, except as noted below in Chief Executive Officer’s 2021 Equity Award Grants. Each time-based restricted stock unit represents a right to receive one share of Rogers’ capital stock at the end of the vesting period. The fair value of the award is determined by the market value of the underlying stock price at the grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. We account for forfeitures as they occur.
13

A summary of activity of the outstanding time-based restricted stock units for the nine months ended September 30, 2021 is presented below:
Time-Based
Restricted Stock Units
Awards outstanding as of December 31, 2020102,142 
Awards granted49,283 
Stock issued(44,853)
Awards cancelled(7,409)
Awards outstanding as of September 30, 202199,163 
We recognized $2.0 million and $1.5 million of compensation expense for time-based restricted stock units for the three months ended September 30, 2021 and 2020, respectively. We recognized $5.8 million and $4.6 million of compensation expense for performance-based restricted stock units for the nine months ended September 30, 2021 and 2020, respectively.
Chief Executive Officer’s 2021 Equity Award Grants
The terms of the performance-based and time-based restricted stock unit awards granted to our Chief Executive Officer (CEO), Bruce Hoechner, in February 2021 were modified from the standard language provisions from prior year awards to allow for accelerated vesting of the full awards provided certain criteria are met. Accounting Standards Codification (ASC) Topic 718: Compensation—Stock Compensation requires companies that allow for accelerated vesting of employees’ unvested equity upon retirement to recognize the expense from the date of grant to the date the employee becomes eligible to retire – regardless of whether or not the employee actually retires when he or she is eligible to retire. As a result, the $4.0 million of expense related to the awards granted on February 10, 2021 to our CEO, which provide for immediate vesting upon retirement, will be expensed from the date of the grant, February 10, 2021, through his retirement eligibility date, November 9, 2021.
Deferred Stock Units