XML 38 R24.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Note 14 - Share-based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] |
14. | SHARE-BASED COMPENSATION:
The Company has one active stock incentive plan for employees and directors, the 2022 Stock Incentive Plan, which provides for awards of stock options to purchase shares of common stock, stock appreciation rights, restricted and unrestricted shares of common stock, RSUs, and PSAs. In addition, the Company has one inactive stock incentive plan, the 2007 Stock Incentive Plan, under which previously granted awards remain outstanding. The following table summarizes share-based compensation expense recorded (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Cost of sales |  | $ | 1,027 |  |  | $ | 1,320 |  |  | $ | 1,003 |
Selling, general, and administrative expense |  |  | 2,645 |  |  |  | 2,382 |  |  |  | 2,213 |
Total |  | $ | 3,672 |  |  | $ | 3,702 |  |  | $ | 3,216 |
There were 722,573 shares of common stock available for future issuance under the Company’s stock incentive plan as of December 31, 2023, assuming the outstanding PSAs vest at the target level of 100%. Restricted Stock Units and Performance Share Awards The Company’s stock incentive plan provides for equity instruments, such as RSUs and PSAs, which grant the right to receive a specified number of shares at specified times. RSUs and PSAs are service-based awards that vest according to the terms of the grant. PSAs have performance-based payout conditions. The following table summarizes the Company’s RSU and PSA activity:
|  | Number of RSUs and PSAs (1) |  |  | Weighted- Average Grant Date Fair Value |
Unvested RSUs and PSAs as of December 31, 2022 |  |  | 200,924 |  |  | $ | 30.80 |
RSUs and PSAs granted |  |  | 134,498 |  |  |  | 28.41 |
Unvested RSUs and PSAs canceled |  |  | (13,589 | ) |  |  | 30.82 |
RSUs and PSAs vested (2) |  |  | (95,442 | ) |  |  | 30.12 |
Unvested RSUs and PSAs as of December 31, 2023 |  |  | 226,391 |  |  |  | 29.66 |
| (1) | The number of PSAs disclosed in this table are at the target level of 100%.
| (2) | For the PSAs vested on March 31, 2023, the actual number of common shares that were issued was determined by multiplying the PSAs at the target level of 100%, as disclosed in this table, by a payout percentage based on the performance-based conditions achieved. The payout percentage was 159% for the 2020-2022 performance period, 126% for the 2021-2022 performance period, and 132% for the 2022 performance period.
The unvested balance of RSUs and PSAs as of December 31, 2023 includes approximately 170,000 PSAs at the target level of 100%. The vesting of these awards is subject to the achievement of specified performance-based conditions, and the actual number of common shares that will ultimately be issued will be determined by multiplying this number of PSAs by a payout percentage ranging from 0% to 200%. The weighted-average grant date fair value of RSUs and PSAs granted during the years ended December 31, 2023, 2022, and 2021 was $28.41, $30.68, and $33.30, respectively. The total fair value of RSUs and PSAs vested during the years ended December 31, 2023, 2022, and 2021 was $4.4 million, $2.4 million, and $3.3 million, respectively. Based on the estimated level of achievement of the performance targets associated with the PSAs as of December 31, 2023, unrecognized compensation expense related to the unvested portion of the Company’s RSUs and PSAs was $3.0 million, which is expected to be recognized over a weighted-average period of 1.5 years. Stock Awards For the years ended December 31, 2023, 2022, and 2021, stock awards of 15,904 shares, 11,380 shares, and 12,606 shares, respectively, were granted to non-employee directors, which vested immediately upon issuance. The Company recorded compensation expense based on the weighted-average fair market value per share of the awards on the grant date of $29.51 in 2023, $30.75 in 2022, and $30.94 in 2021.

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_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration