XML 50 R38.htm IDEA: XBRL DOCUMENT
v3.22.4

Share-Based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expense | The components of the Company’s share-based compensation expense for the years ended December 31, 2022, 2021 and 2020 are as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands)
Stock options | $ | 1,253 |  |  | $ | 1,832 |  |  | $ | 2,134 |
Restricted stock, restricted stock units and deferred stock units | 6,972 |  |  | 6,367 |  |  | 5,195 |
Performance stock units | 819 |  |  | 401 |  |  | — |
Employee Stock Purchase Plan | 170 |  |  | 227 |  |  | 543 |
Total pre-tax share-based compensation expense charged against income | $ | 9,214 |  |  | $ | 8,827 |  |  | $ | 7,872 |
Total recognized tax deficiency related to share-based compensation | $ | (783) |  |  | $ | (217) |  |  | $ | (293) |
The following table summarizes the components of share-based compensation expense included within the Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021 and 2020:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands)
Selling, general & administrative expense | $ | 9,160 |  |  | $ | 8,767 |  |  | $ | 7,718 |
Costs of services provided | 54 |  |  | 60 |  |  | 154 |
Total | $ | 9,214 |  |  | $ | 8,827 |  |  | $ | 7,872 |
Summary of Other Information of Stock Option Plans | A summary of stock options outstanding under the 2020 Plan and the 2012 Plan as of December 31, 2022 and changes during 2022 are as follows:
| Stock Options Outstanding
| Number of Shares |  | Weighted Average Exercise Price
| (in thousands) |  |
December 31, 2021 | 2,181 |  |  | $ | 33.42 |
Granted | 352 |  |  | $ | 18.10 |
Exercised | (23) |  |  | $ | 17.50 |
Forfeited | — |  |  | $ | — |
Expired | (135) |  |  | $ | 28.99 |
December 31, 2022 | 2,375 |  |  | $ | 31.56 |
Schedule of Assumption For Fair Value of Options Granted | The fair value of stock option awards granted in 2022, 2021 and 2020 were estimated on the dates of grant using the Black-Scholes option valuation model with the following assumptions:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Risk-free interest rate | 1.5 | % |  | 0.6 | % |  | 1.8 | %
Weighted average expected life | 6.7 years |  | 6.6 years |  | 6.6 years
Expected volatility | 36.6 | % |  | 34.7 | % |  | 26.5 | %
Dividend yield | 4.6 | % |  | 2.9 | % |  | 3.2 | %
Summarized Information of Stock Options Outstanding | The following table summarizes other information about the stock options at December 31, 2022:
| December 31, 2022
| (amounts in thousands, except per share data)
Outstanding: |
Aggregate intrinsic value | $ | — |
Weighted average remaining contractual life | 4.8 years
Exercisable: |
Number of options | 1,619 |
Weighted average exercise price | $ | 34.52 |
Aggregate intrinsic value | $ | — |
Weighted average remaining contractual life | 3.3 years
Summary of Outstanding Restricted Stock Units and Restricted Stock | A summary of the outstanding restricted stock units and restricted stock as of December 31, 2021 and changes during the year ended December 31, 2022 is as follows:
| Restricted Stock Units and Restricted Stock
| Number |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
December 31, 2021 | 652 |  |  | $ | 31.03 |
Granted | 410 |  |  | $ | 18.06 |
Vested | (184) |  |  | $ | 33.68 |
Forfeited | (53) |  |  | $ | 25.25 |
December 31, 2022 | 825 |  |  | $ | 24.37 |
Schedule of Weighted Average Grant-Date Fair Values and Intrinsic Values of Options Vested | The weighted average grant-date fair values and total fair values of restricted stock units and restricted stock vested during 2022, 2021 and 2020 were as follows:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
|  | (in thousands, except per share data)
Weighted average grant-date fair value of restricted stock units granted |  | $ | 18.06 |  |  | $ | 28.53 |  |  | $ | 24.43 |
Total fair value of restricted stock units and restricted shares vested |  | $ | 3,307 |  |  | $ | 4,185 |  |  | $ | 2,287 |
Summary of Outstanding Performance Stock Units | A summary of the outstanding PSUs as of December 31, 2021 and changes during the year ended December 31, 2022 is as follows:
| Performance Stock Units
| Number |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
December 31, 2021 | 35 |  |  | $ | 34.52 |
Granted | 60 |  |  | $ | 21.00 |
Vested | — |  |  | $ | — |
Forfeited | — |  |  | $ | — |
December 31, 2022 | 95 |  |  | $ | 26.01 |
Summary of ESPP Annual Offerings | The following table summarizes information about the Company’s ESPP annual offerings for the years ended December 31, 2022, 2021 and 2020:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands, except per share data)
Common shares purchased | 95 |  |  | 85 |  |  | 73 |
Per common share purchase price | $ | 10.20 |  |  | $ | 15.12 |  |  | $ | 20.67 |
Schedule of Options Granted Estimated Expense Valuation Assumptions | The expense associated with the options granted under the ESPP during the year ended December 31, 2022 and 2021 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
| Year Ended December 31,
| 2022 |  | 2021
Risk-free interest rate | 0.4% |  | 0.1%
Weighted average expected life (years) | 1.0 |  | 1.0
Expected volatility | 36.9% |  | 61.7%
Dividend yield | 4.7% |  | 2.9%
Summary of Information Of SERP | The following table summarizes information about the SERP during the plan years ended December 31, 2022, 2021 and 2020:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands)
SERP expense 1 | $ | 486 |  |  | $ | 531 |  |  | $ | 512 |
Treasury shares issued to fund SERP expense 2 | 40 |  |  | 30 |  |  | 18 |
Year end SERP trust account balance 3 | $ | 35,111 |  |  | $ | 59,086 |  |  | $ | 54,729 |
Unrealized (loss) gain recorded in SERP liability account | $ | (9,178) |  |  | $ | 6,676 |  |  | $ | 9,200 |
1.Both the SERP match and the deferrals are included in the selling, general and administrative caption in the Consolidated Statements of Comprehensive Income. 2.Shares related to the SERP match for each year are funded at the beginning of the subsequent year. 3.SERP trust account investments are recorded at their fair value which is based on quoted market prices. Differences between such amounts in the table above and the deferred compensation funding asset reported on the Company’s Consolidated Balance Sheets represent the value of Company common stock held in the Plan participants’ trust accounts and reported by the Company as treasury stock in the Company’s Consolidated Balance Sheets.

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

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -SubTopic 10 -Section 30 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6409875&loc=d3e20015-108363 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -SubTopic 10 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=6409961&loc=d3e20517-108367 + Details
Name: | us-gaap_ScheduleOfDeferredCompensationArrangementWithIndividualShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of employee stock purchase plan activity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationEmployeeStockPurchasePlanActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardEmployeeStockPurchasePlanValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the number and weighted-average grant date fair value for outstanding performance shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ShareBasedCompensationPerformanceSharesAwardOutstandingActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration