XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.21.2

Treasury Stock and Share Based Awards | 9 Months Ended
--- | ---
Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Treasury Stock and Share Based Awards | 11. Treasury Stock and Share Based Awards Treasury Stock Treasury stock represents shares of common stock repurchased or withheld by the Company and not yet retired. The Company has applied the cost method in recording its treasury shares. Below is a summary of the Company’s treasury stock activity for the nine months ended September 30, 2021:
|  | Number of |  |  |  |
|  | Treasury |  |  |  |
|  | Shares |  |  | Cost |
Balance at January 1, 2021 |  |  | 5,050,981 |  |  | $ | 87,004 |
Restricted stock withholdings (1) |  |  | 565 |  |  |  | 16 |
Restricted stock forfeitures |  |  | 42,034 |  |  |  | — |
Balance at September 30, 2021 |  |  | 5,093,580 |  |  | $ | 87,020 |
(1) The Company withheld restricted shares as a result of the election by certain employees to satisfy their tax liabilities upon vesting in restricted stock and restricted stock units. The Company determined the number of shares to be withheld based upon market values ranging from $17.41 to $24.14 per share. As of September 30, 2021, the Company had no plans to retire any shares of treasury stock. Restricted Stock During the nine months ended September 30, 2021, the Company granted 1,077,926 shares of its restricted stock to its employees and directors. The fair value of the restricted stock granted was determined based on the closing price of the Company’s common stock on the day preceding the grant date, which ranged from $16.09 to $23.98 per share. The Company assumed forfeiture rates for the restricted stock awards that ranged from 0% to 10%. Certain of the restricted stock awards vested immediately on the grant date while others vest over periods ranging from one to four year s. The recipients of restricted stock are entitled to receive non-forfeitable dividends and to vote their respective shares, however, the sale and transfer of the restricted shares is prohibited during the restriction period. Below is a summary of restricted stock activity for the nine months ended September 30, 2021:
|  | Shares of |  |  | Weighted Average |
|  | Restricted |  |  | Grant Date |
|  | Stock |  |  | Fair Value |
Outstanding at January 1, 2021 |  |  | 1,431,975 |  |  | $ | 21.11 |
Granted |  |  | 1,077,926 |  |  | $ | 21.24 |
Vested |  |  | (115,712 | ) |  | $ | 23.79 |
Forfeited |  |  | (42,034 | ) |  | $ | 18.13 |
Outstanding at September 30, 2021 |  |  | 2,352,155 |  |  | $ | 21.00 |
Unvested restricted stock at September 30, 2021 |  |  | 2,352,155 |  |  | $ | 21.00 |
|  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |
Compensation expense recognized during the period |  | $ | 13,757 |  |  | $ | 8,235 |
Fair value of restricted shares that vested during the period |  | $ | 2,491 |  |  | $ | 8,944 |
Income tax benefit (cost) related to restricted stock awards |  | $ | (105 | ) |  | $ | 2,678 |
As of September 30, 2021, the estimated remaining unrecognized compensation expense related to unvested restricted stock awards was $28,541 and the weighted average period over which this remaining compensation expense will be recognized is approximately two year s. Restricted Stock Units The Company did not grant any restricted stock units during the nine months ended September 30, 2021. During the nine months ended September 30, 2021, the Compensation Committee of the Company’s Board of Directors evaluated the impact of the COVID-19 pandemic on the performance metric used for the restricted stock unit awards granted during February 2019 and February 2020 and determined that the COVID-19 pandemic significantly impacted the Company’s ability to meet the performance metric. The Compensation Committee made a discretionary decision to certify the vest of the 2019 and 2020 restricted stock unit awards at target based upon the unforeseen, external circumstances beyond management’s control, the projected macroeconomic conditions through 2021 and beyond, and the uncertain timing as to the recovery of the Company’s industry. The requirement to satisfy the applicable service period under the restricted stock unit awards was not changed. Below is a summary of restricted stock unit activity for the nine months ended September 30, 2021:
|  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |
Number of restricted stock unit awards that vested during the period |  |  | 15,230 |  |  |  | 120,293 |
Fair value of restricted stock unit awards that vested during the period |  | $ | 314 |  |  | $ | 3,669 |
Accumulated dividends paid upon vesting of restricted stock unit awards |  | $ | 62 |  |  | $ | 576 |
Compensation expense recognized during the period |  | $ | 2,832 |  |  | $ | 4,624 |
Income tax benefit (cost) related to stock unit awards |  | $ | (467 | ) |  | $ | 215 |
As of September 30, 2021, the estimated remaining unrecognized compensation expense related to outstanding restricted stock unit awards was $7,185. The weighted average period over which this remaining compensation expense will be recognized is approximately 2 year s. As of September 30, 2021, the Company had restricted stock units outstanding that represented a total of 561,041 hypothetical shares of common stock, net of forfeitures, reflecting actual certified performance levels for all grants outstanding.

X
- 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
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration