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Equity Compensation and Other Benefit Plans | 12 Months Ended
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Dec. 31, 2023
Compensation Related Costs [Abstract] |
Equity Compensation and Other Benefit Plans | Equity Compensation and Other Benefit Plans (a) Equity Compensation Plan In accordance with the terms of the Company’s Equity Plan, which was approved by the Company’s stockholders on June 6, 2023 (and which amended and restated the Company’s 2020 Equity Compensation Plan), directors, officers and employees of the Company and any of its subsidiaries and other persons expected to provide significant services for the Company and any of its subsidiaries are eligible to receive grants of stock options (“Options”), restricted stock, RSUs, dividend equivalent rights and other stock-based awards under the Equity Plan. Subject to certain exceptions, stock-based awards relating to a maximum of 8.5 million shares of common stock may be granted under the Equity Plan; forfeitures and/or awards that expire unexercised do not count toward this limit. At December 31, 2023, approximately 5.3 million shares of common stock remained available for grant in connection with stock-based awards under the Equity Plan. A participant may generally not receive stock-based awards in excess of 2.0 million shares of common stock in any one year and no award may be granted to any person who, assuming exercise of all Options and payment of all awards held by such person, would own or be deemed to own more than 9.8% of the outstanding shares of the Company’s common stock. Unless previously terminated by the Board, awards may be granted under the Equity Plan until June 6, 2033. Restricted Stock Units Under the terms of the Equity Plan, RSUs are instruments that provide the holder with the right to receive, subject to the satisfaction of conditions set by the Compensation Committee at the time of grant, a payment of a specified value, which may be a share of the Company’s common stock, the fair market value of a share of the Company’s common stock, or such fair market value to the extent in excess of an established base value, on the applicable settlement date. Although the Equity Plan permits the Company to issue RSUs that can settle in cash, all of the Company’s outstanding RSUs as of December 31, 2023 are designated to be settled in shares of the Company’s common stock. All holders of RSUs outstanding at December 31, 2023 may be entitled to receive dividend equivalent payments depending on the terms and conditions of the award either in cash at the time dividends are paid by the Company or at the time settlement of the RSU award, or for performance-based RSU awards, as a grant of stock at the time such awards are settled. At December 31, 2023 and 2022, the Company had unrecognized compensation expense of $9.2 million and $11.2 million, respectively, related to RSUs. The unrecognized compensation expense at December 31, 2023 is expected to be recognized over a weighted average period of 1.5 years. The following table presents information with respect to the Company’s RSUs during the years ended December 31, 2023, 2022 and 2021:
| For the Year Ended December 31, 2023
| RSUs With Service Condition |  | Weighted Average Grant Date Fair Value Per Share |  | RSUs With Market and Service Conditions |  | Weighted Average Grant Date Fair Value Per Share |  | Total RSUs |  | Total Weighted Average Grant Date Fair Value Per Share
Outstanding at beginning of year: | 921,308 |  |  | $ | 18.63 |  |  | 1,138,495 |  |  | $ | 15.76 |  |  | 2,059,803 |  |  | $ | 17.04 |
Granted (1) | 610,680 |  |  | 10.32 |  |  | 997,383 |  |  | 7.95 |  |  | 1,608,063 |  |  | 8.85 |
Settled | (146,440) |  |  | 27.90 |  |  | (190,800) |  |  | 21.98 |  |  | (337,240) |  |  | 24.55 |
Cancelled/forfeited | (65,489) |  |  | 13.44 |  |  | (77,236) |  |  | 10.72 |  |  | (142,725) |  |  | 11.97 |
Outstanding at end of year | 1,320,059 |  |  | $ | 14.01 |  |  | 1,867,842 |  |  | $ | 11.16 |  |  | 3,187,901 |  |  | $ | 12.34 |
RSUs vested but not settled at end of year | 635,595 |  |  | $ | 15.63 |  |  | 560,114 |  |  | $ | 13.61 |  |  | 1,195,709 |  |  | $ | 14.68 |
RSUs unvested at end of year | 684,464 |  |  | $ | 12.52 |  |  | 1,307,728 |  |  | $ | 10.11 |  |  | 1,992,192 |  |  | $ | 10.94 |
| For the Year Ended December 31, 2022
| RSUs With Service Condition |  | Weighted Average Grant Date Fair Value Per Share |  | RSUs With Market and Service Conditions |  | Weighted Average Grant Date Fair Value Per Share |  | Total RSUs |  | Total Weighted Average Grant Date Fair Value Per Share
Outstanding at beginning of year: | 712,160 |  |  | $ | 20.22 |  |  | 905,708 |  |  | $ | 17.14 |  |  | 1,617,868 |  |  | $ | 18.50 |
Granted (2) | 296,379 |  |  | 17.19 |  |  | 381,397 |  |  | 16.04 |  |  | 677,776 |  |  | 16.54 |
Settled | (66,125) |  |  | 29.56 |  |  | (112,752) |  |  | 27.86 |  |  | (178,877) |  |  | 28.49 |
Cancelled/forfeited | (21,106) |  |  | 17.63 |  |  | (35,858) |  |  | 15.56 |  |  | (56,964) |  |  | 16.33 |
Outstanding at end of year | 921,308 |  |  | $ | 18.63 |  |  | 1,138,495 |  |  | $ | 15.76 |  |  | 2,059,803 |  |  | $ | 17.04 |
RSUs vested but not settled at end of year | 394,996 |  |  | $ | 20.67 |  |  | 190,800 |  |  | $ | 21.98 |  |  | 585,796 |  |  | $ | 21.10 |
RSUs unvested at end of year | 526,312 |  |  | $ | 17.10 |  |  | 947,695 |  |  | $ | 14.51 |  |  | 1,474,007 |  |  | $ | 15.43 |
| For the Year Ended December 31, 2021
| RSUs With Service Condition |  | Weighted Average Grant Date Fair Value Per Share |  | RSUs With Market and Service Conditions |  | Weighted Average Grant Date Fair Value Per Share |  | Total RSUs |  | Total Weighted Average Grant Date Fair Value Per Share
Outstanding at beginning of year: | 457,376 |  |  | $ | 24.76 |  |  | 405,806 |  |  | $ | 25.03 |  |  | 863,182 |  |  | $ | 24.89 |
Granted (3) | 379,281 |  |  | 16.63 |  |  | 602,156 |  |  | 13.60 |  |  | 981,437 |  |  | 14.77 |
Settled | (124,497) |  |  | 25.98 |  |  | (102,254) |  |  | 27.62 |  |  | (226,751) |  |  | 26.72 |
Outstanding at end of year | 712,160 |  |  | $ | 20.22 |  |  | 905,708 |  |  | $ | 17.14 |  |  | 1,617,868 |  |  | $ | 18.50 |
RSUs vested but not settled at end of year | 285,734 |  |  | $ | 20.89 |  |  | 112,752 |  |  | $ | 27.86 |  |  | 398,486 |  |  | $ | 22.86 |
RSUs unvested at end of year | 426,426 |  |  | $ | 19.77 |  |  | 792,956 |  |  | $ | 15.62 |  |  | 1,219,382 |  |  | $ | 17.07 |
(1)The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 1,517,675 of these awards granted in 2023, the Company applied: (i) a weighted average volatility estimate of approximately 56%, which was determined considering historic volatility in the price of the Company’s and its peer group companies common stock over the three-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s and peer group companies’ common stock at the grant date; and (ii) a weighted average risk-free rate of 4.12% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards, respectively. The weighted average grant date fair value for the remaining 90,388 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $11.23. All of the 997,383 RSUs granted in 2023, the vesting of which is subject to both market and service conditions, are also subject to a one-year post-vesting holding requirement prior to settlement. To account for the estimated loss of value due to this holding restriction, a discount for lack of marketability is applied after the payout value is determined. There is no post vesting holding requirement on the 610,680 RSUs granted in 2023 the vesting of which is subject to a service condition only. (2)The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 603,525 of these awards granted in 2022, the Company applied: (i) a weighted average volatility estimate of approximately 50%, which was determined considering historic volatility in the price of the Company’s and its peer group companies’ common stock over the three period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s and peer group companies’ common stock at the grant date; and (ii) a weighted average risk-free rate of 1.04% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards, respectively. The weighted average grant date fair value for the remaining 74,251 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $13.67. All of the 381,397 RSUs with market and service conditions granted in 2022 are subject to a one-year post-vesting holding requirement. To account for the estimated loss of value due to this holding restriction, a discount for lack of marketability is applied after the payout value is determined. There is no post vesting holding requirement on the 296,379 RSUs granted in 2022 the vesting of which is subject to a service condition only. (3)The weighted average grant date fair value of these awards require the Company to estimate certain valuation inputs. In determining the fair value for 621,312 and 306,134 of these awards granted in 2021, the Company applied: (i) a weighted average volatility estimate of approximately 48% and 54%, which was determined considering historic volatility in the price of the Company’s and its peer group companies’ common stock over the three-year and 2.5-year period prior to the grant date and the implied volatility of certain exchange-traded options on the Company’s and peer group companies’ common stock at the grant date; and (ii) a weighted average risk-free rate of 0.17% and 0.36% based on the continuously compounded constant maturity treasury rate corresponding to a maturity commensurate with the expected vesting term of the awards. The weighted average grant date fair value for the remaining 53,991 awards with a service condition only was estimated based on the closing price of the Company’s common stock at the grant date of $18.80. All of the 602,156 RSUs with market and service conditions granted in 2021 are subject to a one-year post-vesting holding requirement. To account for the estimated loss of value due to this holding restriction, a discount for lack of marketability is applied after the payout value is determined. There are no post vesting conditions on the 379,281 RSUs with service conditions granted in 2021. Restricted Stock At December 31, 2023, 2022 and 2021, the Company did not have any unvested shares of restricted common stock outstanding, and no restricted shares vested during the years ended December 31, 2023 and 2022, respectively. Dividend Equivalents A dividend equivalent is a right to receive a distribution equal to the dividend distributions that would be paid on a share of the Company’s common stock. Dividend equivalents may be granted as a separate instrument or may be a right associated with the grant of another award (e.g., an RSU) under the Equity Plan, and they are paid typically in cash or other consideration at such times and in accordance with such rules, as the Compensation Committee of the Board shall determine in its discretion. Dividend equivalent payments are generally charged to Stockholders’ Equity when common stock dividends are declared to the extent that such equivalents are expected to vest. The Company made dividend equivalent payments associated with RSU awards of approximately $463,000, $659,000, and $566,000 during the years ended December 31, 2023, 2022 and 2021, respectively. In addition, no dividend equivalents rights awarded as separate instruments were granted during the years ended December 31, 2023, 2022 and 2021. Expense Recognized for Equity-Based Compensation Instruments The following table presents the Company’s expenses related to its equity-based compensation instruments for the years ended December 31, 2023, 2022 and 2021:
|  | For the Year Ended December 31,
(In Thousands) |  | 2023 |  | 2022 |  | 2021
RSUs |  | $ | 15,035 |  |  | $ | 11,338 |  |  | $ | 9,043 |
Restricted shares of common stock |  | — |  |  | — |  |  | — |
Total |  | $ | 15,035 |  |  | $ | 11,338 |  |  | $ | 9,043 |
(b) Deferred Compensation Plans The Company administers deferred compensation plans for its senior officers and non-employee directors (collectively, the “Deferred Plans”), pursuant to which participants may elect to defer up to 100% of certain cash compensation. The Deferred Plans are designed to align participants’ interests with those of the Company’s stockholders. Amounts deferred under the Deferred Plans are considered to be converted into “stock units” of the Company. Stock units do not represent stock of the Company, but rather are a liability of the Company that changes in value as would equivalent shares of the Company’s common stock. Deferred compensation liabilities are settled in cash at the termination of the deferral period, based on the value of the stock units at that time. The Deferred Plans are non-qualified plans under the Employee Retirement Income Security Act of 1974 and, as such, are not funded. Prior to the time that the deferred accounts are settled, participants are unsecured creditors of the Company. The Company’s liability for stock units in the Deferred Plans is based on the market price of the Company’s common stock at the measurement date. The following table presents the Company’s expenses related to its Deferred Plans for the years ended December 31, 2023, 2022 and 2021:
|  | For the Year Ended December 31,
(In Thousands) |  | 2023 |  | 2022 |  | 2021
Non-employee directors |  | $ | 586 |  |  | $ | (1,133) |  |  | $ | 537 |
Total |  | $ | 586 |  |  | $ | (1,133) |  |  | $ | 537 |
The Company distributed cash of approximately $374,000 and $53,000 to the participants of the Deferred Plans during the years ended December 31, 2023 and 2022, respectively. The Company did not distribute cash to the participants of the Deferred Plans during the year ended December 31, 2021. The following table presents the aggregate amount of income deferred by participants of the Deferred Plans through December 31, 2023 and 2022 that had not been distributed and the Company’s associated liability for such deferrals at December 31, 2023 and 2022:
|  | December 31, 2023 |  | December 31, 2022
(In Thousands) |  | Undistributed Income Deferred (1) |  | Liability Under Deferred Plans |  | Undistributed Income Deferred (1) |  | Liability Under Deferred Plans
Non-employee directors |  | $ | 2,611 |  |  | $ | 2,404 |  |  | $ | 2,923 |  |  | $ | 1,953 |
Total |  | $ | 2,611 |  |  | $ | 2,404 |  |  | $ | 2,923 |  |  | $ | 1,953 |
(1)Represents the cumulative amounts that were deferred by participants through December 31, 2023 and 2022, which had not been distributed through such respective date. (c) Savings Plan The Company sponsors a tax-qualified employee savings plan (the “Savings Plan”) in accordance with Section 401(k) of the Code. Subject to certain restrictions, all of the Company’s employees are eligible to make tax-deferred contributions to the Savings Plan subject to limitations under applicable law. Participant’s accounts are self-directed and the Company bears the costs of administering the Savings Plan. The Company matches 100% of the first 3% of eligible compensation deferred by employees and 50% of the next 2%, subject to a maximum as provided by the Code. The Company has elected to operate the Savings Plan under the applicable safe harbor provisions of the Code, whereby among other things, the Company must make contributions for all participating employees and all matches contributed by the Company immediately vest 100%. For the years ended December 31, 2023, 2022 and 2021, the Company recognized expenses for matching contributions of $1.3 million, $1.3 million and $697,000, respectively.

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- Definition The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement 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 amounts at designated future dates, usually 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 (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://www.xbrl.org/2003/role/disclosureRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 710 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482969/710-10-50-1 + Details
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