XML 228 R19.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Stock Compensation, Earnings per Share, and Dividends | 12 Months Ended
--- | ---
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Compensation, Earnings per Share, and Dividends | Stock Compensation, Earnings per Share, and Dividends The Company’s 2014 Equity Incentive Plan (the “2014 Plan”) allows for the grant of equity based incentive compensation to all employees. The 2014 Plan authorized grants of up to an additional 4,200,000 shares over a ten-year period beginning in 2014. As of December 31, 2023, approximately 1,521,963 shares remained available for future issuance under the 2014 Plan. The 2014 Plan expired on February 18, 2024 and the Company’s Board of Directors approved the resolution to adopt the 2024 Equity Incentive Plan (the “2024 Plan”) on February 13, 2024. The Board of Directors has recommend the plan to be presented to the shareholders of the Company at the April 30, 2024 Annual Shareholder Meeting to vote for the approval of the 2024 Plan. The 2024 Plan will authorize grants of up to an additional 3,000,000 shares over a ten-year period beginning no sooner than the effective date of March 1, 2024. Under the 2014 Plan and the 2024 Plan, grants may take the form of stock awards, awards of options to acquire stock, stock appreciation rights and other forms of equity based compensation; both options to acquire stock and stock awards were granted. As of December 31, 2023, the only forms of stock awards outstanding are RSUs and RTSRs. The Company granted approximately 385,000 RSUs at a weighted average grant price of $19.05 to employees and directors during the year ended December 31, 2023. Approximately 200,000 RSUs with a weighted average grant price of $25.01 vested and 9,000 RSUs with a weighted average grant price of $21.67 were forfeited during the year ended December 31, 2023. The total fair value of RSUs vested was $5.0 million during the year ended December 31, 2023. Approximately 825,000 RSUs with a weighted average grant price of $21.16 remained outstanding as of December 31, 2023. The Company granted approximately 134,000 RTSRs at a weighted average grant price of $23.64 to employees during the year ended December 31, 2023. Approximately 30,000 RTSRs with a weighted average grant price of $36.27 vested and no RTSRs were forfeited during the year ended December 31, 2023. The total fair value of RTSRs vested was $1.1 million during the year ended December 31, 2023. Approximately 293,000 RTSRs with a weighted average grant price of $25.80 remained outstanding as of December 31, 2023. As described above, the amount of RTSRs issued are adjusted on the vesting date. 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. The Company’s RSUs generally have service conditions only or performance and service conditions with vesting periods ranging from one year for directors to five years for employees. RTSR awards vest approximately three years from the grant date. The performance condition applied to the RTSR awards is based upon the Company’s stock performance compared to a group of peer companies. The actual number of shares to be issued can range from 0% to 150% of the awards granted. Stock-based compensation expense was as follows:
| Years Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Stock compensation expense | $ | 10,823 |  |  | $ | 9,142 |  |  | $ | 3,552 |
Capitalized stock compensation | (790) |  |  | (614) |  |  | (144) |
Stock compensation expense, net | $ | 10,033 |  |  | $ | 8,528 |  |  | $ | 3,408 |
As of December 31, 2023, there was $8.4 million of total unrecognized compensation cost related to non-vested incentive awards which is expected to be recognized over weighted average period of 2.1 years. We utilize the treasury stock method to calculate the impact on diluted earnings per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings per share:
| Years Ended December 31,
(in thousands, except per share amounts) | 2023 |  | 2022 |  | 2021
Calculation of net income (loss) per share: |  |  |  |  |
Income (loss) from continuing operations | $ | 8,038 |  |  | $ | (8,379) |  |  | $ | 7,929 |
Income from discontinued operations, net of tax | — |  |  | — |  |  | 990,902 |
Net income (loss) | $ | 8,038 |  |  | $ | (8,379) |  |  | $ | 998,831 |
Basic weighted average shares outstanding | 50,396 |  |  | 50,155 |  |  | 50,026 |
Basic net income (loss) per share - continuing operations | $ | 0.16 |  |  | $ | (0.17) |  |  | $ | 0.16 |
Basic net income per share - discontinued operations | — |  |  | — |  |  | 19.81 |
Basic net income (loss) per share | $ | 0.16 |  |  | $ | (0.17) |  |  | $ | 19.97 |
Effect of stock-based compensation awards outstanding: |  |  |  |  |
Basic weighted average shares outstanding | 50,396 |  |  | 50,155 |  |  | 50,026 |
Effect from dilutive shares and options outstanding | 319 |  |  | — |  |  | 123 |
Diluted weighted average shares outstanding | 50,715 |  |  | 50,155 |  |  | 50,149 |
Diluted net income (loss) per share - continuing operations | $ | 0.16 |  |  | $ | (0.17) |  |  | $ | 0.16 |
Diluted net income per share - discontinued operations | — |  |  | — |  |  | 19.76 |
Diluted net income (loss) per share | $ | 0.16 |  |  | $ | (0.17) |  |  | $ | 19.92 |
There were approximately 117,000 and 259,000 anti-dilutive awards outstanding for the years ended December 31, 2023 and 2021, respectively. There were approximately 365,000 potentially dilutive equity awards for the year ended December 31, 2022; 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 year ended December 31, 2022. The Company paid a special dividend of $18.75 per share on August 2, 2021 (the “Special Dividend”). The total amount paid pursuant to the Special Dividend to Shentel shareholders, including amounts reinvested in the Company’s stock via the Company’s Dividend Reinvestment Plan, was approximately $937 million.

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