XML 14 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure
Pure in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay-Versus-Performance

 

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, the following table provides information about the relationship between executive compensation actually paid to our NEOs and certain financial performance measures of the Company. The table below provides information about the compensation shown on the Summary Compensation Table (“SCT”) and the Compensation Actually Paid (“CAP”) to the CEO and the average for the other NEOs for the years ended December 31, 2024, December 31, 2023, December 31, 2022, December 31, 2021 and December 31, 2020 along with information on total shareholder return (“TSR”), net income and adjusted operating income as the Company-Selected Measure for each year. For more information concerning the Company’s pay-for-performance philosophy and how the Company seeks to align executive compensation with the Company’s performance, please refer to “Executive Compensation – Compensation Discussion & Analysis” on page 15.

 

 

As reflected in the table below, CAP for our CEO for the year ended December 31, 2024 was approximately 12.6% lower than the total compensation disclosed in the Summary Compensation Table for our CEO.

 

PAY-VERSUS-PERFORMANCE TABLE

 

                                           
                Average     Average     Value of Initial Fixed $100              

 

  

Summary

    

 

    

Summary

    

Compensation

    

Investment Based on:

    

Net

    

Adjusted

  
    Compensation     Compensation     Compensation     Actually Paid           Income     Operating  
Year   Table Total for     Actually Paid     Table Total     to Non-CEO           Standard &     (in     Income  
    CEO     to CEO (1)     for Non-CEO     Named     Total     Poor’s     thousands)     (in  
                Named     Executive     Shareholder     Footwear     ($)     thousands)  
                Executive     Officers (1)     Return     Index Total           ($) (4)  
                Officers (1) (2)                 Shareholder              
                                  Return (3)              
                           

 

    

 

              

2024

   799,300     698,829     521,770     422,761     86     89     11,387     40,735  

2023

   670,346     779,014     397,295     339,460     111     112     10,426     36,871  

2022

   641,072     529,839     396,003     331,914     85     119     20,465     46,453  

2021

   621,224     761,835     399,379     547,530     140     167     20,559     49,502  

2020

   697,129     674,468     495,357     511,564     98     141     20,964     31,676  

 

 

(1)

The following table details the adjustment of the SCT total pay for our CEO, as well as the average for our other NEOs to determine CAP, as computed pursuant to 402(v) of Regulation S-K. Amounts do not reflect actual compensation earned by or paid to our NEOs during the applicable year.

 

        
PEO Total Compensation Amount $ 799,300 $ 670,346 $ 641,072 $ 621,224 $ 697,129
PEO Actually Paid Compensation Amount $ 698,829 779,014 529,839 761,835 674,468
Adjustment To PEO Compensation, Footnote
   

CEO

    

Non-CEO NEO Average

  
   

2024

    

2023

    

2022

    

2021

    

2020

    

2024

    

2023

    

2022

    

2021

    

2020

  

Summary Compensation Table Total

  

799,300

    

670,346

    

641,072

    

621,224

    

697,129

    

521,770

    

397,295

    

396,003

    

399,379

    

495,357

  

Less: Reported Fair Value of Equity Awards(a)

     (99,986 )     (99,983 )     (87,965 )     (64,676 )     (52,975 )     (84,987 )     (82,485 )     (100,461 )     (64,932 )     (52,975 )

Add: Year-End Fair Value of All Outstanding and Unvested Awards Granted During the Current Year

     75,536       127,752       64,480       100,032       52,639       64,205       105,147       79,865       100,033       52,639  

Add: Year-Over-Year Difference of Year-End Fair Value of Outstanding and Unvested Awards

Granted in Prior Years

     (40,535 )     63,729       (64,341 )     65,472       (21,555 )     (40,914 )     (5,642 )     (34,872 )     77,182       9,607  

Add: Difference in Fair Value Between Prior Year-End

Fair Value and Vest Date

Fair Value for Awards Granted

in Prior Years that Vested

During Current Year

     (35,486 )     17,170       (23,407 )     39,783       (770 )     (37,313 )     32,905       (8,621 )     35,868       6,936  

Less: The Amount Equal to Fair Value at End of Prior Year of Any Awards that Fail to Meet Applicable Vesting Conditions During Current Year

    -       -       -       -       -       -       (107,760 )     -       -       -  

Compensation Actually Paid

     698,829       779,014       529,839       761,835       674,468       422,761       339,460       331,914       547,530       511,564  

 

 

 

(a)

Amounts reflect the aggregate grant date fair values reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year.

 

(2)

Non-CEO NEOs reflect the Summary Compensation Table total compensation and average Compensation Actually Paid to the following executives by year:

2024: Thomas D. Robertson and Byron Wortham.

2023: Thomas D. Robertson, Byron Wortham, Richard Simms and Sarah O’Connor.

2022: Thomas D. Robertson, Byron Wortham, Richard Simms and David Dixon.             

2021: Thomas D. Robertson, Byron Wortham, Richard Simms and David Dixon.

2020: Thomas D. Robertson, Byron Wortham, Richard Simms and David Dixon.

 

(3)

Peer group reflects the same Standard & Poor’s Footwear Index Total used for purposes of the performance graph included in the Company’s Annual Report on Form 10-K in accordance with Item 201(e)(1)(ii) of Regulation S-K.

 

(4)

As shown in the table below, Adjusted Operating Income is determined based on the Company’s actual operating income, less any expenses attributable to the IC Plan, the Company’s manager bonus plan, the Company’s island manufacturing management bonus plan and the Company’s hourly bonus plan, and exclusive of any gains or losses resulting from one-time, extraordinary events, such as charges for goodwill impairment, charges relating to mergers or acquisitions, gains or losses on the sale of assets other than in the ordinary course of business, changes in tariff rates, and charges resulting from changes in accounting policies, all as may be determined in good faith by the Compensation Committee in its discretion.

 

 

   

Year Ended December 31,

(in thousands)

  
   

2024

    

2023

    

2022

    

2021

    

2020

  

Operating Income

     31,066       35,372       44,038       35,972       27,170  

Add: Non-cash Impairment of Trademark Expense

     4,000       -       -       -       -  

Add: Acquisition Related Amortization

     2,768       2,840       3,110       2,476       -  

Add: Acquisition-Related Amortization Expenses

     -       -       397       9,445       705  

Add: Non-Cash Change in Accounting Estimate

     953       -       -       -       -  

Add: IC Plan and Other Bonus Plan Expenses and Related Payroll Taxes

     1,947       -       -       1,609       3,801  

Less: Disposition of Assets Other than in the Ordinary Course of Business

     -       (1,341 )     (1,092 )     -       -  

Adjusted Operating Income

     40,735       36,871       46,453       49,502       31,676  

 

        
Non-PEO NEO Average Total Compensation Amount $ 521,770 397,295 396,003 399,379 495,357
Non-PEO NEO Average Compensation Actually Paid Amount $ 422,761 339,460 331,914 547,530 511,564
Compensation Actually Paid vs. Total Shareholder Return

Narrative Disclosures

 

The graphs below provide a description of CAP (as calculated in accordance with the SEC rules) and the following measures:

 

 

●

the Company’s cumulative TSR and Standard & Poor’s Footwear Index Total cumulative TSR (assuming a $100 investment made on December 31, 2019);
 

●

the Company’s Net Income; and
 

●

the Company-Selected Measure, which is Adjusted Operating Income.

 

 
image1.jpg
        
Compensation Actually Paid vs. Net Income
image2.jpg 
        
Compensation Actually Paid vs. Company Selected Measure
image3.jpg
 

 

        
Tabular List, Table

Financial Performance Measures

 

As described in greater detail in our “Executive Compensation – Compensation Discussion & Analysis” on page 15, we have a significant focus on pay-for-performance. Adjusted operating income was the sole financial performance measure used to link CAP (as calculated in accordance with the SEC rules) to our NEOs in 2024 to our financial performance for the year.

        
Total Shareholder Return Amount $ 86 111 85 140 98
Peer Group Total Shareholder Return Amount 89 112 119 167 141
Net Income (Loss) $ 11,387,000 $ 10,426,000 $ 20,465,000 $ 20,559,000 $ 20,964,000
Company Selected Measure Amount 40,735 36,871 46,453 49,502 31,676
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (99,986) $ (99,983) $ (87,965) $ (64,676) $ (52,975)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 75,536 127,752 64,480 100,032 52,639
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (40,535) 63,729 (64,341) 65,472 (21,555)
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (35,486) 17,170 (23,407) 39,783 (770)
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (84,987) (82,485) (100,461) (64,932) (52,975)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 64,205 105,147 79,865 100,033 52,639
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (40,914) (5,642) (34,872) 77,182 9,607
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (37,313) 32,905 (8,621) 35,868 6,936
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0 $ (107,760) $ 0 $ 0 $ 0