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EQUITY COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Compensation Expense Information Based on Fair Value of Stock Options and RSUs | The following table provides compensation expense information based on the fair value of stock options and RSUs for the years ended December 31 as follows:
(In thousands) | 2023 |  | 2022 |  | 2021
Equity-based Compensation Expense | $ | 7,198 |  |  | $ | 6,497 |  |  | $ | 6,460 |
Tax Benefit | (1,259) |  |  | (1,068) |  |  | (924) |
Equity-based Compensation Expense, Net of Tax | $ | 5,939 |  |  | $ | 5,429 |  |  | $ | 5,536 |
Summary of Weighted Average Fair Value of Options Granted |
| 2023 |  | 2022 |  | 2021
Weighted Average Fair Value of the Options Granted | $ | 8.39 |  |  | $ | 5.97 |  |  | $ | 7.05 |
Summary of Weighted-Average Assumptions | The weighted average fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions:
| 2023 |  | 2022 |  | 2021
Risk-free Interest Rate | 4.20% - 4.33% |  | 3.48% - 3.62% |  | 0.45% - 1.52%
Dividend Yield | —% |  | —% |  | —%
Volatility Factor | 0.58 |  | 0.61 |  | 0.58
Expected Life in Years | 3 - 7 years |  | 5 - 9 years |  | 5 - 10 years
Summary of Company's Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information for the year ended December 31 is as follows:
| 2023
(Aggregate intrinsic value in thousands) | Options |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value
Outstanding at January 1 | 1,376,718 |  |  | $ | 20.37 |  |  | $ | — |
Options Granted | 125,400 |  |  | $ | 15.15 |  |  | $ | — |
Options Exercised | (6,570) |  |  | $ | 12.64 |  |  | $ | — |
Options Forfeited / Expired | (84,564) |  |  | $ | 28.23 |  |  | $ | — |
Outstanding at December 31 | 1,410,984 |  |  | $ | 19.47 |  |  | $ | — |
Exercisable at December 31 | 860,637 |  |  | $ | 23.42 |  |  | $ | — |
Summary of Weighted Average Exercise Prices and Contractual Lives for Outstanding and Exercisable Stock Options | The following is a summary of weighted average exercise prices and contractual lives for outstanding and exercisable stock options as of December 31, 2023:
| Outstanding |  | Exercisable
Exercise Price Range | Shares |  | Weighted Average Remaining Life in Years |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Remaining Life in Years |  | Weighted Average Exercise Price
$9.74 – $15.15 | 870,050 |  |  | 8.3 |  | $ | 12.08 |  |  | 347,364 |  |  | 8.0 |  | $ | 11.58 |
$22.93 – $35.82 | 536,370 |  |  | 3.9 |  | $ | 31.23 |  |  | 508,709 |  |  | 3.8 |  | $ | 31.30 |
$45.89 – $45.89 | 4,564 |  |  | 1.2 |  | $ | 45.89 |  |  | 4,564 |  |  | 1.2 |  | $ | 45.89 |
| 1,410,984 |  |  | 6.6 |  | $ | 19.47 |  |  | 860,637 |  |  | 5.5 |  | $ | 23.42 |
Summary of RSU Activity |
|  | 2023
|  | RSU Shares |  | Weighted Average Grant Date Fair Value
Unvested at January 1 |  | 578,214 |  |  | $ | 15.85 |
Granted |  | 293,704 |  |  | $ | 14.79 |
Vested |  | (190,135) |  |  | $ | 17.81 |
Forfeited |  | (28,123) |  |  | $ | 16.75 |
Unvested at December 31 |  | 653,660 |  |  | $ | 14.77 |
Summary of Fair Value for Options Granted under Employee Stock Purchase Plan | The fair value for the options granted under the Employee Stock Purchase Plan was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions:
| 2023 |  | 2022 |  | 2021
Risk-free Interest Rate | 5.49 | % |  |  | 4.01 | % |  |  | 0.09 | % |
Dividend Yield | — | % |  |  | — | % |  |  | — | % |
Volatility Factor | 0.56 |  |  | 0.50 |  |  | 0.71 |
Expected Life in Years | 1.0 |  |  | 1.0 |  |  | 1.0 |

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