XML 33 R22.htm IDEA: XBRL DOCUMENT v3.19.2
Stock-Based Compensation
6 Months Ended
Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

13.  Stock-Based Compensation

The Company’s 2013 Omnibus Incentive Plan (the “2013 Plan”) was approved by shareholders on May 7, 2013 and replaced several of the Company's incentive plans (collectively referred to as the “Prior Plans”). No new awards may be granted under the Prior Plans; however, outstanding awards under the Prior Plans will continue in force and effect pursuant to their terms. The 2013 Plan provides for both short-term and long-term incentive awards for employees and non-employee directors. Stock-based awards may take the form of stock options, stock appreciation rights, restricted stock (“RSAs”), restricted stock units (“RSUs”) and performance shares or performance unit awards. The total number of shares of the Company’s common stock available for awards under the 2013 Plan is 7,477,395 shares. The total number of shares of the Company’s common stock still available for issuance as of June 30, 2019 is 4,981,582 shares.

Stock-based compensation expense was $3.0 million and $1.6 million for the three months ended June 30, 2019 and 2018, respectively. Stock-based compensation expense was $6.1 million and $4.1 million for the six months ended June 30, 2019 and 2018, respectively. The Company recognizes stock-based compensation expense over the awards' vesting period.

No options to acquire shares of common stock were granted to employees during the three months ended June 30, 2019. Options to acquire 24,208 shares of common stock were granted to employees during the three months ended June 30, 2018. Options to acquire 210,243 and 187,484 shares of common stock were granted to employees during the six months ended June 30, 2019 and 2018, respectively. The options granted in 2019 and 2018 become exercisable in three annual increments over a three-year period beginning on the first anniversary of the grant date and expire 10 years subsequent to the grant date. 

During the three months ended June 30, 2019 and 2018, 2,000 and 26,710 RSUs, respectively, were issued by the Company to employees. A total of 178,371 and 57,930 RSUs were issued by the Company to employees during the six months ended June 30, 2019 and 2018, respectively. The RSUs granted to employees in 2019 vest in three annual increments over a three-year period beginning on the first anniversary of the grant date. RSUs granted prior to 2019 vest on the third anniversary of the grant date.

No performance shares were issued during the three months ended June 30, 2019. During the three months ended June 30, 2018, 15,425 performance shares were issued. A total of 228,037 and 93,298 performance shares were issued during the six

months ended June 30, 2019 and 2018, respectively. Performance shares are earned based on the extent to which performance goals are met over the applicable performance period.  The performance goals and the applicable performance period vary for each grant year. The performance goals for the performance shares granted in 2019 and 2018 are based on 50% on total shareholder return relative to peers during the three-year performance period and 50% on Adjusted EBITDA percentage from continuing operations in 2021 and 2020, respectively. Depending on the foregoing factors, the number of shares earned could range from zero to two times the amount of performance shares outstanding.

The Company did not issue any equity grants to directors during the three months ended June 30, 2019 and 2018, respectively. A total of 50,673 and 22,936 equity grants were issued to directors during the six months ended June 30, 2019 and 2018, respectively. The 2019 and 2018 equity grants vested immediately upon the grant date.