XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.23.2

Stock-Based Compensation Plan | 6 Months Ended
--- | ---
Jun. 30, 2023
Stock-Based Compensation Plan [Abstract] |
Stock-Based Compensation Plan | NOTE 12. STOCK-BASED COMPENSATION PLAN Under the Company’s current 2015 Stock Incentive Plan (the “2015 Plan”), the Company’s Board of Directors has flexibility to determine the type and amount of awards to be granted to eligible participants, who must be employees, directors, officers or consultants of the Company or its subsidiaries. The 2015 Plan allows for grants of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and restricted units. The aggregate number of shares of common stock that may be granted through awards under the 2015 Plan to any employee in any calendar year may not exceed 500 shares. The 2015 Plan will continue in effect until December 2025 unless terminated sooner. ​ Options Granted: ​ During the six months ended June 30, 2023, the Company issued stock options for an aggregate of 75 shares under the 2015 Plan to directors of the Company. All 75 options vest and become exercisable over a period of one year. All of the issued stock options expire ten years from the date of the grant. ​ For computing the fair value of the stock-based awards, the fair value of each option grant has been estimated as of the date of grant using the Black-Scholes option-pricing model with the following assumptions: ​ Options Granted During the Six Months Ended June 30, 2023 ​
​ | ​ | ​
Number of options | ​ | 75
Option vesting period | ​ | 1 Year
Grant price (per share) | ​ | $7.91
Dividend yield | ​ | 1.26%
Expected volatility (a) | ​ | 47.80%
Risk-free interest rate | ​ | 3.69%
Expected life (years) (b) | ​ | 5.31
Weighted average fair value (per share) | ​ | $2.48
​
| (a) | Expected volatility is based upon the Company’s historical volatility.
​
| (b) | The expected term was determined based upon the underlying terms of the awards and the category and employment history of employee award recipient.
​ ​ The grant date fair value of the stock options granted during the six months ended June 30, 2023 was $186, which will be recognized over the vesting period of the options. Market Condition Restricted Shares Granted: On March 14, 2023, the Company awarded the Executive Chairman 500 restricted shares under the 2015 Plan, of which 250 and 250 shares will vest if, on or before March 14, 2033, the Fair Market Value (as defined in the Plan) of the Company’s common stock shall have equaled or exceeded $15.00 and $18.00 per share for twenty consecutive trading days, respectively. As the vesting terms of the restricted shares include a market condition, the fair value of the restricted stock was estimated as of the date of grant using the Monte-Carlo pricing model with the following assumptions: ​
​ | ​ | ​
​ |  | March 14, 2023
​ | ​ | ​
Number issued | ​ | 500
Vesting period | ​ | $15.00 - $18.00 stock price target
Grant price (per share) | ​ | $9.60
Dividend yield | ​ | 1.04%
Expected volatility | ​ | 45.2%
Risk-free interest rate | ​ | 3.64%
Expected term (years) | ​ | 2.56 - 3.22
Weighted average fair value (per share) | ​ | $7.84 - $8.34
​ Using these assumptions, the grant date fair value of the restricted stock awards was approximately $4,046 and the expected term was between 2.56 and 3.22 years. The total non-cash stock compensation expense related to restricted stock, stock options and stock awards recorded by the Company for the three months ended June 30, 2023 and 2022 was $1,535 and $3,555, respectively, and for the six months ended June 30, 2023 and 2022 was $2,869 and $6,922, respectively. For the three and six months ended June 30, 2023 and 2022, the majority of stock-based compensation costs were classified as selling, general and administrative expenses. As of June 30, 2023, there were 535 unvested stock options and unrecognized compensation cost of $2,145 related to unvested stock options, as well as 1,717 unvested restricted stock awards and unrecognized compensation costs of $9,905 related to unvested restricted stock awards.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration