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STOCKHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
STOCKHOLDERS' EQUITY |
14. | STOCKHOLDERS' EQUITY
General—Holders of common stock are entitled to one vote for each share on all matters voted upon by the stockholders, including the election of directors, and do not have cumulative voting rights. Holders of common stock are entitled to share ratably in net assets upon any dissolution or liquidation after payment of provision for all liabilities and any preferential liquidation rights of our preferred stock then outstanding. Common stock shares are not subject to any redemption provisions and are not convertible into any other shares of capital stock. The rights, preferences and privileges of holders of common stock are subject to those of the holders of any shares of preferred stock that may be issued in the future. The Board of Directors may authorize the issuance of one or more classes or series of preferred stock without stockholder approval and may establish the voting powers, designations, preferences and rights and restrictions of such shares. No preferred shares have been issued. Stock Repurchase Program—On December 5, 2023, the Board of Directors approved a program that authorized stock repurchases of up to $200,000 of the Company’s common stock. Under the program, the Company may repurchase its common stock in the open market or through privately negotiated transactions at such times and at such prices as determined to be in the Company’s best interest. The Company accounts for the repurchase of treasury shares under the cost method. This repurchase program expires on December 5, 2025 and may be modified, extended or terminated by the Board at any time. Under the program, the Company repurchased no shares of its common stock during fiscal year 2023. AOCI—During the years ended December 31, 2022 and 2021, changes to AOCI were a result of net gains (losses) recognized in OCI and amounts reclassified from AOCI into earnings related to an interest rate derivative. We utilized the swap arrangement to hedge against interest rate variability associated with a portion of the Term Loan Facility until the swap arrangement expired on December 12, 2022. The following table presents the total value recognized in OCI and reclassified from AOCI into earnings during the years ending December 31, 2022 and 2021 for derivatives designated as cash flow hedges:
|  |  |  | Year Ended December 31, 2022 |  | Year Ended December 31, 2021
|  |  |  |  |  |  |  | Before Tax Amount |  | Tax Amount |  | Net of Tax Amount |  | Before Tax Amount |  | Tax Amount |  | Net of Tax Amount
Net gain (loss) recognized in OCI |  |  |  |  |  |  |  | $ | 2,132 |  |  | $ | (487) |  |  | $ | 1,645 |  |  | $ | 445 |  |  | $ | (102) |  |  | $ | 343 |
Net amount reclassified from AOCI into earnings |  |  |  |  |  |  |  | 103 |  |  | (25) |  |  | 78 |  |  | 4,141 |  |  | (943) |  |  | 3,198 |
Change in other comprehensive income |  |  |  |  |  |  |  | $ | 2,235 |  |  | $ | (512) |  |  | $ | 1,723 |  |  | $ | 4,586 |  |  | $ | (1,045) |  |  | $ | 3,541 |
Stock Issued for Acquisitions—On December 20, 2022, in connection with the acquisition of the business of CCS, the Company issued 157 shares of the Company’s stock as consideration paid to the sellers. The value of the shares issued was $4,851 based on Sterling’s closing stock price on December 19, 2022. See Note 3 - Acquisitions for further discussion. On December 30, 2021, in connection with the acquisition of Petillo Incorporated and its related entities (collectively, “Petillo”), the Company issued 759 shares of the Company’s stock as consideration paid to the Petillo sellers. The value of the shares issued was $20,406 based on Sterling’s closing stock price on December 29, 2021.

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