XML 52 R41.htm IDEA: XBRL DOCUMENT
v3.23.2

Stockholder's Equity (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Summary of Issued Shares of Common Stock | The Co mpany issued the following shares of common stock:
| Three Months Ended June 30, |
| 2023 |  |  | 2022 |
| Shares |  |  | Average Price per Share |  |  | Total |  |  | Shares |  |  | Average Price per Share |  |  | Total |
Acquisitions |  | 86,577 |  |  | $ | 30.01 |  |  | $ | 2,598 |  |  |  | — |  |  | $ | — |  |  | $ | — |
Exercise of options |  | 43,538 |  |  |  | 13.89 |  |  |  | 605 |  |  |  | 3,575 |  |  |  | 15.15 |  |  |  | 54 |
Total |  | 130,115 |  |  | $ | 24.61 |  |  | $ | 3,203 |  |  |  | 3,575 |  |  | $ | 15.15 |  |  | $ | 54 |
| Six Months Ended June 30, |
| 2023 |  |  | 2022 |
| Shares |  |  | Average Price per Share |  |  | Total |  |  | Shares |  |  | Average Price per Share |  |  | Total |
Acquisitions |  | 86,577 |  |  | $ | 30.01 |  |  | $ | 2,598 |  |  |  | — |  |  | $ | — |  |  | $ | — |
Exercise of options |  | 167,993 |  |  |  | 19.61 |  |  |  | 3,295 |  |  |  | 34,182 |  |  |  | 14.15 |  |  |  | 483 |
Restricted shares, net (1) |  | 90,116 |  |  |  | 66.30 |  |  |  | — |  |  |  | 25,289 |  |  |  | 66.58 |  |  |  | — |
Total |  | 344,686 |  |  | $ | 34.43 |  |  | $ | 5,893 |  |  |  | 59,471 |  |  | $ | 36.44 |  |  | $ | 483 |
(1) Represents the non-cash release of common shares due to the vesting of restricted stock.
Schedule of Share Authorized to be Issue and Available for Grant | The following number of shares were authorized to be issued and available for grant:
|  | June 30, 2023 |
|  | 2017 Plan |  |  | 2013 Plan |  |  | Total |
Shares authorized to be issued |  |  | 6,330,588 |  |  |  | 2,036,344 |  |  |  | 8,366,932 |
Shares available for grant(1) |  |  | 750,326 |  |  |  | — |  |  |  | 750,326 |
|  | June 30, 2022 |
|  | 2017 Plan |  |  | 2013 Plan |  |  | Total |
Shares authorized to be issued |  |  | 8,139,987 |  |  |  | 2,037,144 |  |  |  | 10,177,131 |
Shares available for grant(1) |  |  | 445,244 |  |  |  | — |  |  |  | 445,244 |
(1) In January 2023 and January 2022 the Board of Directors ratified the addition of 1,189,801 and 1,185,112 shares of common stock, respectively, to the number of shares available for issuance under the 2017 Plan pursuant to the annual increase provision of such plan. Unless the Board of Directors determines otherwise, additional annual increases will be effective on each January 1, through January 1, 2027. The 2017 Plan permits the company to settle awards, if and when vested, in cash at its discretion. Pursuant to the terms of the 2017 Plan, the number of shares authorized for issuance thereunder will only be reduced with respect to shares of common stock actually issued upon exercise or settlement of an award. Shares of common stock subject to awards that have been canceled, expired, forfeited or otherwise not issued under an award and shares of common stock subject to awards settled in cash do not count as shares of common stock issued under the 2017 Plan. Shares available for grant exclude awards of stock appreciation rights approved in December 2021 that are subject to vesting based on the achievement of certain market conditions, which have not yet been, and may not be, a chieved. See footnote 1 to the table in Common Stock Reserved for Future Issuance below for additional information on stock appreciation rights.
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense for the Plans was as follows:
|  | Three Months Ended June 30, |
|  | 2023 |  |  | 2022 |
|  | 2017 plan |  |  | 2013 plan |  |  |  |  |  | 2017 plan |  |  | 2013 plan |  |  |  |
|  | Options |  |  | Restricted Stock |  |  | SARs |  |  | Options |  |  | Total |  |  | Options |  |  | Restricted Stock |  |  | SARs |  |  | Options |  |  | Total |
Cost of revenue |  | $ | 466 |  |  | $ | 243 |  |  | $ | — |  |  | $ | — |  |  | $ | 709 |  |  | $ | 371 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 371 |
Selling, general and administrative expense |  |  | 1,070 |  |  |  | 7,021 |  |  |  | 2,290 |  |  |  | — |  |  |  | 10,381 |  |  |  | 2,254 |  |  |  | 6,017 |  |  |  | 2,290 |  |  |  | — |  |  |  | 10,561 |
Total |  | $ | 1,536 |  |  | $ | 7,264 |  |  | $ | 2,290 |  |  | $ | — |  |  | $ | 11,090 |  |  | $ | 2,625 |  |  | $ | 6,017 |  |  | $ | 2,290 |  |  | $ | — |  |  | $ | 10,932 |
|  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |
|  | 2017 plan |  |  | 2013 plan |  |  |  |  |  | 2017 plan |  |  |  |  |  | 2013 plan |  |  |  |
|  | Options |  |  | Restricted Stock |  |  | SARs |  |  | Options |  |  | Total |  |  | Options |  |  | Restricted Stock |  |  | SARs |  |  | Options |  |  | Total |
Cost of revenue |  | $ | 815 |  |  | $ | 786 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,601 |  |  | $ | 665 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 665 |
Selling, general and administrative expense |  |  | 2,794 |  |  |  | 15,175 |  |  |  | 4,555 |  |  |  | — |  |  |  | 22,524 |  |  |  | 4,233 |  |  |  | 11,809 |  |  |  | 4,650 |  |  |  | — |  |  |  | 20,692 |
Total |  | $ | 3,609 |  |  | $ | 15,961 |  |  | $ | 4,555 |  |  | $ | — |  |  | $ | 24,125 |  |  | $ | 4,898 |  |  | $ | 11,809 |  |  | $ | 4,650 |  |  | $ | — |  |  | $ | 21,357 |
Summary of Performance Hurdles | The performance hurdles are as follows:
SARs Stock Price Performance Hurdle |  | Portion of SARs Subject to Performance Hurdle
$ | 133.58 |  | 1/3
$ | 166.98 |  | 1/3
$ | 200.37 |  | 1/3
Summary of Weighted Average Assumptions Used in Black-Sholes Option-pricing Model | The following weighted-average assumptions were used in the Black-Sholes option-pricing model calculation:
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |
Common stock value (per share) |  | $ | 32.16 |  |  | $ | 44.01 |
Expected volatility |  |  | 33.79 | % |  |  | 33.45 | %
Risk-free interest rate |  |  | 3.72 | % |  |  | 1.78 | %
Expected life (years) |  |  | 7.00 |  |  |  | 6.35 |
Forfeiture rate |  | None |  |  | None |
Dividend rate |  | None |  |  | None |
Schedule of Common Stock Reserved for Future Issuance | The Company has reserved certain stock of its authorized but unissued common stock for possible future issuance in connection with the following:
|  | June 30, |
|  | 2023 |  |  | 2022 |
Montrose 2013 Stock Incentive Plan |  |  | 812,256 |  |  |  | 877,689 |
Montrose 2017 Stock Incentive Plan(1) |  |  | 8,699,655 |  |  |  | 7,769,931 |
Total |  |  | 9,511,911 |  |  |  | 8,647,620 |
(1) In January 2023 and 2022, the Board of Directors ratified the addition of 1,189,801 and 1,185,112 shares of common stock, respectively, to the number of shares available for issuance under the 2017 Plan pursuant to the annual increase provision of such plan. Unless the Board of Directors determines otherwise, additional annual increases will be effective on each January 1, through January 1, 2027. The 2017 Plan permits the company to settle awards, if and when vested, in cash at its discretion. Pursuant to the terms of the 2017 Plan, the number of shares authorized for issuance thereunder will only be reduced with respect to shares of common stock actually issued upon exercise or settlement of an award. Shares of common stock subject to awards that have been canceled, expired, forfeited or otherwise not issued under an award and shares of common stock subject to awards settled in cash do not count as shares of common stock issued under the 2017 Plan. The Company expects to have sufficient shares available under the 2017 Plan to satisfy the future settlement of outstanding awards. Shares reserved for future issuance include 3,000,000 shares underlying the 3,000,000 performance SARs granted in December 2021 that are subject to vesting based on the achievement of certain market conditions. Assuming achievement at the highest price performance hurdle, approximately 2,000,000 shares of common stock would be issued upon vesting of these performance SARs. To date, none of the market conditions have been achieved.
Montrose Amended & Restated 2017 Stock Incentive Plan |
Schedule of Restricted Stock Activity | RSAs and RSUs activity was as follows:
| Three Months Ended June 30, |
| 2023 |  |  | 2022 |
| Shares |  |  | Average Price per Share |  |  | Fair Value (in thousands) |  |  | Shares |  |  | Average Price per Share |  |  | Fair Value (in thousands) |
Awards granted |  | 177,096 |  |  | $ | 37.27 |  |  | $ | 6,600 |  |  |  | — |  |  | $ | — |  |  | $ | — |
Awards forfeited |  | (3,559 | ) |  |  | 32.16 |  |  |  | 114 |  |  |  | — |  |  |  | — |  |  |  | — |
| Six Months Ended June 30, |
| 2023 |  |  | 2022 |
| Shares |  |  | Average Price per Share |  |  | Fair Value |  |  | Shares |  |  | Average Price per Share |  |  | Fair Value |
Awards granted |  | 641,282 |  |  | $ | 33.90 |  |  | $ | 21,740 |  |  |  | 106,324 |  |  | $ | 46.82 |  |  | $ | 4,978 |
Awards forfeited |  | (3,559 | ) |  |  | 32.16 |  |  |  | 114 |  |  |  | — |  |  |  | — |  |  |  | — |
Awards vested |  | 90,116 |  |  |  | 36.81 |  |  |  | 3,317 |  |  |  | 25,289 |  |  |  | 30.98 |  |  |  | 783 |
Summary of Stock Option Activity | The following summarizes the options activity of the 2017 Plan:
|  | Options to Purchase Common Stock |  |  | Weighted- Average Exercise Price per Share |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Weighted Average Remaining Contract Life (in Years) |  |  | Aggregate Intrinsic Value of In-The- Money Options (in Thousands) |
Outstanding as of January 1, 2022 |  |  | 2,036,729 |  |  | $ | 26 |  |  | $ | 14 |  |  |  | 8.30 |  |  | $ | 91,030 |
Granted |  |  | 563,084 |  |  |  | 44 |  |  |  | 16 |  |  |  | — |  |  |  | — |
Forfeited/ cancelled |  |  | (38,887 | ) |  |  | 35 |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | (14,197 | ) |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | 393 |
Outstanding as of June 30, 2022 |  |  | 2,546,729 |  |  |  | 30 |  |  |  | 15 |  |  |  | 8.22 |  |  |  | 19,199 |
Outstanding as of January 1, 2023 |  |  | 2,579,566 |  |  | $ | 31 |  |  | $ | 15 |  |  |  | 7.76 |  |  | $ | 37,292 |
Granted |  |  | 233,955 |  |  |  | 32 |  |  |  | 14 |  |  |  | — |  |  |  | — |
Forfeited/ cancelled |  |  | (63,085 | ) |  |  | 37 |  |  |  | — |  |  |  | — |  |  |  | — |
Expired |  |  | (1,200 | ) |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | (125,229 | ) |  |  | 24 |  |  |  | — |  |  |  | — |  |  |  | 2,794 |
Outstanding as of June 30, 2023 |  |  | 2,624,007 |  |  | $ | 31 |  |  | $ | 16 |  |  |  | 7.46 |  |  | $ | 32,414 |
Exercisable at June 30, 2023 |  |  | 1,365,861 |  |  |  | 29 |  |  |  | — |  |  |  | 6.76 |  |  |  | 18,892 |
Montrose Amended and Restated 2013 Stock Option Plan |
Summary of Stock Option Activity | The following summarizes the activity of the 2013 Plan:
|  | Options to Purchase Common Stock |  |  | Weighted- Average Exercise Price per Share |  |  | Weighted Average Grant Date Fair Value per Share |  |  | Weighted Average Remaining Contract Life (in Years) |  |  | Aggregate Intrinsic Value of In-The- Money Options (in Thousands) |
Outstanding as of January 1, 2022 |  |  | 897,674 |  |  | $ | 6 |  |  | $ | 2 |  |  |  | 4.37 |  |  | $ | 57,529 |
Exercised |  |  | (19,985 | ) |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 859 |
Outstanding as of June 30, 2022 |  |  | 877,689 |  |  |  | 6 |  |  |  | 2 |  |  |  | 3.88 |  |  |  | 23,991 |
Outstanding as of January 1, 2023 |  |  | 855,695 |  |  | $ | 6 |  |  | $ | 2 |  |  |  | 3.31 |  |  | $ | 32,478 |
Expired |  |  | (675 | ) |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | — |
Exercised |  |  | (42,764 | ) |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | 1,514 |
Outstanding as of June 30, 2023 |  |  | 812,256 |  |  | $ | 6 |  |  | $ | 2 |  |  |  | 2.83 |  |  | $ | 29,030 |
Exercisable at June 30, 2023 |  |  | 812,256 |  |  |  | 6 |  |  |  | — |  |  |  | 2.83 |  |  |  | 29,030 |

X
- Definition Schedule Of Common Stock for Future Issuance. + References No definition available. + Details
Name: | meg_ScheduleOfCommonStockForFutureIssuanceTableTextBlock
Namespace Prefix: | meg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Share Authorized to Issue and Available for Grant. + References No definition available. + Details
Name: | meg_ScheduleOfShareAuthorizedToIssueAndAvailableForGrantTableTextBlock
Namespace Prefix: | meg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of share based compensation stock appreciation rights stock price performance hurdle. + References No definition available. + Details
Name: | meg_ScheduleOfShareBasedCompensationStockAppreciationRightsStockPricePerformanceHurdleTableTextBlock
Namespace Prefix: | meg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of issued shares of common stock. + References No definition available. + Details
Name: | meg_SummaryOfIssuedSharesOfCommonStockTableTextBlock
Namespace Prefix: | meg_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_PlanNameAxis=meg_MontroseTwoThousandSeventeenStockIncentivePlanMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_PlanNameAxis=meg_MontroseTwoThousandThirteenStockOptionPlanMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |