XML 40 R17.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Share-Based Compensation Plans | 12 Months Ended
--- | ---
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation Plans | Share-Based Compensation Plans In May 2016, the Company’s shareholders approved the 2016 Long-Term Incentive Plan (the “2016 Plan”) and reserved 1,800,000 Common Shares (of which the maximum number of Common Shares which may be issued). In May 2020, the Company’s shareholders approved an amendment to the 2016 Plan to increase by 1,100,000 the number of Common Shares authorized for issuance. The amendment to the 2016 Plan brought the total Common Shares available for issuance to 2,900,000. Under the 2016 Plan, as of December 31, 2024, the Company has granted 3,787,892 share units, of which 1,513,927 were time-based with cliff vesting using the straight-line method and 2,273,965 were performance-based. As of December 31, 2024, 1,751,371 of the shares granted have been forfeited. There are 863,479 shares available to be granted under the 2016 Plan at December 31, 2024. In 2024, 2023 and 2022, pursuant to the 2016 Plan, the Company granted time-based share units and performance-based performance share units. The majority of the time-based share units cliff vest three years after the date of grant. The performance-based performance share units vest and are no longer subject to forfeiture upon the recipient remaining an employee of the Company for three years from the date of grant and, for a portion of the annual awards, upon the Company attaining certain targets of performance measured against a peer group’s three year performance in terms of total shareholder return and, for the remaining portion of the annual awards, upon achieving certain earnings per share targets and return on invested capital targets established by the Company during the performance period of the award. The allocation of performance shares granted between total shareholder return, earnings per share and return on invested capital were as follows for the years ended December 31:
| 2024 |  | 2023 |  | 2022
Total shareholder return | 46 | % |  | 46 | % |  | 46 | %
Earnings per share | 36 | % |  | 36 | % |  | 36 | %
Return on invested capital | 18 | % |  | 18 | % |  | 18 | %
In 2023, the Company granted retention-based phantom shares to certain employees that vest in June 2025 provided the employee remains employed with the Company. The phantom shares will settle in cash based on the volume-weighted average closing price of the Company's stock for a 30 day period prior to the vesting date. As of December 31, 2024, the Company has recorded a liability of $897 for the phantom shares which was included on the consolidated balance sheet as a component of accrued expenses and other current liabilities. In April 2005, the Company adopted the Directors’ Restricted Shares Plan (the “Director Share Plan”) and reserved 500,000 Common Shares for issuance under the Director Share Plan. In May 2013, shareholders approved an amendment to the Director Share Plan to increase the number of shares for issuance by 200,000 to 700,000. In May 2018, the Company’s shareholders approved the 2018 Amended and Restated Director’s Restricted Shares Plan (the "2018 Director Share Plan") to increase the number of shares for issuance by 150,000 to 850,000. In May 2022, the Company's shareholders approved Amendment No. 1 to the 2018 Director Share Plan to increase the number of shares for issuance by 100,000 to 950,000. In May 2024, the Company's shareholders approved Amendment No. 2 to the 2018 Director Share Plan to increase the number of shares for issuance by 200,000 to 1,150,000. Under the 2018 Director Share Plan, the Company has cumulatively issued 931,692 restricted Common Shares. As such, there are 218,308 restricted Common Shares available to be issued on December 31, 2024. Shares issued annually under the 2018 Director Share Plan are no longer subject to forfeiture one year after the date of grant. Share Units and Performance Shares The fair value of the non-vested time-based share unit awards was calculated using the market value of the Common Shares on the date of issuance. The weighted-average grant-date fair value of time-based share units granted during the years ended December 31, 2024, 2023 and 2022 was $16.35, $18.48, and $18.71, respectively. The fair value of the non-vested performance-based performance share awards with a performance condition requiring the Company to obtain certain earnings per share and return on invested capital targets were estimated using the market value of the shares on the date of grant. The fair value of non-vested performance-based performance share awards with a market condition requiring the Company to obtain a total shareholder return target relative to a group of peer companies was estimated using a Monte Carlo valuation model taking into consideration the probability of achievement using multiple simulations. The awards that use earnings per share and return on invested capital as the performance target are expensed beginning when it is probable that the Company will meet the underlying performance condition. A summary of the status of the Company’s non-vested share units and performance shares as of December 31, 2024 and the changes during the year then ended, are presented below:
| Time-based awards |  | Performance-based awards
| Share units |  | Weighted- average grant date fair value |  | Performance shares |  | Weighted- average grant date fair value
Non-vested as of January 1, 2024 | 410,716 |  | $ | 20.35 |  |  | 418,949 |  | $ | 21.89 |
Granted | 200,518 |  | $ | 16.35 |  |  | 301,276 |  | $ | 17.84 |
Vested | (176,583) |  | $ | 24.22 |  |  | (13,182) |  | $ | 18.65 |
Forfeited or cancelled | (25,563) |  | $ | 18.61 |  |  | (101,732) |  | $ | 32.02 |
Non-vested as of December 31, 2024 | 409,088 |  | $ | 16.83 |  |  | 605,311 |  | $ | 18.24 |
A summary of the status of the Company’s non-vested share units and performance shares as of December 31, 2023 and the changes during the year then ended, are presented below:
| Time-based awards |  | Performance-based awards
| Share units |  | Weighted- average grant date fair value |  | Performance shares |  | Weighted- average grant date fair value
Non-vested as of January 1, 2023 | 570,803 |  | $ | 22.29 |  |  | 767,592 |  | $ | 24.03 |
Granted | 253,630 |  | $ | 18.48 |  |  | 261,202 |  | $ | 17.08 |
Vested | (264,566) |  | $ | 20.88 |  |  | (6,289) |  | $ | 29.27 |
Forfeited or cancelled | (149,151) |  | $ | 23.65 |  |  | (603,556) |  | $ | 22.45 |
Non-vested as of December 31, 2023 | 410,716 |  | $ | 20.35 |  |  | 418,949 |  | $ | 21.89 |
As of December 31, 2024 total unrecognized compensation cost related to non-vested time-based share units granted was $1,930. That cost is expected to be recognized over a weighted-average period of 1.08 years. For the years ended December 31, 2024, 2023 and 2022, the total fair value of awards vested was $3,146, $5,623 and $3,334, respectively. As of December 31, 2024, there was no unrecognized compensation cost related to non-vested performance shares granted that are probable to vest. As noted above, the Company has issued and outstanding performance-based share units that use different performance targets (total shareholder return, earnings per share and return on invested capital). The excess tax deficiency (benefit) realized from the vesting of share units and performance shares of the share-based payment arrangements was $248, $230 and $543 for the years ended December 31, 2024, 2023 and 2022, respectively.

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