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Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure [Table]

Pay vs Performance [Table Text Block]

      Pay versus Performance

     

The following table summarizes compensation paid to our former CEO (until January 1, 2024) and current Executive Chairman, who is also our principal executive officer as set forth in our Summary Compensation Table, compensation actually paid to our PEO, average compensation paid to our Non-PEO NEOs as set forth in our Summary Compensation Table, and average compensation actually paid to our Non-PEO NEOs, each as calculated in accordance with SEC rules, and certain Company and peer group performance measures for the periods indicated:


																					Value of Initial Fixed $100 Investment Based On:
Year	Summary Compensation Table Total for PEO (1)					Compensation Actually Paid to PEO (2)					Average Summary Compensation Table Total for Non-PEO NEOs (3)					Average Compensation Actually Paid to Non-PEO NEOs (2)					Total Shareholder Return (4)					Peer Group Total Shareholder Return (4)					Net Income (in thousands)					Return on Shareholders' Equity (5)
2023			4,891,381					7,584,765					1,595,453					2,268,815				$	231.46				$	154.37					63,332					20.8	%


2022			4,587,518					6,311,917					1,311,075					1,662,554				$	143.07				$	126.27					54,395					21.0	%


2021			4,760,218					4,371,177					1,278,358					1,206,905				$	110.12				$	143.94					35,729					16.9	%


2020			5,155,604					5,382,937					1,003,522					975,760				$	115.12				$	131.59					29,803					14.6	%

(1)

Robert Ruhlman was the PEO for all four years (2020-2023).

(2)

The dollar amounts shown in these columns reflect “compensation actually paid” calculated in accordance with SEC rules. The charts below detail the additions and deductions to Compensation Actually Paid calculation. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the PEO or other NEOs during the applicable years.

(3)

The non-PEO NEOs are comprised of: 2023 – Andrew S. Klaus, Dennis F. McKenna, J. Ryan Ruhlman, and John M. Hofstetter; 2022 and 2021 – Andrew S. Klaus, Dennis F. McKenna, J. Ryan Ruhlman, and William H. Haag III; 2020 - David Sunkle, Dennis F. McKenna, William H. Haag III, Michael Weisbarth and Andrew S. Klaus.

(4)

These columns assume a $100 investment was made in our common shares and in the stock of our Peer Group (defined herein) on the last day of our fiscal year before the earliest reported period and all dividends were reinvested. The “Peer Group” is made up of the companies in the Hemscott Industry Group 627 (Industrial Electrical Equipment), which is the peer group used for the Performance Graph in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

(5)

Return on shareholders’ equity is the financial performance measure, which, in the Company’s assessment, represents for 2023 the most important performance measure used to link compensation actually paid to our PEOs and non-PEO NEOs to the Company’s performance.

Company Selected Measure Name

Return on shareholders’ equity

Named Executive Officers, Footnote [Text Block]

(1)

Robert Ruhlman was the PEO for all four years (2020-2023).

PEO Total Compensation Amount

$ 4,891,381

$ 4,587,518

$ 4,760,218

$ 5,155,604

PEO Actually Paid Compensation Amount

$ 7,584,765

6,311,917

4,371,177

5,382,937

Adjustment To PEO Compensation, Footnote [Text Block]

(2)

The dollar amounts shown in these columns reflect “compensation actually paid” calculated in accordance with SEC rules. The charts below detail the additions and deductions to Compensation Actually Paid calculation. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the PEO or other NEOs during the applicable years.

PEO – Adjustments for Compensation Actually Paid (CAP) to PEO


PEO Summary Compensation Total (SCT) to CAP Adjustments	2023					2022					2021					2020
Deduction for Amounts Reported under the “Stock Awards” Column of the SCT			(2,046,877	)				(1,889,622	)				(1,920,858	)				(2,433,539	)


Addition of Fair Value of Awards Granted During Year that Remain Unvested as of Year-End (1)			1,544,611					2,660,782					1,729,949					2,254,961


Addition/Deduction of Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-End (1)			2,967,650					1,109,563					(238,088	)				495,213

Addition/Deduction of Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year (1)			228,000					(156,324	)				39,956					(89,302	)


Total Adjustments			2,693,384					1,724,399					(389,041	)				227,333

Non-PEO NEO Average Total Compensation Amount

$ 1,595,453

1,311,075

1,278,358

1,003,522

Non-PEO NEO Average Compensation Actually Paid Amount

$ 2,268,815

1,662,554

1,206,905

975,760

Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

(3)

The non-PEO NEOs are comprised of: 2023 – Andrew S. Klaus, Dennis F. McKenna, J. Ryan Ruhlman, and John M. Hofstetter; 2022 and 2021 – Andrew S. Klaus, Dennis F. McKenna, J. Ryan Ruhlman, and William H. Haag III; 2020 - David Sunkle, Dennis F. McKenna, William H. Haag III, Michael Weisbarth and Andrew S. Klaus.

Average Non-PEO NEOs – Adjustments for CAP to Non-PEO NEOs


Non-PEO NEOs Summary Compensation Total to CAP Adjustments	2023					2022					2021					2020
Deduction for Amounts Reported under the “Stock Awards” Column of the SCT			(602,998	)				(408,213	)				(394,581	)				(302,531	)


Addition of Fair Value of Awards Granted During Year that Remain Unvested as of Year-End (1)			458,337					574,805					355,365					338,106


Addition/Deduction of Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-End (1)			533,804					185,535					(33,695	)				54,133


Addition/Deduction of Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year (1)			136,667					(648	)				1,458					(2,725	)


Addition of Fair Value of Awards Granted and Vested During Year (1)			147,552					—					—					—


Deduction of Fair Value as of Prior Year-End for Prior Year Awards Forfeited During the Year (1)			—					—					—					(114,745	)


Total Adjustments			673,362					351,479					(71,453	)				(27,762	)

(1)

The fair value of equity component of the CAP calculation was determined in accordance with Item 402(v) of Regulation S-K.

Compensation Actually Paid vs. Total Shareholder Return [Text Block]

Compensation Actually Paid vs. Net Income [Text Block]

Compensation Actually Paid vs. Company Selected Measure [Text Block]

Total Shareholder Return Vs Peer Group [Text Block]

(4)

These columns assume a $100 investment was made in our common shares and in the stock of our Peer Group (defined herein) on the last day of our fiscal year before the earliest reported period and all dividends were reinvested. The “Peer Group” is made up of the companies in the Hemscott Industry Group 627 (Industrial Electrical Equipment), which is the peer group used for the Performance Graph in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Tabular List [Table Text Block]

The Company views the following financial performance measures as the most important to link Compensation Actually Paid to the PEO and NEOs for fiscal 2023 to Company performance:

•

Sales

•

Pre-tax income

•

Return on shareholders’ equity

Total Shareholder Return Amount

$ 231.46

143.07

110.12

115.12

Peer Group Total Shareholder Return Amount

154.37

126.27

143.94

131.59

Net Income (Loss)

$ 63,332,000

$ 54,395,000

$ 35,729,000

$ 29,803,000

Company Selected Measure Amount

0.0208

0.0210

0.0169

0.0146

Robert Ruhlman

Robert Ruhlman

Robert Ruhlman

Robert Ruhlman

Additional 402(v) Disclosure [Text Block]

(1)

The fair value of equity component of the CAP calculation was determined in accordance with Item 402(v) of Regulation S-K.

Andrew S. Klaus, Dennis F. McKenna, J. Ryan Ruhlman, and John M. Hofstetter

Andrew S. Klaus, Dennis F. McKenna, J. Ryan Ruhlman, and William H. Haag III

Andrew S. Klaus, Dennis F. McKenna, J. Ryan Ruhlman, and William H. Haag III

David Sunkle, Dennis F. McKenna, William H. Haag III, Michael Weisbarth and Andrew S. Klaus.

Measure [Axis]: 1

Pay vs Performance Disclosure [Table]

Sales

Non-GAAP Measure Description [Text Block]

(5)

Return on shareholders’ equity is the financial performance measure, which, in the Company’s assessment, represents for 2023 the most important performance measure used to link compensation actually paid to our PEOs and non-PEO NEOs to the Company’s performance.

Measure [Axis]: 2

Pay vs Performance Disclosure [Table]

Pre-tax income

Measure [Axis]: 3

Pay vs Performance Disclosure [Table]

Return on shareholders’ equity

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

$ 2,693,384

$ 1,724,399

$ (389,041)

$ 227,333

PEO [Member] | Deduction for Amounts Reported under the "Stock Awards" Column of the SCT

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

(2,046,877)

(1,889,622)

(1,920,858)

(2,433,539)

PEO [Member] | Addition of Fair Value of Awards Granted During Year that Remain Unvested as of Year-End

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

1,544,611

2,660,782

1,729,949

2,254,961

PEO [Member] | Addition/Deduction of Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-End

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

2,967,650

1,109,563

(238,088)

495,213

PEO [Member] | Addition/Deduction of Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

228,000

(156,324)

39,956

(89,302)

Non-PEO NEO [Member]

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

673,362

351,479

(71,453)

(27,762)

Non-PEO NEO [Member] | Deduction for Amounts Reported under the "Stock Awards" Column of the SCT

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

(602,998)

(408,213)

(394,581)

(302,531)

Non-PEO NEO [Member] | Addition of Fair Value of Awards Granted During Year that Remain Unvested as of Year-End

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

458,337

574,805

355,365

338,106

Non-PEO NEO [Member] | Addition/Deduction of Change in Fair Value from Prior Year-End to Current Year-End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year-End

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

533,804

185,535

(33,695)

54,133

Non-PEO NEO [Member] | Addition/Deduction of Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

136,667

$ (648)

$ 1,458

(2,725)

Non-PEO NEO [Member] | Addition of Fair Value of Awards Granted and Vested During Year

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

$ 147,552

Non-PEO NEO [Member] | Deduction of Fair Value as of Prior Year-End for Prior Year Awards Forfeited During the Year

Pay vs Performance Disclosure [Table]

Adjustment to Compensation Amount

$ (114,745)