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STOCK-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | 13. STOCK-BASED COMPENSATION The Company’s 2021 Long-Term Stock Incentive Plan allows the granting of shares of the Company’s common stock as incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units and stock appreciation rights to directors, officers and employees of the Company and its subsidiaries. As of December 31, 2023, the total number of shares available for grant in all active plans was 809,502. There are no shares remaining for issuance with respect to the stock option plans approved in 2006 and 2012; however, options granted under these plans are still included in the numbers below. Options granted under the stock incentive plans are, in general, exercisable not earlier than one year after the date of grant, at a price equal to the fair value of the common stock on the date of grant and expire not more than ten years after the date of grant. Stock options may vest during a period of up to five years after the date of grant. The Company has a policy of using authorized but unissued shares to satisfy option exercises. Upon adoption of Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting,” the Company has elected to account for forfeitures as they occur, rather than estimate expected forfeitures. Changes in options outstanding during 2023 were as follows:
|  |  |  |  |  |  |  | Weighted |  |  |
|  |  |  |  | Weighted |  |  | Average |  | Aggregate |
|  |  |  |  | Average |  |  | Remaining |  | Intrinsic |
|  | Number of |  |  | Exercise |  |  | Contractual |  | Value |
|  | Options |  |  | Price |  |  | Term |  | (In Thousands) |
Balance, January 1, 2023 |  |  | 6,800 |  |  | $ | 16.53 |  |  |  |  |  |
Exercised during 2023 |  |  | (2,600 | ) |  |  | 16.76 |  |  |  |  |  |
Expired during 2023 |  |  | (2,600 | ) |  |  | 14.85 |  |  |  |  |  |
Forfeited during 2023 |  |  | (200 | ) |  |  | 17.14 |  |  |  |  |  |
Balance, December 31, 2023 |  |  | 1,400 |  |  | $ | 19.15 |  |  | 0.01 years |  | $ | 15 |
Vested and expected to vest |  |  | 1,400 |  |  | $ | 19.15 |  |  | 0.01 years |  | $ | 15 |
Exercisable at December 31, 2023 |  |  | 1,400 |  |  | $ | 19.15 |  |  | 0.01 years |  | $ | 15 |
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2023 and the exercise price, multiplied by the number of in-the-money options). The Company’s closing stock price on December 31, 2023 was $29.82. There were no stock options granted in 2023. As of December 31, 2023, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company’s stock incentive plans. The Company issued service-based and performance-based restricted stock units in 2023, 2022 and 2021. Service-based units vest ratably over a three- or five-year period. There were 271,387 service-based restricted stock units granted during 2023. The performance-based awards are dependent upon the Company meeting certain performance criteria and, to the extent the performance criteria are met, will cliff vest at the end of the performance period, which is generally three years. There were 126,821 performance-based restricted units granted during 2023. As of December 31, 2023, there was $14.9 million of total unrecognized compensation cost related to both service- and performance-based units. That cost is expected to be recognized over a weighted average period of 1.18 years. Total stock-based compensation expense recognized for stock awards/units totaled $10.7 million, $7.8 million and $7.1 million in 2023, 2022 and 2021, respectively. There was no stock-based compensation expense related to stock options for the years ended December 31, 2023, 2022 and 2021, respectively. Changes in non-vested shares dependent on performance criteria for 2023 were as follows:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Balance, January 1, 2023 |  |  | 233,556 |  |  | $ | 23.77 |
Granted during 2023 |  |  | 126,821 |  |  |  | 26.81 |
Vested during 2023 |  |  | (183,766 | ) |  |  | 17.60 |
Forfeited during 2023 |  |  | (247 | ) |  |  | 13.44 |
Balance, December 31, 2023 |  |  | 176,364 |  |  | $ | 32.40 |
Changes in service based restricted stock units for 2023 were as follows:
|  |  |  |  | Weighted |
|  |  |  |  | Average |
|  | Number of |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Balance, January 1, 2023 |  |  | 621,170 |  |  | $ | 27.50 |
Granted during 2023 |  |  | 271,387 |  |  |  | 30.94 |
Vested during 2023 |  |  | (250,234 | ) |  |  | 25.92 |
Forfeited during 2023 |  |  | (15,581 | ) |  |  | 27.50 |
Balance, December 31, 2023 |  |  | 626,742 |  |  | $ | 29.62 |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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