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Stock Based Compensation | 3 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock Based Compensation | STOCK BASED COMPENSATION On May 13, 2021, The Company's stockholders approved the 2021 Long Term Equity Incentive Plan (the “2021 Plan”) that replaced the 2006 Long Term Equity Incentive Plan (the “2006 Plan”) approved in May 2006 and amended in May 2015. The 2021 Plan allows for grants to employees, officers, non-employee directors, consultants, independent contractors and advisors of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards (“stock awards”) up to an aggregate of 295,797 awards. Awards can be granted under the 2021 Plan through the earlier of May 13, 2031, or the date the maximum number of available awards under the 2021 Plan have been granted. No new awards may be granted from the 2006 Plan. Awards under the 2021 Plan vest over one to three years, or vest upon the date of a participant’s death, disability or change in control. No shares are outstanding under the 2006 Plan. The Company follows the provisions of FASB ASC 718 requiring that compensation cost relating to share-based payment transactions be recognized in the financial statements. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee's requisite service period (generally the vesting period of the equity award). During the nine months ended September 30, 2023, 125,701 shares of the Company's common stock were withheld from employees to satisfy income tax withholding obligations in connection with the vesting and exercising of stock awards. During the nine months ended September 30, 2022, 48,286 shares were withheld from employees to satisfy income tax withholding obligations in connection with the vesting and exercising of stock awards. Restricted Stock The Company grants shares of its common stock to certain directors, officers, key managers and employees in the form of unvested stock and units (“Restricted Stock”). These awards are measured at the fair value of the Company's common stock on the date of issuance and recognized ratably as compensation expense over the applicable vesting period, which is typically three years. The Company adjusts compensation expense for actual forfeitures, as they occur. The following summarizes the status of Restricted Stock and changes during the nine months ended September 30, 2023:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2022 | 502,747 |  |  | $ | 10.46 |
Granted | 179,580 |  |  | 15.98 |
Vested | (262,788) |  |  | 9.66 |
Forfeited | (45,956) |  |  | 12.46 |
Unvested balance at September 30, 2023 | 373,583 |  |  | $ | 13.33 |
At September 30, 2023 and 2022, there was $3,676,000 and $4,199,000, respectively, of total unrecognized compensation expense, related to Restricted Stock grants. The unrecognized compensation expense at September 30, 2023 is expected to be recognized over the weighted-average period of 1.8 years. Total compensation cost related to Restricted Stock grants for the three months ended September 30, 2023 and 2022 was $721,000 and $623,000, respectively. Total compensation cost related to Restricted Stock grants for the nine months ended September 30, 2023 and 2022 was $2,187,000 and $1,660,000, respectively, all of which was recorded to selling, general and administrative expense. Performance Restricted Stock Awards The Company grants shares of its common stock to certain officers and key managers in the form of shares of performance-based restricted stock ("Performance Restricted Stock Awards"). These awards are measured at the fair value of the Company's common stock on the date of issuance and recognized ratably as compensation expense over the applicable vesting period to the extent that the performance measures have been satisfied as of the last day of the performance period of the award. The total amount payable as of the award's vesting date is determined by the three year average Operational Income and Return on Capital Employed performance measure achievement as defined in the applicable award agreement. The Company adjusts compensation expense for actual forfeitures as they occur and for estimated performance measure achievement. The following summarizes the status of Performance Restricted Stock Awards and changes during the nine months ended September 30, 2023:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2022 | — |  |  | $ | — |
Granted | 13,350 |  |  | 15.98 |
Vested | — |  |  | — |
Forfeited | (1,613) |  |  | 15.98 |
Unvested balance at September 30, 2023 | 11,737 |  |  | $ | 15.98 |
At September 30, 2023, there was $151,000 of total unrecognized compensation expense related to Performance Restricted Stock Awards. As of September 30, 2022, there was no unrecognized compensation expense related to Performance Restricted Stock Awards. The unrecognized compensation expense at September 30, 2023 is expected to be recognized over the weighted-average period of 2.4 years. Total compensation cost related to Performance Restricted Stock Awards for the three and nine and months ended September 30, 2023 was $16,000 and $36,000, respectively, all of which was recorded to selling, general and administrative expense. Stock Appreciation Rights As part of the Company's 2019 annual grant, Stock Appreciation Rights ("SARs") were granted with a grant price of $10. These awards have a contractual term of five years and vest ratably over a period of three years or immediately vest if the recipient is over 65 years of age. These awards are valued using the Black-Scholes option pricing model, and are recognized ratably as compensation expense over three years. A summary of the Company's stock appreciation rights activity for the nine months ended September 30, 2023 is as follows:
| Number of Shares |  | Weighted Average Exercise Price
Outstanding as of December 31, 2022 | 177,016 |  |  | $ | 10.00 |
Granted | — |  |  | — |
Exercised | (177,016) |  |  | 10.00 |
Forfeited | — |  |  | — |
Outstanding at end of the period ended September 30, 2023 | — |  |  | — |
Exercisable at end of the period ended September 30, 2023 | — |  |  | — |
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