XML 28 R17.htm IDEA: XBRL DOCUMENT
v3.23.3

Stock Compensation and Earnings (Loss) per Share | 9 Months Ended
--- | ---
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Compensation and Earnings (Loss) per Share | Stock Compensation and Earnings (Loss) per Share The Company granted approximately 385,000 restricted stock units (“RSUs”) at a weighted average grant price of $19.05 to employees and directors during the nine months ended September 30, 2023. Approximately 190,000 RSUs with a weighted average grant price of $25.01 vested and 9,000 RSUs with a weighted average grant price of $21.65 were forfeited during the nine months ended September 30, 2023. The total fair value of RSUs vested was $4.8 million during the nine months ended September 30, 2023. Approximately 836,000 RSUs with a weighted average grant price of $21.21 remained outstanding as of September 30, 2023. The Company granted approximately 134,000 Relative Total Shareholder Return RSUs (“RTSRs”) awards at a weighted average grant price of $23.64 to employees during the nine months ended September 30, 2023. Approximately 30,000 RTSRs with a weighted average grant price of $56.32 vested and no RTSRs were forfeited during the nine months ended September 30, 2023. The total fair value of RTSRs vested was $1.1 million during the nine months ended September 30, 2023. Approximately 293,000 RTSRs with a weighted average grant price of $25.80 remained outstanding as of September 30, 2023. The amount of RTSRs issued are determined on the vesting date based upon the Company’s stock performance compared to a group of peer companies. The vested amounts above exclude the vesting date adjustment and issuance of RTSRs based on actual performance, which totaled approximately 13,000 RTSRs, resulting in lower shares issued upon vesting of the RTSRs than originally granted. Stock-based compensation expense was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Stock compensation expense | 2,220 |  |  | 1,942 |  |  | 8,950 |  |  | 7,751 |
Capitalized stock compensation | (176) |  |  | (171) |  |  | (586) |  |  | (452) |
Stock compensation expense, net | $ | 2,044 |  |  | $ | 1,771 |  |  | $ | 8,364 |  |  | $ | 7,299 |
As of September 30, 2023, there was $10.9 million of total unrecognized compensation cost related to non-vested incentive awards which is expected to be recognized over weighted average period of 2.3 years. We utilize the treasury stock method to calculate the impact on diluted earnings (loss) per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings (loss) per share:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except per share amounts) | 2023 |  | 2022 |  | 2023 |  | 2022
Calculation of net income (loss) per share: |  |  |  |  |  |  |
Net income (loss) | $ | 1,593 |  |  | $ | (2,728) |  |  | $ | 5,449 |  |  | $ | (6,556) |
Basic weighted average shares outstanding | 50,379 |  |  | 50,183 |  |  | 50,346 |  |  | 50,153 |
Basic net income (loss) per share | $ | 0.03 |  |  | $ | (0.05) |  |  | $ | 0.11 |  |  | $ | (0.13) |
Effect of stock-based compensation awards outstanding: |  |  |  |  |  |  |
Basic weighted average shares outstanding | 50,379 |  |  | 50,183 |  |  | 50,346 |  |  | 50,153 |
Effect from dilutive shares and options outstanding | 457 |  |  | — |  |  | 277 |  |  | — |
Diluted weighted average shares outstanding | 50,836 |  |  | 50,183 |  |  | 50,623 |  |  | 50,153 |
Diluted net income (loss) per share | $ | 0.03 |  |  | $ | (0.05) |  |  | $ | 0.11 |  |  | $ | (0.13) |
There were approximately 330 and 172,000 anti-dilutive equity awards outstanding during the three and nine months ended September 30, 2023, respectively. There were approximately 252,000 and 165,000 potentially dilutive equity awards for the three and nine months ended September 30, 2022, respectively; however, these securities were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company’s net loss for the periods.

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