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EQUITY | 12 Months Ended
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Dec. 31, 2022
EQUITY |
EQUITY | 10. EQUITY Common Stock The Company has paid quarterly dividends on its Common Stock since January 1999. Treasury Stock On September 19, 2016, the Company’s Board of Directors authorized the repurchase of up to $50.0 million of its Common Stock, from time to time, on the open market or in privately negotiated transactions (the “2016 Repurchase Plan”). As of December 31, 2022, the Company has $19.5 million available to be repurchased under the 2016 Repurchase Plan. During the years ended December 31, 2022, 2021 and 2020, the Company repurchased the following shares under the 2016 Repurchase Plan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Shares | ​ | Aggregate Cost | ​ | Average | ​
Year ended December 31, |  | Repurchased |  | (in thousands) |  | Repurchase Price |
2022 |  | 23,714 | ​ | $ | 941,523 | ​ | $ | 39.70 | ​
2021 |  | 244,798 | ​ | ​ | 10,546 | ​ | ​ | 43.08 | ​
2020 |  | 129,273 | ​ | ​ | 6,589 | ​ | ​ | 50.97 | ​
​ During the years ended December 31, 2022, 2021 and 2020, the Company repurchased the following shares from employees to satisfy tax withholding and stock options exercise obligations incurred in connection with the vesting of restricted stock awards and the exercise of stock options: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Shares | ​ | Aggregate Cost | ​ | Average | ​
Year ended December 31, |  | Repurchased |  | (in thousands) |  | Repurchase Price | ​
2022 |  | 33,401 | ​ | $ | 1,169 | ​ | $ | 35.01 | ​
2021 |  | 33,271 | ​ | ​ | 1,713 | ​ | ​ | 51.49 | ​
2020 |  | 32,227 | ​ | ​ | 1,733 | ​ | ​ | 53.78 | ​
​ Stock-Based Compensation The Company reserved 2,000,000 shares for the grant of stock options, restricted stock awards, restricted stock units, stock equivalents and awards of shares of Common Stock that are not subject to restrictions or forfeiture. As of December 31, 2022, the Company has approximately 272,000 shares available for grants. ​ Stock Options Stock options have a term of 10 years and vest annually and ratably over a period of four years. The following table summarizes stock option activity for the years ended December 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2022 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted Average | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Remaining | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted Avg. | ​ | Contractual | ​ | Aggregate | ​
​ |  | Options |  | Exercise Price |  | Term (Years) |  | Intrinsic Value |
Outstanding at January 1, 2022 |  | 5,000 | ​ | $ | 71.43 | ​ | ​ | ​ | ​ | ​ | ​
Granted | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​
Forfeited |  | — | ​ |  | — | ​ | ​ | ​ | ​ | ​ | ​
Expired |  | (5,000) | ​ |  | — | ​ | ​ | ​ | ​ | ​ | ​
Exercised |  | — | ​ |  | — | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2022 |  | — | ​ | ​ | — | ​ | — | ​ | $ | — | ​
Vested and expected to vest at December 31, 2022 |  | — | ​ | ​ | — | ​ | — | ​ | $ | — | ​
Exercisable at December 31, 2022 |  | — | ​ | ​ | — | ​ | — | ​ | $ | — | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, 2021 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted Average | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Remaining | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted Avg. | ​ | Contractual | ​ | Aggregate | ​
​ |  | Options |  | Exercise Price |  | Term (Years) |  | Intrinsic Value |
Outstanding at January 1, 2021 |  | 15,000 | ​ | $ | 49.34 | ​ | ​ | ​ | ​ | ​ | ​
Granted | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​
Forfeited |  | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​
Expired |  | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​
Exercised |  | (10,000) | ​ | ​ | 38.30 | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2021 |  | 5,000 | ​ | ​ | 71.43 | ​ | 3.7 | ​ | $ | — | ​
Vested and expected to vest at December 31, 2021 |  | 5,000 | ​ | ​ | 71.43 | ​ | 3.7 | ​ | $ | — | ​
​ The following table summarizes information relating to options granted and exercised during the years ended December 31, 2022, 2021 and 2020 (in thousands, except fair value of options granted data):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
Aggregate intrinsic value of options exercised | ​ | $ | — | ​ | $ | 84 | ​ | $ | — | ​
Cash proceeds received upon exercise of options | ​ |  | — | ​ |  | 383 | ​ |  | — | ​
​ The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing Common Stock price on December 31st and the exercise price, multiplied by the number of the in-the-money stock options) that would have been received by the stock option holders had all stock options holders exercised their stock options on December 31st. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s Common Stock. The Company has not granted any options since 2017. The Company did not recognize any compensation expense during the three years ended December 31, 2022 related to granted options. Restricted Stock Restricted stock issued under the 2008 Equity Investment Plan vests over four years. The following table summarizes restricted stock activity during the year ended December 31, 2022 and 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Weighted Avg. | ​
​ |  | Shares |  | Fair Value |
Unvested as of January 1, 2022 |  | 228,068 | ​ | $ | 51.05 | ​
Granted |  | 152,430 | ​ | ​ | 38.59 | ​
Forfeited |  | (12,486) | ​ | ​ | 46.52 | ​
Vested and issued |  | (107,515) | ​ | ​ | 51.33 | ​
Unvested as of December 31, 2022 |  | 260,497 | ​ | $ | 43.86 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Weighted Avg. | ​
​ |  | Shares |  | Fair Value |
Unvested as of January 1, 2021 |  | 223,623 | ​ | $ | 54.42 | ​
Granted |  | 117,794 | ​ |  | 48.76 | ​
Forfeited |  | (14,213) | ​ |  | 50.86 | ​
Vested and issued |  | (99,136) | ​ |  | 55.95 | ​
Unvested as of December 31, 2021 |  | 228,068 | ​ | $ | 51.05 | ​
​ In connection with the grant of restricted shares, the Company recognized $6.8 million, $5.4 million and $5.6 million of compensation expense within its income statements for the years ended December 31, 2022, 2021, and 2020, respectively. The Company recognized $0.6 million, $0.4 million and $0.3 million of compensation expense within its income statement for the years ended December 31, 2022, 2021, and 2020, respectively, for shares of the Company’s subsidiaries granted to the management team of those subsidiaries. The unvested shares as of December 31, 2022 represent $7.9 million in unamortized stock based compensation which will be recognized over a weighted average period of 2.5 years. ​ Performance Based Stock Performance stock, issued under the 2008 Equity Investment Plan, vests on the third anniversary of the grant date. The following table summarizes performance stock activity during the year ended December 31, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Weighted Avg.
​ |  | Shares |  | Fair Value
Unvested as of January 1, 2022 |  | 43,000 | ​ | $ | 59.77
Granted |  | 56,450 | ​ | ​ | 47.03
Forfeited |  | — | ​ | ​ | —
Vested and issued |  | — | ​ | ​ | —
Unvested as of December 31, 2022 |  | 99,450 | ​ | $ | 52.54
​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Weighted Avg.
​ |  | Shares |  | Fair Value
Unvested as of January 1, 2021 |  | — | ​ | $ | —
Granted |  | 43,000 | ​ | ​ | 59.77
Forfeited |  | — | ​ | ​ | —
Vested and issued |  | — | ​ | ​ | —
Unvested as of December 31, 2021 |  | 43,000 | ​ | $ | 59.77
​ During the year ended December 31, 2022, 2021 and 2020, the Company recognized $1.5 million, $0.7 million and zero compensation expense, respectively. All 99,450 shares remained unvested as of December 31, 2022 and represent $3.0 million in unamortized stock based compensation as of that date which will be recognized ratably over the next 1.9 years.

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