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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2022
Share-based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has stock incentive plans for executives and eligible employees. Stock awards include restricted stock, performance shares and stock options. Stock-based compensation expense for the years ended December 31, 2022, 2021, and 2020 was $10.0 million, $13.7 million and $8.5 million, respectively. At December 31, 2022, there was $7.8 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.5 years. Restricted Stock Restricted stock granted under the Company’s incentive plans is accounted for based on the market value of the underlying shares on the date of grant and generally vest in equal installments annually over three years. Restricted stock awards are accounted for as equity awards. Holders of restricted stock are entitled to vote the shares and to receive any dividends declared on the shares. The following table summarizes restricted stock activity for the years ended December 31, 2022, 2021, and 2020:
| Restricted Stock |  |
| Number of Shares |  | Weighted Average Grant Date Fair Value |  |  |  |
Outstanding at December 31, 2019 | 2,184,675 |  |  | $ | 5.89 |  |  |  |  |
Granted | 1,676,634 |  |  | 5.13 |  |  |  |  |
Vested | (928,778) |  |  | 6.46 |  |  |  |  |
Canceled/Forfeited | (207,807) |  |  | 5.36 |  |  |  |  |
Outstanding at December 31, 2020 | 2,724,724 |  |  | $ | 5.26 |  |  |  |  |
Granted | 932,442 |  |  | 8.88 |  |  |  |  |
Vested | (1,179,857) |  |  | 5.53 |  |  |  |  |
Canceled/Forfeited | (332,505) |  |  | 5.83 |  |  |  |  |
Outstanding at December 31, 2021 | 2,144,804 |  |  | $ | 6.60 |  |  |  |  |
Granted | 2,056,121 |  |  | 4.07 |  |  |  |  |
Vested | (1,114,513) |  |  | 6.08 |  |  |  |  |
Canceled/Forfeited | (301,802) |  |  | 5.74 |  |  |  |  |
Outstanding at December 31, 2022 | 2,784,610 |  |  | $ | 5.05 |  |  |  |  |
At December 31, 2022, there was $4.3 million of unrecognized compensation cost related to restricted stock awards to be recognized over a weighted-average period of 1.3 years. Performance Shares Performance shares granted under the Company’s incentive plans are accounted for as equity awards at fair value using a Monte Carlo simulation valuation model. Performance shares granted during and subsequent to 2019 will vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric. The relative stockholder return metric is included in the determination of the grant date fair value of the performance shares; however, the recognition of compensation cost for performance share awards is based on the results of the internal performance metrics. Performance shares granted prior to 2019 vested at the end of the three-year service period if relative stockholder return and internal performance metrics were met. The existence of a market condition required recognition of compensation cost for the performance share awards over the requisite period regardless of whether the relative stockholder return metric was met. The following table summarizes performance shares activity for the years ended December 31, 2022, 2021, and 2020:
| Performance Shares |  |
| Number of Shares |  | Weighted Average Grant Date Fair Value |  |  |  |
Outstanding at December 31, 2019 | 1,214,145 |  |  | $ | 6.93 |  |  |  |  |
Granted (1) | 1,343,953 |  |  | 3.95 |  |  |  |  |
Vested | (54,132) |  |  | 11.47 |  |  |  |  |
Canceled/Forfeited (1) | (168,864) |  |  | 10.71 |  |  |  |  |
Outstanding at December 31, 2020 | 2,335,102 |  |  | $ | 4.83 |  |  |  |  |
Granted (2) | 602,933 |  |  | 10.13 |  |  |  |  |
Vested | (143,312) |  |  | 7.39 |  |  |  |  |
Canceled/Forfeited (2) | (404,710) |  |  | 6.12 |  |  |  |  |
Outstanding at December 31, 2021 | 2,390,013 |  |  | $ | 5.80 |  |  |  |  |
Granted (3) | 1,325,418 |  |  | 4.53 |  |  |  |  |
Vested | (824,064) |  |  | 5.54 |  |  |  |  |
Canceled/Forfeited (3) | (316,830) |  |  | 6.11 |  |  |  |  |
Outstanding at December 31, 2022 | 2,574,537 |  |  | $ | 5.26 |  |  |  |  |
(1) Includes 6,226 additional shares granted and 143,808 shares cancelled in connection with the vesting of the 2017 award in 2020 due to above-target and below target performance, respectively, in accordance with the terms of the award. (2) Includes 1,421 additional shares granted and 141,894 shares cancelled in connection with the vesting of the 2018 award in 2021 due to above-target and below target performance, respectively, in accordance with the terms of the award. (3) Includes 175,828 additional shares granted in connection with the vesting of the 2019 award in 2022 due to above-target in accordance with the terms of the award. At December 31, 2022, there was $3.5 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.7 years. Stock Options and Stock Appreciation Rights Stock options and stock appreciation rights (SARs) granted under the Company’s incentive plans generally vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. Stock options are accounted for as equity awards and SARs are accounted for as liability awards and remeasured at each reporting date. SARs, when vested, provide the participant the right to receive cash equal to the excess of the market price of the shares over the exercise price when exercised. The following table summarizes stock option and SAR activity for the years ended December 31, 2022, 2021, and 2020:
| Stock Options |  | SARs
| Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2019 | 291,779 |  |  | $ | 14.05 |  |  | 32,282 |  |  | $ | 15.40 |
Exercised | (30,401) |  |  | 5.57 |  |  | — |  |  | — |
Canceled/forfeited | (39,105) |  |  | 12.77 |  |  | — |  |  | — |
Expired | — |  |  | — |  |  | (32,282) |  |  | 15.40 |
Outstanding at December 31, 2020 | 222,273 |  |  | $ | 15.44 |  |  | — |  |  | — |
Exercised | (57,721) |  |  | 7.74 |  |  | — |  |  | — |
Canceled/forfeited | (16,455) |  |  | 18.45 |  |  | — |  |  | — |
Expired | (16,844) |  |  | 27.45 |  |  | — |  |  | — |
Outstanding at December 31, 2021 | 131,253 |  |  | $ | 16.91 |  |  | — |  |  | — |
Canceled/forfeited | (5,598) |  |  | 11.88 |  |  | — |  |  | — |
Expired | (31,667) |  |  | 25.19 |  |  | — |  |  | — |
Outstanding at December 31, 2022 | 93,988 |  |  | $ | 14.41 |  |  | — |  |  | — |
The following table summarizes outstanding stock options as of December 31, 2022.
Range of Exercise Price | Number Outstanding |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value (in thousands) |  |  |  |  |
$ 0.00-$10.00 | 54,330 |  |  | $ | 7.49 |  |  | 3.4 |  | NA |  |  |  |  |
$10.00-$20.00 | — |  |  | $ | — |  |  | 0.0 |  | NA |  |  |  |  |
$20.00-$30.00 | 39,658 |  |  | $ | 23.9 |  |  | 0.1 |  | NA |  |  |  |  |
Outstanding | 93,988 |  |  | $ | 14.41 |  |  | 2.0 |  | $ | — |  |  |  |  |  |
Vested and expected to vest | 93,988 |  |  | $ | 14.41 |  |  | 2.0 |  | $ | — |  |  |  |  |  |
Exercisable | 93,988 |  |  | $ | 14.41 |  |  | 2.0 |  | $ | — |  |  |  |  |  |
The total intrinsic value of options exercised for the year ended December 31, 2022 was nil. Cash received from options exercised for the year ended December 31, 2022 was nil and there was no related tax benefit. The grant date fair value for stock options vested during the years ended December 31, 2022, 2021, and 2020 was nil.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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