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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-based Compensation Expense | The components of the Company’s share-based compensation expense for the three months ended March 31, 2023 and 2022 are as follows:
| Three Months Ended March 31,
| 2023 |  | 2022
| (in thousands)
Stock options | $ | 212 |  |  | $ | 314 |
Restricted stock, restricted stock units and deferred stock units | 1,514 |  |  | 1,785 |
Performance stock units | 247 |  |  | 199 |
Employee Stock Purchase Plan | 85 |  |  | 98 |
Total pre-tax share-based compensation expense charged against income | $ | 2,058 |  |  | $ | 2,396 |
The following table summarizes the components of share-based compensation expense included within the Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022:
| Three Months Ended March 31,
| 2023 |  | 2022
| (in thousands)
Selling, general & administrative expense | $ | 2,033 |  |  | $ | 2,365 |
Costs of services provided | 25 |  |  | 31 |
Total share-based compensation expense | $ | 2,058 |  |  | $ | 2,396 |
Schedule 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 the three months ended March 31, 2023 are as follows:
| Stock Options Outstanding
| Number of Shares |  | Weighted Average Exercise Price
| (in thousands) |  |
December 31, 2022 | 2,375 |  |  | $ | 31.56 |
Granted | 207 |  |  | $ | 13.72 |
Exercised | — |  |  | $ | — |
Forfeited | — |  |  | $ | — |
Expired | (132) |  |  | $ | 24.14 |
March 31, 2023 | 2,450 |  |  | $ | 30.45 |
Schedule of Assumption For Fair Value of Options Granted | The fair value of stock option awards granted in 2023 and 2022 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
| Three Months Ended March 31,
| 2023 |  | 2022
Risk-free interest rate | 4.0 | % |  | 1.5 | %
Weighted average expected life | 6.9 years |  | 6.7 years
Expected volatility | 39.5 | % |  | 36.6 | %
Dividend yield | — | % |  | 4.6 | %
Schedule of Summarized Information of Stock Options Outstanding | The following table summarizes other information about the stock options at March 31, 2023:
| March 31, 2023
| (amounts in thousands, except per share data)
Outstanding: |
Aggregate intrinsic value | $ | 31 |
Weighted average remaining contractual life | 5.3 years
Exercisable: |
Number of options | 1,713 |
Weighted average exercise price | $ | 34.72 |
Aggregate intrinsic value | $ | — |
Weighted average remaining contractual life | 3.9 years
Schedule of Outstanding Restricted Stock Units | A summary of the outstanding restricted stock units as of December 31, 2022 and changes during the three months ended March 31, 2023 is as follows:
| Restricted Stock Units
| Number |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
December 31, 2022 | 825 |  |  | $ | 24.37 |
Granted | 509 |  |  | $ | 13.72 |
Vested | (237) |  |  | $ | 27.82 |
Forfeited | (5) |  |  | $ | 22.28 |
March 31, 2023 | 1,092 |  |  | $ | 18.67 |
Schedule of Outstanding Performance Stock Units | A summary of the outstanding PSUs as of December 31, 2022 and changes during the three months ended March 31, 2023 is as follows:
| Performance Stock Units
| Number |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
December 31, 2022 | 95 |  |  | $ | 26.01 |
Granted | 80 |  |  | $ | 16.20 |
Vested | — |  |  | $ | — |
Forfeited | — |  |  | $ | — |
March 31, 2023 | 175 |  |  | $ | 21.52 |
Schedule of Options Granted Estimated Expense Valuation Assumptions | The expense associated with the options granted under the ESPP during the three months ended March 31, 2023 and 2022 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
| Three Months Ended March 31,
| 2023 |  | 2022
Risk-free interest rate | 4.8% |  | 0.4%
Weighted average expected life (years) | 1.0 |  | 1.0
Expected volatility | 42.9% |  | 36.9%
Dividend yield | 7.1% |  | 4.7%
Schedule of ESPP Annual Offerings | The following table summarizes information about the SERP during the three months ended March 31, 2023 and 2022:
| Three Months Ended March 31,
| 2023 |  | 2022
| (in thousands)
SERP expense 1 | $ | 157 |  |  | $ | 157 |
Unrealized gain (loss) recorded in SERP liability account | $ | 1,546 |  |  | $ | (3,785) |
1.Both the SERP match and the deferrals are included in the “selling, general and administrative” caption in the Consolidated Statements of Comprehensive Income.

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- 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
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- 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
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- 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
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- 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
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- 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
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- 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
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