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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 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 years ended December 31, 2023, 2022 and 2021 are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands)
Stock options | $ | 969 |  |  | $ | 1,253 |  |  | $ | 1,832 |
Restricted stock, restricted stock units and deferred stock units | 6,657 |  |  | 6,972 |  |  | 6,367 |
Performance stock units | 1,210 |  |  | 819 |  |  | 401 |
Employee Stock Purchase Plan | 149 |  |  | 170 |  |  | 227 |
Total pre-tax share-based compensation expense charged against income | $ | 8,985 |  |  | $ | 9,214 |  |  | $ | 8,827 |
Total recognized tax deficiency related to share-based compensation | $ | (773) |  |  | $ | (783) |  |  | $ | (217) |
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, 2023, 2022 and 2021:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands)
Selling, general & administrative expense | $ | 8,942 |  |  | $ | 9,160 |  |  | $ | 8,767 |
Costs of services provided | 43 |  |  | 54 |  |  | 60 |
Total | $ | 8,985 |  |  | $ | 9,214 |  |  | $ | 8,827 |
Schedule of Other Information of Stock Option Plans | A summary of stock options outstanding under the Amended 2020 Plan and the 2012 Plan as of December 31, 2023, December 31, 2022 and changes during the year ended December 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 | (144) |  |  | $ | 24.99 |
December 31, 2023 | 2,438 |  |  | $ | 30.43 |
Schedule of Assumption For Fair Value of Options Granted | The fair value of stock option awards granted in 2023, 2022 and 2021 were estimated on the dates of grant using the Black-Scholes option valuation model with the following assumptions:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Risk-free interest rate | 4.0 | % |  | 1.5 | % |  | 0.6 | %
Weighted average expected life | 6.9 years |  | 6.7 years |  | 6.6 years
Expected volatility | 39.5 | % |  | 36.6 | % |  | 34.7 | %
Dividend yield | — | % |  | 4.6 | % |  | 2.9 | %
Schedule of Information of Stock Options Outstanding | The following table summarizes other information about the stock options at December 31, 2023:
| December 31, 2023
| (amounts in thousands, except per share data)
Outstanding: |
Aggregate intrinsic value | $ | — |
Weighted average remaining contractual life | 4.5 years
Exercisable: |
Number of options | 1,702 |
Weighted average exercise price | $ | 34.72 |
Aggregate intrinsic value | $ | — |
Weighted average remaining contractual life | 2.6 years
Schedule of Outstanding Restricted Stock Units and Restricted Stock | A summary of the outstanding restricted stock units as of December 31, 2023, December 31, 2022 and changes during the year ended December 31, 2023 is as follows:
| Restricted Stock Units
| Number |  | Weighted Average Grant Date Fair Value
| (in thousands) |  |
December 31, 2022 | 825 |  |  | $ | 24.37 |
Granted | 536 |  |  | $ | 13.72 |
Vested | (237) |  |  | $ | 27.82 |
Forfeited | (22) |  |  | $ | 18.76 |
December 31, 2023 | 1,102 |  |  | $ | 18.57 |
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 vested during 2023, 2022 and 2021 were as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (in thousands, except per share data)
Weighted average grant-date fair value of restricted stock units granted |  | $ | 13.72 |  |  | $ | 18.06 |  |  | $ | 28.53 |
Total fair value of restricted stock units and restricted shares vested |  | $ | 2,991 |  |  | $ | 3,307 |  |  | $ | 4,185 |
Schedule of Outstanding Performance Stock Units | A summary of the outstanding PSUs as of December 31, 2023, December 31, 2022 and changes during the year ended December 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 | — |  |  | $ | — |
December 31, 2023 | 175 |  |  | $ | 21.52 |
Schedule of ESPP Annual Offerings | The following table summarizes information about the Company’s ESPP annual offerings for the years ended December 31, 2023, 2022 and 2021:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands, except per share data)
Common shares purchased | 95 |  |  | 95 |  |  | 85 |
Per common share purchase price | $ | 8.81 |  |  | $ | 10.20 |  |  | $ | 15.12 |
Schedule of Options Granted Estimated Expense Valuation Assumptions | The expense associated with the options granted under the ESPP during the year ended December 31, 2023 and 2022 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
| Year Ended December 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 Information Of SERP | The following table summarizes information about the SERP during the plan years ended December 31, 2023, 2022 and 2021:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in thousands)
SERP expense 1 | $ | 533 |  |  | $ | 486 |  |  | $ | 531 |
Treasury shares issued to fund SERP expense 2 | 50 |  |  | 40 |  |  | 30 |
Year end SERP trust account balance 3 | $ | 42,313 |  |  | $ | 35,111 |  |  | $ | 59,086 |
Unrealized gain (loss) recorded in SERP liability account | $ | 6,684 |  |  | $ | (9,178) |  |  | $ | 6,676 |
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.

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