XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Shareholders' Equity | 12 Months Ended
--- | ---
Dec. 31, 2019
Equity [Abstract] |
Shareholders' Equity |
10. | Shareholders’ Equity
Dividends Our dividend policy and the payment of cash dividends under that policy are subject to the Board of Director’s continuing determination that the dividend policy and the declaration of dividends are in the best interest of the Company’s shareholders. Future dividends and the dividend policy may be changed at the Company’s discretion at any time. Payment of dividends is also subject to the continuing compliance with our financial covenants under our Credit Facility. On November 6, 2017, the Board of Directors reviewed the Company’s dividend policy and determined that it would be in the best interest of the shareholders to suspend dividend payments. During 2017, our Board declared the following quarterly cash dividends on our common stock:
Dividend Per Share |  | Record Date |  | Payment Date
$0.075 |  | August 7, 2017 |  | September 29, 2017
$0.075 |  | May 10, 2017 |  | June 30, 2017
$0.075 |  | March 6, 2017 |  | March 31, 2017
Effective August 13, 2012, the Company implemented a Dividend Reinvestment Plan (the “Plan”), under which the Company may issue up to 750,000 shares of common stock. The Plan provides a way for interested shareholders to increase their holdings in our common stock. Participation in the Plan is strictly voluntary and is open only to existing shareholders. The Plan has had limited participation. Share-Based Compensation The Company’s 2017 Equity and Incentive Compensation Plan (the “2017 Plan”) was approved by the Company’s stockholders on May 16, 2017 which replaced the 2007 Equity Incentive Plan (the “2007 Plan”). No further grants will be made under the 2007 Plan, but outstanding awards under the 2007 Plan will continue to be unaffected in accordance with their terms. The 2017 Plan permits the granting of stock options with an exercise price equal to or greater than the fair market value of the Company’s common stock at the date of the grant, and other stock-based awards, including appreciation rights, restricted stock, restricted stock units, performance shares and dividend equivalents. A total of 1.9 million shares of common stock were authorized for issuance. As of December 31, 2019, 0.9 million shares remain available for future issuance. Stock options granted to employees generally vest equally over a period of four years from the date of the grant. Stock awards granted to employees generally vest over a period of three to four years from the date of the grant. On June 10, 2017, the Company granted 700,000 performance units to our Chief Executive Officer with a fair value of $175,000 and are being expensed over the vesting period of three years. The maximum shares of common stock that the participant could receive upon vesting is 77,778 shares. The performance units are earned based upon the Company’s stock price during 30 consecutive trading days within a specified date range of approximately two years. The performance units are settled in the Company’s common stock subsequent to this specified date range. The estimated grant date fair value and compensation expense of each performance share was determined on the date of grant by using the Monte Carlo valuation model. Share-based compensation expense for stock options and restricted stock awards under these plans was $2.7 million, $3.1 million and $1.7 million for 2019, 2018 and 2017, respectively. The tax benefit related to share based compensation expense was $0.4 million, $0.5 million and zero in 2019, 2018 and 2017, respectively. Employee Stock Purchase Plan The 2009 Employee Stock Purchase Plan (“ESPP”) was approved by shareholders on May 21, 2009. The ESPP is administered by the Compensation Committee. The ESPP allows employees to purchase shares of common stock at a 15% discount from market price and pay for the shares through payroll deductions. Eligible employees can enter the plan at specific “offering dates” that occur in six-month intervals. The aggregate maximum number of shares of the Company’s common stock that may be granted under the ESPP is 1,500,000 shares over the ten-year term of the ESPP, subject to adjustment in the event there is a reorganization, merger, consolidation, recapitalization, reclassification, stock split-up, or similar transaction with respect to the common stock. As of December 31, 2019, 1.3 million shares remain available for future issuance. The Company recognized employee stock purchase plan expense of $60,000, $90,000 and $83,000 in 2019, 2018 and 2017, respectively. Stock Options The estimated weighted-average fair value of stock options granted during 2017, was $2.68 per option, using the Black-Scholes option-pricing model based on the following assumptions: Expected Volatility: The Company utilizes a volatility factor based on the Company’s historical stock prices for a period of time equal to the expected term of the stock option utilizing weekly price observations. For 2017, the Company utilized weighted-average volatility factors of 39%. Expected Term: Due to limited historical exercise data, the Company utilizes the simplified method of determining the expected term based on the vesting schedules and terms of the stock options. For 2017, the Company utilized weighted-average expected term factors of 6.3 years. Risk-Free Interest Rate: The risk-free interest rate factor utilized is based upon the implied yields currently available on U.S. Treasury zero-coupon issues over the expected term of the stock options. For 2017, the Company utilized a weighted-average risk-free interest rate factor of 2.2%. Expected Dividends: The Company utilized a weighted average expected dividend rate of 3.3% to value options granted during 2017. Information related to all stock options under the 2017 Plan and 2007 Plan for 2019, 2018 and 2017 is shown in the tables below:
(shares in thousands) |  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value ($000) |
Outstanding at December 31, 2018 |  |  | 507 |  |  | $ | 10.43 |  |  | 5.2 years |  |  |  |
Forfeitures |  |  | (31 | ) |  |  | 6.84 |  |  |  |  |  |  |
Exercised |  |  | (66 | ) |  |  | 4.10 |  |  |  |  |  |  |
Outstanding at December 31, 2019 |  |  | 410 |  |  |  | 11.45 |  |  | 4.7 years |  | $ | 32 |
Exercisable at December 31, 2019 |  |  | 355 |  |  |  | 12.08 |  |  | 4.6 years |  | $ | 29 |
(shares in thousands) |  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value ($000) |
Outstanding at December 31, 2017 |  |  | 655 |  |  | $ | 10.53 |  |  | 6.0 years |  |  |  |
Forfeitures |  |  | (132 | ) |  |  | 11.53 |  |  |  |  |  |  |
Exercised |  |  | (16 | ) |  |  | 5.55 |  |  |  |  |  |  |
Outstanding at December 31, 2018 |  |  | 507 |  |  |  | 10.43 |  |  | 5.2 years |  | $ | 186 |
Exercisable at December 31, 2018 |  |  | 402 |  |  |  | 10.52 |  |  | 4.6 years |  | $ | 186 |
(shares in thousands) |  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value ($000) |
Outstanding at December 31, 2016 |  |  | 1,519 |  |  | $ | 10.25 |  |  | 6.1 years |  |  |  |
Granted |  |  | 128 |  |  |  | 9.24 |  |  |  |  |  |  |
Forfeitures |  |  | (700 | ) |  |  | 12.44 |  |  |  |  |  |  |
Exercised |  |  | (292 | ) |  |  | 3.92 |  |  |  |  |  |  |
Outstanding at December 31, 2017 |  |  | 655 |  |  |  | 10.53 |  |  | 6.0 years |  | $ | 78 |
Exercisable at December 31, 2017 |  |  | 463 |  |  |  | 10.49 |  |  | 5.2 years |  | $ | 78 |
Restricted Stock Awards Information related to restricted stock awards under the 2017 Plan and 2007 Plan for 2019, 2018 and 2017 is shown in the table below. The fair value of restricted stock awards is based on the price of the stock in the open market on the date of the grant. The fair value of the restricted stock awards is recorded as compensation expense on a straight-line basis over the vesting periods of the awards and we account for forfeitures when they occur.
(shares in thousands) |  | Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested at December 31, 2016 |  |  | 509 |  |  | $ | 9.64 |
Granted |  |  | 405 |  |  |  | 9.88 |
Vested |  |  | (92 | ) |  |  | 9.78 |
Forfeited |  |  | (268 | ) |  |  | 9.70 |
Nonvested at December 31, 2017 |  |  | 554 |  |  |  | 9.75 |
Granted |  |  | 963 |  |  |  | 5.21 |
Vested |  |  | (217 | ) |  |  | 9.50 |
Forfeited |  |  | (49 | ) |  |  | 9.80 |
Nonvested at December 31, 2018 |  |  | 1,251 |  |  |  | 6.30 |
Granted |  |  | 464 |  |  |  | 7.50 |
Vested |  |  | (310 | ) |  |  | 7.24 |
Forfeited |  |  | (84 | ) |  |  | 6.36 |
Nonvested at December 31, 2019 |  |  | 1,321 |  |  |  | 6.80 |
The Company received $7,000, $0.1 million and $1.1 million of cash from employees exercising options in 2019, 2018 and 2017, respectively. The intrinsic value of options exercised during 2019, 2018 and 2017 was $0.3 million, $24,000 and $2.6 million, respectively. Unrecognized compensation expense related to nonvested shares of stock options, restricted stock and performance units was $6.4 million at December 31, 2019 and will be recognized over a weighted average vesting period of 2.1 years.

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

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration