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Stock Compensation and Earnings per Share | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock Compensation and Earnings per Share | Stock Compensation and Earnings per Share The Company’s 2014 Equity Incentive Plan (the “2014 Plan”) allowed 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. 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, to be effective on March 1, 2024. The 2024 Plan was approved by the Company’s shareholders at the 2024 Annual Shareholder Meeting. The 2024 Plan authorizes grants of up to an additional 3,000,000 shares over a ten-year period. 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. As of December 31, 2024, the only forms of stock awards outstanding are restricted stock units (“RSUs”) and Relative Total Shareholder Return RSUs (“RTSRs”) and there were 2,917,122 shares available for future issuance under the 2024 Plan. 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. RSUs that have both performance and service conditions are referred to as performance stock units (“PSUs”). The actual number of shares to be issued upon PSU performance measurement can range from 0% to 100% of the awards granted. RTSRs 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 upon RTSRs performance measurement can range from 0% to 150% of the awards granted. Activity related to the Company’s equity compensation, which includes the Company’s RSUs and PSUs, was as follows:
(in thousands, except weighted average grant price) | Number of Shares |  | Weighted Average Grant Price
Outstanding awards, December 31, 2021 | 337 |  |  | $ | 28.46 |
Granted | 518 |  |  | $ | 21.56 |
Vested | (153) |  |  | $ | 27.50 |
Forfeited | (53) |  |  | $ | 25.89 |
Outstanding awards, December 31, 2022 | 649 |  |  | $ | 23.39 |
Granted | 385 |  |  | $ | 19.05 |
Vested | (200) |  |  | $ | 25.01 |
Forfeited | (9) |  |  | $ | 21.67 |
Outstanding awards, December 31, 2023 | 825 |  |  | $ | 21.16 |
Granted | 403 |  |  | $ | 20.22 |
Vested | (308) |  |  | $ | 21.74 |
Forfeited | (45) |  |  | $ | 19.44 |
Outstanding awards, December 31, 2024 | 875 |  |  | $ | 20.63 |
The total fair value of RSUs vested was $5.8 million during the year ended December 31, 2024. Activity related to the Company’s RTSRs was as follows:
(in thousands, except weighted average grant price) | Number of Shares |  | Weighted Average Grant Price
Outstanding awards, December 31, 2021 | 154 |  |  | $ | 34.69 |
Granted | 100 |  |  | $ | 23.83 |
Vested | (46) |  |  | $ | 33.83 |
Forfeited | (6) |  |  | $ | 36.28 |
Outstanding awards, December 31, 2022 | 202 |  |  | $ | 29.46 |
Granted | 134 |  |  | $ | 23.64 |
Vested | (30) |  |  | $ | 36.27 |
Forfeited | (13) |  |  | $ | 36.27 |
Outstanding awards, December 31, 2023 | 293 |  |  | $ | 25.80 |
Granted | 136 |  |  | $ | 22.30 |
Vested | (32) |  |  | $ | 34.05 |
Forfeited | (138) |  |  | $ | 25.74 |
Outstanding awards, December 31, 2024 | 259 |  |  | $ | 22.96 |
The total fair value of RTSRs vested was $0.5 million during the year ended December 31, 2024. Stock-based compensation expense was as follows:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Stock compensation expense | $ | 10,651 |  |  | $ | 10,823 |  |  | $ | 9,142 |
Capitalized stock compensation | (814) |  |  | (790) |  |  | (614) |
Stock compensation expense, net | $ | 9,837 |  |  | $ | 10,033 |  |  | $ | 8,528 |
As of December 31, 2024, there was $7.3 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. The following table indicates the computation of basic and diluted earnings (loss) per share:
| Years Ended December 31,
(in thousands, except per share amounts) | 2024 |  | 2023 |  | 2022
Calculation of net income (loss) per share: |  |  |  |  |
(Loss) income from continuing operations | $ | (28,357) |  |  | $ | 1,016 |  |  | $ | (15,418) |
Income from discontinued operations, net of tax | 222,174 |  |  | 7,022 |  |  | 7,039 |
Net income (loss) | $ | 193,817 |  |  | $ | 8,038 |  |  | $ | (8,379) |
Amounts attributable to common shareholders |  |  |  |  |
(Loss) income from continuing operations | $ | (31,786) |  |  | $ | 1,016 |  |  | $ | (15,418) |
Income from discontinued operations, net of tax | 222,174 |  |  | 7,022 |  |  | 7,039 |
Net income (loss) attributable to common shareholders | $ | 190,388 |  |  | $ | 8,038 |  |  | $ | (8,379) |
Basic weighted average shares outstanding | 53,722 |  |  | 50,396 |  |  | 50,155 |
Per share amounts attributable to common shareholders |  |  |  |  |
Basic net (loss) income per share - continuing operations | $ | (0.59) |  |  | $ | 0.02 |  |  | $ | (0.31) |
Basic net income per share - discontinued operations | 4.13 |  |  | 0.14 |  |  | 0.14 |
Basic net income (loss) per share | $ | 3.54 |  |  | $ | 0.16 |  |  | $ | (0.17) |
Effect of stock-based compensation awards outstanding: |  |  |  |  |
Basic weighted average shares outstanding | 53,722 |  |  | 50,396 |  |  | 50,155 |
Effect from dilutive shares and options outstanding | — |  |  | 319 |  |  | — |
Diluted weighted average shares outstanding | 53,722 |  |  | 50,715 |  |  | 50,155 |
Diluted net (loss) income per share - continuing operations | $ | (0.59) |  |  | $ | 0.02 |  |  | $ | (0.31) |
Diluted net income per share - discontinued operations | 4.13 |  |  | 0.14 |  |  | 0.14 |
Diluted net income (loss) per share | $ | 3.54 |  |  | $ | 0.16 |  |  | $ | (0.17) |
The Company applies the two-class method when computing net income (loss) per share attributable to common shareholders as the Company has issued preferred stock that meets the definition of a participating security. The Company considers Series A Preferred Stock to be a participating security as the holders are entitled to receive cumulative dividends. The Company determines the dilutive impact of equity awards and the Series A Preferred Stock (on an as-converted basis) by applying the treasury stock method and the if-converted method, respectively. There were approximately 325,000 and 365,000 potentially dilutive equity awards for the years ended December 31, 2024 and 2022, respectively; however, these shares 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 loss from continuing operations for the periods. There were also approximately 3,432,000 potentially dilutive shares related to the Series A Preferred Stock (on an as-converted basis) for the year ended December 31, 2024; however, these shares 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 loss from continuing operations for the periods. There were approximately 117,000 anti-dilutive awards outstanding for the years ended December 31, 2023.

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