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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table

Average

Average

 

Summary

Summary

 

Compensation

Compensation

Value of Initial Fixed $100

 

Table Total

Actually Paid

Investment Based On:

 

Summary

Summary

Compensation

for Non-PEO

to Non-PEO

Peer Group

 

Compensation

Compensation

Compensation

Actually Paid

Named

Named

Total

Total

Net

 

Table Total

Table Total

Actually Paid

to second

Executive

Executive

Shareholder

Shareholder

Income

EBITDA (6)

 

Year

for first PEO (1)

for second PEO (1)

to first PEO (2) (4)

PEO (2) (4)

Officers (1)

Officers (3) (4)

Return

Return (5)

(in thousands)

(in thousands)

 

2023

$

$

1,463,400

$

$

1,438,500

$

705,300

$

698,672

$

92

$

122

$

41,695

$

51,618

2022

 

1,006,111

 

1,359,558

 

990,535

 

1,360,405

 

421,673

 

431,123

 

91

 

106

 

40,347

 

53,701

2021

 

1,254,878

 

 

1,152,819

 

 

905,219

 

823,780

 

92

 

135

 

29,026

 

38,208

2020

 

1,113,750

 

 

1,107,375

 

 

687,524

 

801,066

 

104

 

118

 

19,444

 

26,315

(1)

Amounts disclosed for the first Principal Executive Officer (PEO), second PEO and other Non-PEO Named Executive Officers relate to reported compensation as follows:

>Richard A. Hubbell – was the President and Chief Executive Officer through May 17, 2022 and for the years 2021 and 2020. He has been Executive Chairman of the Board Officer since May 17, 2022. His total compensation for 2022, 2021 and 2020, has been disclosed as amounts related to first PEO. For 2023, his compensation has been included in amounts related to Non-PEO Named Executive Officers.
>Ben M. Palmer – has been the President and Chief Executive Officer since May 17, 2022, and was Vice President, Chief Financial Officer and Corporate Secretary prior. For 2022, his total compensation has been disclosed as amounts related to second PEO. For 2021 and 2020, his compensation has been disclosed in amounts related to Non-PEO Named Executive Officers.
>Michael L. Schmit- has been Vice President, Chief Financial Officer and Corporate Secretary since May 17, 2022, and his compensation has been included in amounts related to Non-PEO Named Executive Officer for 2023 and 2022.
>Randall R. Rollins – was the Executive Chairman of the Board until his passing in August 2020; his compensation until his death has been included in the amounts related to Non-PEO Named Executive Officers for that year.
(1)The dollar amounts reported represent the amount of Compensation Actually Paid (CAP), computed in accordance with SEC rules. The dollar amounts do not reflect the actual amount of compensation earned by or paid to our PEO during the applicable year. To calculate the amounts in the CAP to PEO column in the table above, the following amounts were deducted from or added to (as applicable) the Total compensation as reported in the Summary Compensation Table (SCT):

Reported

Equity

Equity

 

Reported

Reported

Reported

Value of 

Award 

Award 

 

Summary 

Summary 

Value of 

Equity 

Adjustments

Adjustments

Compensation 

Compensation 

Equity 

Awards to 

 to 

 to 

Compensation 

Compensation 

Table Total for 

Table Total for 

Awards to 

second 

first 

second

Actually Paid 

Actually Paid 

first PEO (a)

second PEO (a)

first PEO (b)

PEO(b)

PEO (c)

PEO (c)

to first PEO

to second PEO

Year

    

($)

    

($)

    

($)

    

($)

    

($)

    

($)

    

($)

    

($)

 

2023

1,463,400

(673,200)

648,300

1,438,500

2022

1,006,111

1,359,558

(296,400)

(456,000)

280,824

456,847

990,535

1,360,405

 

2021

1,254,878

(268,938)

166,879

1,152,819

 

2020

1,113,750

(243,750)

237,375

1,107,375

 

(a)The amounts disclosed represent the amounts attributable to the Named Executive Officer for the period he served as PEO and included in the amounts reported as Total compensation in the SCT.
(b)Represents the grant date fair value of the equity awards reported in the Stock Awards column of the SCT
(c)Represents the year-over-year change in the fair value of equity awards, as shown below. For 2022, the change in fair value of equity awards has been attributed to the Named Executive Officer who was PEO as of December 31, 2022:

2023

    

2022 - First PEO

    

2022 - Second PEO

    

2021

    

2020

 

Fair Value of

($)

($)

($)

($)

($)

 

Equity awards granted in Current Fiscal Year (CFY) outstanding and unvested as of end of CFY

581,400

306,020

 

470,800

 

203,125

 

236,275

Change in prior year awards outstanding and unvested as of end of CFY

(16,659)

(35,806)

 

(28,839)

 

(107,406)

 

8,260

Change in prior year awards that vested in current year

29,785

(20,675)

 

(15,267)

 

39,466

 

(37,980)

Dividends paid

53,774

31,285

 

30,153

 

31,694

 

30,820

Total Equity Award Adjustments

648,300

280,824

 

456,847

 

166,879

 

237,375

(3)

The dollar amounts reported represent the amount of CAP, computed in accordance with SEC rules. The dollar amounts do not reflect the actual amount of compensation earned by or paid to our Non-PEO Named Executive Officers during the applicable year. To calculate the amounts in the CAP to Non-PEO Named Executive Officers column in the table above, the following amounts were deducted from or added to (as applicable) the Total compensation as reported in the Summary Compensation Table (SCT):

    

Average

    

Reported

    

Equity

    

Average Summary

 

Summary Compensation

Value of Average Equity

Award Adjustments to

 Compensation Actually

Table Total for Non- PEO

 Awards to Non-PEO Named

Non-PEO Named

Paid to Non- PEO Named

  Named Executive Officers (a)

 Executive Officers (b)

  Executive Officers (c)

  Executive Officers

 

Year

($)

($)

($)

($)

 

2023

705,300

(310,200)

303,572

698,672

2022

421,673

(171,000)

180,450

431,123

 

2021

 

905,219

 

(217,219)

 

135,780

 

823,780

2020

 

687,524

 

(220,312)

 

333,855

 

801,066

(a)The amounts disclosed represent the average of the total amounts attributable to all non-PEO Named Executive Officers for the period he served, as included in the amounts reported as Total compensation in the SCT.
(b)Represents the average grant date fair value of the equity awards reported in the Stock awards column of the SCT.
(c)Represents the average year-over-year change in the fair value of equity awards, as shown below. For 2020, awards granted and vested in CFY represents stock granted to R. Randall Rollins that vested immediately upon his death pursuant to the terms of the restricted stock grants:

2023

    

2022

    

2021

    

2020

 

Fair Value of

($)

($)

($)

($)

 

Equity awards granted in CFY outstanding and unvested as of end of CFY

267,900

 

176,550

 

164,063

 

212,419

Change in prior year awards outstanding and unvested as of end of CFY

(9,805)

 

 

(87,179)

 

3,401

Awards granted and vested in same CFY

 

 

 

118,788

Change in prior year awards that vested in current year

17,477

 

 

33,201

 

(23,991)

Dividends paid

28,000

 

3,900

 

25,695

 

23,238

Total Equity Award Adjustments

303,572

 

180,450

 

135,780

 

333,855

(4)

The Named Executive Officers do not participate in the Company’s defined benefit pension plan and therefore no adjustments have been made in computing the CAP.

(5)

Reflects cumulative total shareholder return of the Russell 2000 index, as of December 31, 2023, calculated over the measurement period beginning as of December 31, 2019 established by the market close on that day through and including the end of 2023. The Russell 2000 is the peer group used by the Company for purposes of Item 201(e) of Regulation S-K under the Exchange Act in its Form 10-K for the year ended December 31, 2023.

(6)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is computed by adding interest, tax, depreciation and amortization expenses to net income.

     
Company Selected Measure Name EBITDA      
Named Executive Officers, Footnote

Average

Average

 

Summary

Summary

 

Compensation

Compensation

Value of Initial Fixed $100

 

Table Total

Actually Paid

Investment Based On:

 

Summary

Summary

Compensation

for Non-PEO

to Non-PEO

Peer Group

 

Compensation

Compensation

Compensation

Actually Paid

Named

Named

Total

Total

Net

 

Table Total

Table Total

Actually Paid

to second

Executive

Executive

Shareholder

Shareholder

Income

EBITDA (6)

 

Year

for first PEO (1)

for second PEO (1)

to first PEO (2) (4)

PEO (2) (4)

Officers (1)

Officers (3) (4)

Return

Return (5)

(in thousands)

(in thousands)

 

2023

$

$

1,463,400

$

$

1,438,500

$

705,300

$

698,672

$

92

$

122

$

41,695

$

51,618

2022

 

1,006,111

 

1,359,558

 

990,535

 

1,360,405

 

421,673

 

431,123

 

91

 

106

 

40,347

 

53,701

2021

 

1,254,878

 

 

1,152,819

 

 

905,219

 

823,780

 

92

 

135

 

29,026

 

38,208

2020

 

1,113,750

 

 

1,107,375

 

 

687,524

 

801,066

 

104

 

118

 

19,444

 

26,315

(1)

Amounts disclosed for the first Principal Executive Officer (PEO), second PEO and other Non-PEO Named Executive Officers relate to reported compensation as follows:

>Richard A. Hubbell – was the President and Chief Executive Officer through May 17, 2022 and for the years 2021 and 2020. He has been Executive Chairman of the Board Officer since May 17, 2022. His total compensation for 2022, 2021 and 2020, has been disclosed as amounts related to first PEO. For 2023, his compensation has been included in amounts related to Non-PEO Named Executive Officers.
>Ben M. Palmer – has been the President and Chief Executive Officer since May 17, 2022, and was Vice President, Chief Financial Officer and Corporate Secretary prior. For 2022, his total compensation has been disclosed as amounts related to second PEO. For 2021 and 2020, his compensation has been disclosed in amounts related to Non-PEO Named Executive Officers.
>Michael L. Schmit- has been Vice President, Chief Financial Officer and Corporate Secretary since May 17, 2022, and his compensation has been included in amounts related to Non-PEO Named Executive Officer for 2023 and 2022.
>Randall R. Rollins – was the Executive Chairman of the Board until his passing in August 2020; his compensation until his death has been included in the amounts related to Non-PEO Named Executive Officers for that year.
     
Peer Group Issuers, Footnote

(5)

Reflects cumulative total shareholder return of the Russell 2000 index, as of December 31, 2023, calculated over the measurement period beginning as of December 31, 2019 established by the market close on that day through and including the end of 2023. The Russell 2000 is the peer group used by the Company for purposes of Item 201(e) of Regulation S-K under the Exchange Act in its Form 10-K for the year ended December 31, 2023.

     
Adjustment To PEO Compensation, Footnote
(1)The dollar amounts reported represent the amount of Compensation Actually Paid (CAP), computed in accordance with SEC rules. The dollar amounts do not reflect the actual amount of compensation earned by or paid to our PEO during the applicable year. To calculate the amounts in the CAP to PEO column in the table above, the following amounts were deducted from or added to (as applicable) the Total compensation as reported in the Summary Compensation Table (SCT):

Reported

Equity

Equity

 

Reported

Reported

Reported

Value of 

Award 

Award 

 

Summary 

Summary 

Value of 

Equity 

Adjustments

Adjustments

Compensation 

Compensation 

Equity 

Awards to 

 to 

 to 

Compensation 

Compensation 

Table Total for 

Table Total for 

Awards to 

second 

first 

second

Actually Paid 

Actually Paid 

first PEO (a)

second PEO (a)

first PEO (b)

PEO(b)

PEO (c)

PEO (c)

to first PEO

to second PEO

Year

    

($)

    

($)

    

($)

    

($)

    

($)

    

($)

    

($)

    

($)

 

2023

1,463,400

(673,200)

648,300

1,438,500

2022

1,006,111

1,359,558

(296,400)

(456,000)

280,824

456,847

990,535

1,360,405

 

2021

1,254,878

(268,938)

166,879

1,152,819

 

2020

1,113,750

(243,750)

237,375

1,107,375

 

(a)The amounts disclosed represent the amounts attributable to the Named Executive Officer for the period he served as PEO and included in the amounts reported as Total compensation in the SCT.
(b)Represents the grant date fair value of the equity awards reported in the Stock Awards column of the SCT
(c)Represents the year-over-year change in the fair value of equity awards, as shown below. For 2022, the change in fair value of equity awards has been attributed to the Named Executive Officer who was PEO as of December 31, 2022:

2023

    

2022 - First PEO

    

2022 - Second PEO

    

2021

    

2020

 

Fair Value of

($)

($)

($)

($)

($)

 

Equity awards granted in Current Fiscal Year (CFY) outstanding and unvested as of end of CFY

581,400

306,020

 

470,800

 

203,125

 

236,275

Change in prior year awards outstanding and unvested as of end of CFY

(16,659)

(35,806)

 

(28,839)

 

(107,406)

 

8,260

Change in prior year awards that vested in current year

29,785

(20,675)

 

(15,267)

 

39,466

 

(37,980)

Dividends paid

53,774

31,285

 

30,153

 

31,694

 

30,820

Total Equity Award Adjustments

648,300

280,824

 

456,847

 

166,879

 

237,375

     
Non-PEO NEO Average Total Compensation Amount $ 705,300 $ 421,673 $ 905,219 $ 687,524
Non-PEO NEO Average Compensation Actually Paid Amount $ 698,672 431,123 823,780 801,066
Adjustment to Non-PEO NEO Compensation Footnote

2023

    

2022 - First PEO

    

2022 - Second PEO

    

2021

    

2020

 

Fair Value of

($)

($)

($)

($)

($)

 

Equity awards granted in Current Fiscal Year (CFY) outstanding and unvested as of end of CFY

581,400

306,020

 

470,800

 

203,125

 

236,275

Change in prior year awards outstanding and unvested as of end of CFY

(16,659)

(35,806)

 

(28,839)

 

(107,406)

 

8,260

Change in prior year awards that vested in current year

29,785

(20,675)

 

(15,267)

 

39,466

 

(37,980)

Dividends paid

53,774

31,285

 

30,153

 

31,694

 

30,820

Total Equity Award Adjustments

648,300

280,824

 

456,847

 

166,879

 

237,375

     
Compensation Actually Paid vs. Total Shareholder Return

Graphic

     
Compensation Actually Paid vs. Net Income

Graphic

     
Compensation Actually Paid vs. Company Selected Measure

Graphic

     
Total Shareholder Return Vs Peer Group

Graphic

     
Tabular List, Table

The Company used EBITDA as the primary performance goal for 2023. See section titled Compensation Discussion and Analysis – Long Term Incentive Compensation for the performance goals used to grant PSUs in 2023.   In addition, the Company also considers the following as important financial measures that may be used to link compensation actually paid to our Named Executive Officers in the future:

>Net Sales;
>Earnings Per Share; and
>Net cash provided by operating activities.
     
Total Shareholder Return Amount $ 92 91 92 104
Peer Group Total Shareholder Return Amount 122 106 135 118
Net Income (Loss) $ 41,695,000 $ 40,347,000 $ 29,026,000 $ 19,444,000
Company Selected Measure Amount 51,618,000 53,701,000 38,208,000 26,315,000
PEO Name Ben M. Palmer      
Measure:: 1        
Pay vs Performance Disclosure        
Name EBITDA      
Non-GAAP Measure Description

(6)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is computed by adding interest, tax, depreciation and amortization expenses to net income.

     
Measure:: 2        
Pay vs Performance Disclosure        
Name Net Sales      
Measure:: 3        
Pay vs Performance Disclosure        
Name Earnings Per Share      
Measure:: 4        
Pay vs Performance Disclosure        
Name Net cash provided by operating activities      
Richard A. Hubbell        
Pay vs Performance Disclosure        
PEO Total Compensation Amount   $ 1,006,111 $ 1,254,878 $ 1,113,750
PEO Actually Paid Compensation Amount   990,535 1,152,819 1,107,375
Ben M. Palmer        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 1,463,400 1,359,558    
PEO Actually Paid Compensation Amount 1,438,500 1,360,405    
PEO | Equity Award Adjustments        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 648,300   166,879 237,375
PEO | Equity awards granted in Current Fiscal Year (CFY) outstanding and unvested as of end of CFY        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 581,400   203,125 236,275
PEO | Change in prior year awards outstanding and unvested as of end of CFY        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (16,659)   (107,406) 8,260
PEO | Change in prior year awards that vested in current year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 29,785   39,466 (37,980)
PEO | Dividends paid        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 53,774   31,694 30,820
PEO | Richard A. Hubbell | Reported Value of Equity Awards        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (296,400) (268,938) (243,750)
PEO | Richard A. Hubbell | Equity Award Adjustments        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   280,824 166,879 237,375
PEO | Richard A. Hubbell | Equity awards granted in Current Fiscal Year (CFY) outstanding and unvested as of end of CFY        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   306,020    
PEO | Richard A. Hubbell | Change in prior year awards outstanding and unvested as of end of CFY        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (35,806)    
PEO | Richard A. Hubbell | Change in prior year awards that vested in current year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (20,675)    
PEO | Richard A. Hubbell | Dividends paid        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   31,285    
PEO | Ben M. Palmer | Reported Value of Equity Awards        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (673,200) (456,000)    
PEO | Ben M. Palmer | Equity Award Adjustments        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 648,300 456,847    
PEO | Ben M. Palmer | Equity awards granted in Current Fiscal Year (CFY) outstanding and unvested as of end of CFY        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   470,800    
PEO | Ben M. Palmer | Change in prior year awards outstanding and unvested as of end of CFY        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (28,839)    
PEO | Ben M. Palmer | Change in prior year awards that vested in current year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (15,267)    
PEO | Ben M. Palmer | Dividends paid        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   30,153    
Non-PEO NEO | Reported Value of Equity Awards        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (310,200) (171,000) (217,219) (220,312)
Non-PEO NEO | Equity Award Adjustments        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 303,572 180,450 135,780 333,855
Non-PEO NEO | Equity awards granted in Current Fiscal Year (CFY) outstanding and unvested as of end of CFY        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 267,900 176,550 164,063 212,419
Non-PEO NEO | Change in prior year awards outstanding and unvested as of end of CFY        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (9,805)   (87,179) 3,401
Non-PEO NEO | Change in prior year awards that vested in current year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 17,477   33,201 (23,991)
Non-PEO NEO | Awards granted and vested in same CFY        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount       118,788
Non-PEO NEO | Dividends paid        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 28,000 $ 3,900 $ 25,695 $ 23,238