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Stock Compensation | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Compensation | Note 5 Stock Compensation As of December 31, 2023, the Company has an Omnibus Incentive Plan under which 1,000,000 shares are reserved for restricted stock, performance shares and stock options grants for employees, as well as stock grants for directors. The plan was approved in 2021 and replaced all prior stock-based plans except for shares and options previously issued under those plans. As of December 31, 2023 and 2022 there were 909,688 and 938,147 shares, respectively, of the Company’s Common Stock available for grant under the 2021 Omnibus Incentive Plan. The Company recognizes the cost of stock-based awards in net earnings for all of its stock-based compensation plans on a straight-line basis over the service period of the awards. The following sections describe the four types of grants in more detail. Stock Options The Company estimates the fair value of its option awards using the Black-Scholes option-pricing formula, and records compensation expense for stock options ratably over the stock option grant’s vesting period. Stock option compensation expense recognized by the Company for the years ended December 31, 2023, 2022 and 2021 was $0.2 million, $0.3 million and $0.4 million, respectively. No new stock options were granted in 2023, 2022 and 2021. The following table summarizes stock option activity for the three-year period ended December 31, 2023:
|  | Number of shares |  |  | Weighted- average exercise price |
Options outstanding - December 31, 2020 |  |  | 316,194 |  |  | $ | 37.75 |
Options exercised |  |  | (88,932 | ) |  |  | 22.89 |
Options outstanding - December 31, 2021 |  |  | 227,262 |  |  | $ | 43.56 |
Options exercised |  |  | (25,986 | ) |  |  | 27.04 |
Options forfeited |  |  | (4,529 | ) |  |  | 60.82 |
Options outstanding - December 31, 2022 |  |  | 196,747 |  |  | $ | 45.35 |
Options exercised |  |  | (30,433 | ) |  |  | 31.77 |
Options outstanding - December 31, 2023 |  |  | 166,314 |  |  | $ | 47.83 |
Exercisable options — |  |  |  |  |  |
December 31, 2021 |  |  | 170,484 |  |  | $ | 38.31 |
December 31, 2022 |  |  | 163,316 |  |  |  | 42.23 |
December 31, 2023 |  |  | 147,937 |  |  |  | 46.06 |
The weighted-average contractual life remaining for options outstanding as of December 31, 2023 was 3.8 years. The following table summarizes the aggregate intrinsic value related to options exercised, outstanding and exercisable as of and for the years ended December 31:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Exercised |  | $ | 3,919 |  |  | $ | 2,175 |  |  | $ | 7,085 |
Outstanding |  |  | 17,718 |  |  |  | 12,529 |  |  |  | 14,316 |
Exercisable |  |  | 16,023 |  |  |  | 10,910 |  |  |  | 11,635 |
As of December 31, 2023, the unrecognized compensation expense related to stock options was approximately $0.2 million, which will be recognized over a weighted average period of 1.1 years. There were no anti-dilutive options in 2023 and 2022. Director Stock Grant Non-employee directors receive an annual stock award of the Company’s Common Stock under the 2021 Omnibus Incentive Plan. The annual stock award for 2023 was $75,000. The Company values stock grants for directors at the closing price of the Company’s stock on the day the grant was awarded. The Company records compensation expense for this plan in the period the grants are awarded. Director stock compensation expense recognized by the Company was $0.5 million in 2023, $0.5 million in 2022 and $0.3 million in 2021. As of December 31, 2023, there was no unrecognized compensation cost related to the director stock award. Restricted Stock The Company periodically issues nonvested shares of the Company's Common Stock to certain eligible employees. The Company values restricted stock on the closing price of the Company's stock on the day the grant was awarded. The Company records compensation expense for this plan ratably over the vesting periods. Restricted stock compensation expense recognized by the Company was $2.0 million in 2023, $1.6 million in 2022 and $1.4 million in 2021. The fair value of nonvested shares is determined based on the market price of the shares on the grant date.
| Shares |  |  | Fair value per share |
Nonvested at December 31, 2020 |  | 57,549 |  |  | $ | 57.33 |
Granted |  | 17,430 |  |  |  | 99.90 |
Vested |  | (16,528 | ) |  |  | 49.31 |
Forfeited |  | (1,384 | ) |  |  | 58.68 |
Nonvested at December 31, 2021 |  | 57,067 |  |  | $ | 72.62 |
Granted |  | 21,637 |  |  |  | 97.41 |
Vested |  | (23,302 | ) |  |  | 66.87 |
Forfeited |  | (4,327 | ) |  |  | 86.53 |
Nonvested at December 31, 2022 |  | 51,075 |  |  | $ | 84.85 |
Granted |  | 21,261 |  |  |  | 125.11 |
Vested |  | (30,408 | ) |  |  | 75.97 |
Forfeited |  | (836 | ) |  |  | 97.68 |
Nonvested at December 31, 2023 |  | 41,092 |  |  | $ | 111.99 |
As of December 31, 2023, there was $2.8 million of unrecognized compensation cost related to nonvested restricted stock that is expected to be recognized over a weighted average period of 1.9 years. Performance Share Units The Company periodically issues performance share units to certain eligible employees. Recipients of performance share grants are eligible to receive shares of our common stock depending upon the level of our total adjusted return on invested capital (ROIC) and adjusted free cash flow conversion as measured over a three-year performance period. The number of shares earned for awards granted in 2021, 2022 and 2023 will range from 50% to 200% of the granted number of performance shares for the three-year performance period ending December 31, 2023, December 31, 2024, and December 31, 2025, respectively, and will vest, to the extent earned, in the fiscal quarter following the end of the applicable three-year performance period. Performance share compensation expense recognized by the Company was $2.5 million in 2023, $1.2 million in 2022 and $0.6 million in 2021. A summary of performance share activity for the three years ended December 31 is as follows:
| Performance Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested at December 31, 2020 |  | — |  |  | $ | — |
Granted |  | 14,748 |  |  |  | 100.37 |
Adjustment for expected performance results |  | 7,374 |  |  |  | 100.37 |
Nonvested at December 31, 2021 |  | 22,122 |  |  | $ | 100.37 |
Granted |  | 16,870 |  |  |  | 97.62 |
Adjustment for expected performance results |  | 6,746 |  |  |  | 97.62 |
Forfeited |  | (2,892 | ) |  |  | 99.43 |
Nonvested at December 31, 2022 |  | 42,846 |  |  | $ | 98.92 |
Granted |  | 18,698 |  |  |  | 123.77 |
Adjustment for expected performance results |  | 10,701 |  |  |  | 120.74 |
Nonvested at December 31, 2023 |  | 72,245 |  |  | $ | 108.59 |
As of December 31, 2023, there was $3.5 million of unrecognized compensation cost related to nonvested performance share units that is expected to be realized over a weighted average period of 1.9 years.

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