XML 36 R25.htm IDEA: XBRL DOCUMENT
v3.23.2

Stock-Based Compensation | 6 Months Ended
--- | ---
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | NOTE 16- Stock-Based Compensation At June 30, 2022, we had five active stock-based compensation plans: the Non-Employee Directors’ Stock Retirement Plan (“Directors’ Plan”), the 2004 Omnibus Long-Term Incentive Plan (“2004 Plan”), the 2009 Omnibus Equity and Performance Incentive Plan (“2009 Plan”), the 2014 Performance and Incentive Compensation Plan (“2014 Plan”), and the 2018 Equity and Incentive Compensation Plan ("2018 Plan"). Future grants can only be made under the 2018 Plan. These plans allow for grants of stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), performance shares, performance units, and other stock awards subject to the terms of the specific plans under which the awards are granted. The following table summarizes the compensation expense included in selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings related to stock-based compensation plans:
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |  |  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service-based RSUs |  | $ | 765 |  |  | $ | 691 |  |  | $ | 1,535 |  |  | $ | 1,368 |
Performance-based RSUs |  |  | 723 |  |  |  | 820 |  |  |  | 1,357 |  |  |  | 2,041 |
Cash-settled RSUs |  |  | 161 |  |  |  | 105 |  |  |  | 343 |  |  |  | 157 |
Total |  | $ | 1,649 |  |  | $ | 1,616 |  |  | $ | 3,235 |  |  | $ | 3,566 |
Income tax benefit |  |  | 379 |  |  |  | 372 |  |  |  | 744 |  |  |  | 820 |
Net expense |  | $ | 1,270 |  |  | $ | 1,244 |  |  | $ | 2,491 |  |  | $ | 2,746 |
The following table summarizes the unrecognized compensation expense related to non-vested RSUs by type and the weighted-average period in which the expense is to be recognized:
|  | Unrecognized |  |  |  |
|  | Compensation |  |  | Weighted- |
|  | Expense at |  |  | Average |
|  | June 30, 2023 |  |  | Period (years) |
Service-based RSUs |  | $ | 2,993 |  |  |  | 1.47 |
Performance-based RSUs |  |  | 5,252 |  |  |  | 1.88 |
Total |  | $ | 8,245 |  |  |  | 1.73 |
We recognize expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. The following table summarizes the status of these plans as of June 30, 2023:
|  | 2018 Plan |  |  | 2014 Plan |  |  | 2009 Plan |  |  | 2004 Plan |  |  | Directors' Plan |
Awards originally available |  |  | 2,500,000 |  |  |  | 1,500,000 |  |  |  | 3,400,000 |  |  |  | 6,500,000 |  |  | N/A |
Maximum potential awards outstanding |  |  | 787,638 |  |  |  | 35,100 |  |  |  | 30,000 |  |  |  | 14,545 |  |  |  | 4,722 |
RSUs and cash-settled awards vested and released |  |  | 441,812 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Awards available for grant |  |  | 1,270,550 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Service-Based Restricted Stock Units The following table summarizes the service-based RSU activity for the six months ended June 30, 2023:
|  | Units |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2022 |  |  | 282,124 |  |  | $ | 27.44 |
Granted |  |  | 64,046 |  |  |  | 43.77 |
Vested and released |  |  | (68,848 | ) |  |  | 32.30 |
Forfeited |  |  | (7,540 | ) |  |  | 36.97 |
Outstanding at June 30, 2023 |  |  | 269,782 |  |  | $ | 29.81 |
Releasable at June 30, 2023 |  |  | 131,867 |  |  | $ | 20.30 |
Performance and Market-Based Restricted Stock Units The following table summarizes the performance and market-based RSU activity for the six months ended June 30, 2023:
|  | Units |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2022 |  |  | 260,306 |  |  | $ | 33.20 |
Granted |  |  | 71,832 |  |  |  | 43.80 |
Attained by performance |  |  | 53,035 |  |  |  | 32.11 |
Released |  |  | (113,385 | ) |  |  | 32.11 |
Forfeited |  |  | (10,429 | ) |  |  | 37.59 |
Outstanding at June 30, 2023 |  |  | 261,359 |  |  | $ | 36.19 |
Releasable at June 30, 2023 |  |  | — |  |  | $ | — |
Cash-Settled Restricted Stock Units Cash-Settled RSUs entitle the holder to receive the cash equivalent of one share of common stock for each unit when the unit vests. These RSUs are issued to key employees residing in foreign locations as direct compensation. Generally, these RSUs vest over a three-year period. Cash-Settled RSUs are classified as liabilities and are remeasured at each reporting date until settled. At June 30, 2023 and December 31, 2022, we had 49,347 and 46,641 Cash-Settled RSUs outstanding, respectively. At June 30, 2023 and December 31, 2022, liabilities of $547 and $566, respectively, were included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheets.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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