XML 9 R2.htm IDEA: XBRL DOCUMENT v3.26.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay Versus Performance

 

 

Summary Compensation Table Total for the

 

 

 

Average Summary Compensation Table Total for

 

Average Compensation

 

Value of Initial Fixed $100 Investment based on:

 

 

 

 

 

Year

Principal
Executive
Officer
("PEO") (1)

 

Compensation Actually
Paid to
the PEO (1)

 

Non-PEO Named Executive Officers ("NEO's") (2)

 

Actually Paid to Non-PEO NEOs (2)

 

Total Shareholder Return

 

Peer Group Total Shareholder Return (3)

 

Net Income (in thousands) (4)

 

Gross Billings (in thousands) (5)

 

2025

$

5,002,291

 

$

3,827,038

 

$

1,746,813

 

$

1,277,818

 

$

226

 

$

122

 

$

54,448

 

$

9,042,132

 

2024

$

4,317,412

 

$

10,397,339

 

$

1,675,520

 

$

3,289,391

 

$

269

 

$

143

 

$

52,993

 

$

8,327,091

 

2023

$

3,787,616

 

$

6,150,744

 

$

1,394,186

 

$

2,025,153

 

$

177

 

$

120

 

$

50,612

 

$

7,716,152

 

2022

$

4,217,404

 

$

7,132,315

 

$

1,568,301

 

$

2,443,965

 

$

141

 

$

113

 

$

47,268

 

$

7,393,808

 

2021

$

2,989,765

 

$

4,055,270

 

$

1,357,912

 

$

1,631,691

 

$

102

 

$

151

 

$

38,079

 

$

6,569,986

 

 

(1) Mr. Kramer was the PEO for all five years presented in the table. A reconciliation of the Summary Compensation Table and Compensation Actually Paid totals for 2025 is as follows:

 

Current PEO SCT Total to CAP Reconciliation

2025

 

Total Compensation as reported in Summary Compensation Table

$

5,002,291

 

Subtract grant date fair value of equity awards granted during 2025

$

(2,524,723

)

Add year-end fair value of equity awards granted in 2025 that are outstanding and unvested as of last day of 2025

$

2,189,184

 

Add/subtract change in fair value from last day of prior year to last day of 2025 of any awards granted in prior years that are outstanding and unvested as of last day of 2025

$

(519,605

)

Add/subtract the amount of change in fair value from last day of prior year to the vesting date for awards granted in prior years that vested in 2025.

$

(318,675

)

Subtract the amount of fair value at the end of the prior fiscal year for awards granted in prior years that forfeited during 2025.

$

(1,434

)

Compensation Actually Paid to PEO

$

3,827,038

 

(2) Messrs. Harris, Blotz, and Potts were the Non-PEO NEOs for all five years presented in the table. A reconciliation of the Summary Compensation Table and Compensation Actually Paid totals for 2025 is as follows:

 

NEO Average SCT Total to CAP Reconciliation

2025

 

Total Compensation as reported in Summary Compensation Table

$

1,746,813

 

Subtract grant date fair value of equity awards granted during 2025

$

(649,817

)

Add year-end fair value of equity awards granted in 2025 that are outstanding and unvested as of last day of 2025

$

562,450

 

Add/subtract change in fair value from last day of prior year to last day of 2025 of any awards granted in prior years that are outstanding and unvested as of last day of 2025

$

(324,478

)

Add/subtract the amount of change in fair value from last day of prior year to the vesting date for awards granted in prior years that vested in 2025.

$

(56,875

)

Subtract the amount of fair value at the end of the prior fiscal year for awards granted in prior years that forfeited during 2025.

$

(275

)

Compensation Actually Paid to non-PEO NEOs

$

1,277,818

 

(3) Peer Group Total Shareholder Return is calculated based on the S&P 1500 Human Resource & Employment Services Index, a published industry index that is considered reflective of the Company's peers, for each respective year shown in the table, assuming an initial investment of $100 on December 31, 2020.

(4) Reflects after-tax net income prepared in accordance with GAAP for each of the years shown.

(5) Gross billings is the financial measure that, in the Company’s assessment, represents the most important performance measure used to link Company performance to compensation actually paid to our PEOs and other NEOs, as it is the primary metric used in understanding the volume of the Company's business and serves as an important performance metric in managing the Company's operations, including the preparation of internal operating forecasts and establishing executive compensation performance goals. We calculate gross billings by including direct payroll costs that would otherwise be excluded from professional employer organization revenue because we are not the primary obligor for wage payments to our clients' employees.

        
Company Selected Measure Name Gross billings        
Named Executive Officers, Footnote (1) Mr. Kramer was the PEO for all five years presented in the table.        
Peer Group Issuers, Footnote

(3) Peer Group Total Shareholder Return is calculated based on the S&P 1500 Human Resource & Employment Services Index, a published industry index that is considered reflective of the Company's peers, for each respective year shown in the table, assuming an initial investment of $100 on December 31, 2020.

       
Adjustment To PEO Compensation, Footnote

(1) Mr. Kramer was the PEO for all five years presented in the table. A reconciliation of the Summary Compensation Table and Compensation Actually Paid totals for 2025 is as follows:

 

Current PEO SCT Total to CAP Reconciliation

2025

 

Total Compensation as reported in Summary Compensation Table

$

5,002,291

 

Subtract grant date fair value of equity awards granted during 2025

$

(2,524,723

)

Add year-end fair value of equity awards granted in 2025 that are outstanding and unvested as of last day of 2025

$

2,189,184

 

Add/subtract change in fair value from last day of prior year to last day of 2025 of any awards granted in prior years that are outstanding and unvested as of last day of 2025

$

(519,605

)

Add/subtract the amount of change in fair value from last day of prior year to the vesting date for awards granted in prior years that vested in 2025.

$

(318,675

)

Subtract the amount of fair value at the end of the prior fiscal year for awards granted in prior years that forfeited during 2025.

$

(1,434

)

Compensation Actually Paid to PEO

$

3,827,038

 
       
Adjustment to Non-PEO NEO Compensation Footnote

(2) Messrs. Harris, Blotz, and Potts were the Non-PEO NEOs for all five years presented in the table. A reconciliation of the Summary Compensation Table and Compensation Actually Paid totals for 2025 is as follows:

 

NEO Average SCT Total to CAP Reconciliation

2025

 

Total Compensation as reported in Summary Compensation Table

$

1,746,813

 

Subtract grant date fair value of equity awards granted during 2025

$

(649,817

)

Add year-end fair value of equity awards granted in 2025 that are outstanding and unvested as of last day of 2025

$

562,450

 

Add/subtract change in fair value from last day of prior year to last day of 2025 of any awards granted in prior years that are outstanding and unvested as of last day of 2025

$

(324,478

)

Add/subtract the amount of change in fair value from last day of prior year to the vesting date for awards granted in prior years that vested in 2025.

$

(56,875

)

Subtract the amount of fair value at the end of the prior fiscal year for awards granted in prior years that forfeited during 2025.

$

(275

)

Compensation Actually Paid to non-PEO NEOs

$

1,277,818

 
       
Compensation Actually Paid vs. Company Selected Measure

Relationship between Compensation Actually Paid and Financial Performance Measures

Compensation Actually Paid ("CAP") to Mr. Kramer was higher in 2021-2024 compared to 2025. The decrease in Mr. Kramer’s compensation is primarily the result of the decrease in the Company’s stock price in 2025. The average NEO CAP was also higher in 2021-2024 compared to 2025, primarily due to the decrease in the Company’s stock price in 2025.

Total Shareholder Return increased from 2021 to 2024 primarily due to the increase in the Company’s stock price during this period. Total Shareholder Return decreased in 2025 primarily due to the decrease in the Company's stock price during this

period. Net Income, Gross Billings, and total Worksite Employees also increased between 2021 and 2025. Each of these metrics is directionally aligned with the increases in CAP for both Mr. Kramer and the other NEOs, except in 2025 where the CAP for Mr. Kramer and the other NEOs decreased compared to the prior year. Total Shareholder Return increased from 2021 to 2025, compared to a decrease in Peer Group Total shareholder Return for the same period.

The following list presents the financial performance measures that the Company considers to have been the most important in linking CAP to our PEO and Non-PEO NEOs for 2025 to Company performance. The measures in the list are not ranked.

        
Tabular List, Table

Gross Billings

Net Income Before Taxes

Gross Margin as a Percentage of Gross Billings

Net Income

Growth in Gross Billings

Worksite Employee Adds
       
Total Shareholder Return Amount $ 226 $ 269 $ 177 $ 141 $ 102
Peer Group Total Shareholder Return Amount 122 143 120 113 151
Net Income (Loss) $ 54,448,000 $ 52,993,000 $ 50,612,000 $ 47,268,000 $ 38,079,000
Company Selected Measure Amount 9,042,132,000 8,327,091,000 7,716,152,000 7,393,808,000 6,569,986,000
PEO Name Mr. Kramer Mr. Kramer Mr. Kramer Mr. Kramer Mr. Kramer
Measure:: 1          
Pay vs Performance Disclosure          
Name Gross Billings        
Non-GAAP Measure Description

(5) Gross billings is the financial measure that, in the Company’s assessment, represents the most important performance measure used to link Company performance to compensation actually paid to our PEOs and other NEOs, as it is the primary metric used in understanding the volume of the Company's business and serves as an important performance metric in managing the Company's operations, including the preparation of internal operating forecasts and establishing executive compensation performance goals. We calculate gross billings by including direct payroll costs that would otherwise be excluded from professional employer organization revenue because we are not the primary obligor for wage payments to our clients' employees.

        
Measure:: 2          
Pay vs Performance Disclosure          
Name Net Income Before Taxes        
Measure:: 3          
Pay vs Performance Disclosure          
Name Gross Margin as a Percentage of Gross Billings        
Measure:: 4          
Pay vs Performance Disclosure          
Name Net Income        
Measure:: 5          
Pay vs Performance Disclosure          
Name Growth in Gross Billings        
Measure:: 6          
Pay vs Performance Disclosure          
Name Worksite Employee Adds        
Mr. Kramer [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 5,002,291 $ 4,317,412 $ 3,787,616 $ 4,217,404 $ 2,989,765
PEO Actually Paid Compensation Amount 3,827,038 10,397,339 6,150,744 7,132,315 4,055,270
Messrs. Harris, Blotz and Potts [Member]          
Pay vs Performance Disclosure          
Non-PEO NEO Average Total Compensation Amount 1,746,813 1,675,520 1,394,186 1,568,301 1,357,912
Non-PEO NEO Average Compensation Actually Paid Amount 1,277,818 $ 3,289,391 $ 2,025,153 $ 2,443,965 $ 1,631,691
PEO | Mr. Kramer [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,524,723)        
PEO | Mr. Kramer [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,189,184        
PEO | Mr. Kramer [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (519,605)        
PEO | Mr. Kramer [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (318,675)        
PEO | Mr. Kramer [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,434)        
Non-PEO NEO | Messrs. Harris, Blotz and Potts [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (649,817)        
Non-PEO NEO | Messrs. Harris, Blotz and Potts [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 562,450        
Non-PEO NEO | Messrs. Harris, Blotz and Potts [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (324,478)        
Non-PEO NEO | Messrs. Harris, Blotz and Potts [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (56,875)        
Non-PEO NEO | Messrs. Harris, Blotz and Potts [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (275)