XML 26 R16.htm IDEA: XBRL DOCUMENT
v3.23.2

Stock-Based Compensation | 6 Months Ended
--- | ---
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation awards have historically been issued under the Company's Amended and Restated Omnibus Stock and Performance Compensation Plan (the "Prior Plan"), which was amended and last approved by shareholders in 2013. The Company issued shares out of treasury stock for these awards until the expiration of the Prior Plan on April 17, 2023. During the six months ended June 30, 2023, 35,035 restricted shares and 48,262 performance-based restricted shares were granted under the Prior Plan. On February 16, 2023, the Board of Directors adopted the 2023 Omnibus Stock and Performance Compensation Plan (the "2023 Omnibus Plan") to replace the Prior Plan, subject to shareholder approval which occurred on April 18, 2023. Subsequent to this date, the Company will issue stock-based compensation awards under the 2023 Omnibus Plan. During the six months ended June 30, 2023, 19,687 restricted shares and 3,191 performance-based restricted shares were granted under the 2023 Omnibus Plan. Stock-based compensation expense for the three months ended June 30, 2023 and 2022 was $909,000 and $2.1 million, respectively, and $2.9 million and $3.2 million for the six months ended June 30, 2023 and 2022. Restricted Stock Restricted shares granted to Company employees are amortized to expense over a three-year cliff vesting period, or until vesting occurs upon retirement. Restricted shares granted to members of the Board of Directors are amortized to expense over a one-year service period, with the exception of those shares granted in lieu of cash payments for retainer fees which are expensed in the period earned. As of June 30, 2023, the total unrecognized compensation expense related to non-vested restricted shares was $2.4 million, and the related weighted-average period over which it is expected to be recognized is approximately 0.77 years. Following is a summary of the activity of the Company's restricted stock for the six months ended June 30, 2023, with total shares and weighted-average fair value:
| Six Months Ended June 30, 2023
| Shares |  | Fair Value
Balance at December 31, 2022 | 205,565 |  |  | $ | 42.64 |
Granted | 54,722 |  |  | 44.78 |
Vested | (21,691) |  |  | 53.16 |
Forfeitures | (398) |  |  | 40.15 |
Balance at June 30, 2023 | 238,198 |  |  | $ | 42.18 |
Performance-Based Restricted Stock The Company has granted three-year performance-based restricted stock (“PBRS”) awards which are contingent upon the Company’s achievement of pre-established financial goals over a three-year cliff vest period. The number of shares issued ranges from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the three-year performance period. Following is a summary of the activity of the PBRS for the six months ended June 30, 2023, based on 100% of target value:
| Six Months Ended June 30, 2023
| Shares |  | Fair Value
Balance at December 31, 2022 | 138,785 |  |  | $ | 43.19 |
Granted | 51,453 |  |  | 48.19 |
Vested | (30,567) |  |  | 54.02 |
Forfeitures | (598) |  |  | 40.15 |
Balance at June 30, 2023 | 159,073 |  |  | $ | 42.74 |
The PBRS that vested during the six months ended June 30, 2023 were based on the Company's achievement of 86.7% of target financial goals, resulting in the issuance of 26,499 shares of common stock. The outstanding PBRS at June 30, 2023 will vest at scheduled vesting dates and the actual number of shares of common stock issued will range from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the respective three-year performance period. SARs There were no SARs granted and no expense recognized during the six months ended June 30, 2023. Following is a summary of the activity of the Company’s SARs program for the six months ended June 30, 2023:
| Shares |  | Weighted- Average Exercise Price |  | Average Remaining Contractual Term Years |  | Aggregate Intrinsic Value (In thousands)
Balance at December 31, 2022 | 46,325 |  |  | $ | 41.62 |  |  | 0.73 |  | $ | 192 |
Exercised | (15,916) |  |  | 31.92 |  |  | — |  |  | — |
Exercisable at June 30, 2023 | 30,409 |  |  | $ | 46.70 |  |  | 0.59 |  | $ | — |
All SARs were vested at June 30, 2023.

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