XML 53 R40.htm IDEA: XBRL DOCUMENT v3.22.4

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Certain Information Related to Stock Options and PSUs

The following table provides certain information related to Stock Options, RSAs, PSUs and RSUs for the year ended December 31, 2022 (in thousands, except per share data):

						For the Year Ended December 31, 2022
						Stock Options																								Restricted Stock Awards												Performance Share Units												Restricted  Stock Units
						Number of Options (2)						Weighted Average Exercise Price per Share (1)						Aggregate Intrinsic Value						Weighted Average Remaining Term						Number of  Shares (2)						Weighted Average Grant Date Fair Value per Share (1)						Number of Share Units (2)						Weighted Average Grant Date Fair Value per Share  Units (1)						Number  of Share Units (2)						Weighted Average Grant Date Fair Value  per Share Units (1)
2009 Omnibus Plan
Outstanding as of  December 31, 2021						2,820						$	23.46																	—						$	—					50						$	20.17					80						$	16.84
Granted						—						—																		—						—						—						—						—						—
Forfeited						(2)						23.97																		—						—						—						—						—						—
Exercised						—						—																		n/a						n/a						n/a						n/a						n/a						n/a
Vested						n/a						n/a																		—						—						(34)						22.79						(28)						16.73
Expired						(54)						24.20																		n/a						n/a						n/a						n/a						n/a						n/a
Outstanding as of  December 31, 2022						2,764						$	23.44					$	—					5.93						—						$	—					16						$	14.75					52						$	16.90
Exercisable as of  December 31, 2022						2,213						$	25.15					$	—					5.48
2021 Omnibus Plan
Outstanding as of  December 31, 2021						—						$	—																	—						$	—					—						$	—					214						$	16.91
Granted						500						12.50																		53						12.32						103						12.19						284						9.96
Forfeited						—						—																		—						—						—						—						(6)						16.91
Exercised						—						—																		n/a						n/a						n/a						n/a						n/a						n/a
Vested						n/a						n/a																		—						—						—						—						(84)						16.14
Expired						—						—																		n/a						n/a						n/a						n/a						n/a						n/a
Outstanding as of  December 31, 2022						500						$	12.50					$	—					9.22						53						$	12.32					103						$	12.19					408						$	12.24
Exercisable as of December 31, 2022						—						$	—					$	—					—

(1)Unless otherwise specified, such as in the case of the exercise of Stock Options, the per share prices were determined using the closing price of the Company’s Common Stock as quoted on the exchanges on which the Company was listed. Shares issued upon exercise of options represent original issuances in private transactions pursuant to Section 4(2) of the Securities Act of 1933, as amended or issuances under the Company’s Incentive Plan.

(2)All shares outstanding as of December 31, 2022, are expected to vest.

n/a Not applicable

Certain Information Regarding Company's Share-Based Compensation

The following table provides certain information in connection with the Company’s share-based compensation arrangements for the periods presented (in thousands): 

						Years Ended December 31,
						2022						2021						2020
Compensation expense:
Stock options						$	1,882					$	2,390					$	4,519
Restricted stock						372						—						514
Performance share units						466						671						945
Restricted stock units						2,007						2,754						2,717
Total						$	4,727					$	5,815					$	8,695
Deferred tax benefits:
Stock options						$	126					$	226					$	719
Restricted stock						—						—						—
Performance share units						—						—						52
Restricted stock units						387						606						106
Total						$	513					$	832					$	877
Realized tax benefits:
Stock options						$	—					$	—					$	—
Restricted stock						—						—						—
Performance share units						—						64						275
Restricted stock units						286						590						—
Total						$	286					$	654					$	275
Excess tax benefits (shortfall):
Stock options						$	(88)					$	(600)					$	(209)
Restricted stock						—						—						—
Performance share units						—						(76)						(28)
Restricted stock units						(134)						15						—
Total						$	(222)					$	(661)					$	(237)
Weighted average fair value per option or share:
Stock option grants						$	1.64					$	2.66					$	3.67
Restricted stock grants						$	12.32					$	—					$	—
Performance share unit grants						$	12.19					$	14.68					$	—
Restricted stock unit grants						$	9.96					$	16.79					$	16.13
Intrinsic value of options exercised						$	—					$	—					$	—
Fair value of restricted stock vested						$	—					$	—					$	252
Fair value of performance share units vested						$	386					$	925					$	2,151
Fair value of restricted stock units vested						$	1,310					$	3,212					$	1,559
Cash received for strike price and tax withholdings						$	61					$	84					$	—
Shares acquired through cashless exercise (1)						36						69						64
Value of shares acquired through cashless exercise (1)						$	418					$	1,056					$	1,315

(1)All shares acquired represent shares tendered to cover the strike price for options and tax withholdings on the intrinsic value of Stock Options exercised, Restricted Stock vested, PSUs vested or RSUs vested. These shares have been canceled by the Company.

Unrecognized Compensation Expense and Weighted Average Period

The following table provides the amount of unrecognized compensation expense as of the most recent balance sheet date and the weighted average period over which those expenses will be recorded for Stock Options, Restricted Stock, PSUs and RSUs (dollars in thousands):

						As of December 31, 2022
						Stock Options						Restricted Stock						Performance Share Units						Restricted  Stock Units
Unrecognized expense						$	1,387					$	277					$	981					$	4,964
Weighted average remaining years						1.43						0.4						2.00						2.41

Summary of Assumptions Utilized in the Black-Scholes Model for Stock Options Granted

The following table provides the assumptions utilized in the Black-Scholes model for Stock Options granted during the periods presented: 

						Years Ended December 31,
						2022						2021						2020
Weighted-average risk-free interest rate						2.21		%				0.86		%				0.49		%
Expected term of option in years						5.74						6.00						6.00
Weighted-average volatility						29.8		%				34.8		%				35.8		%
Dividend yield						6.9		%				5.2		%				4.3		%
Weighted-average grant date fair value per share						$	1.64					$	2.66					$	3.67

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock
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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration