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RETIREMENT AND LONG-TERM INCENTIVE PLANS | 12 Months Ended
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Dec. 31, 2020
Share Based Payments And Retirement Disclosure [Abstract] |
RETIREMENT AND LONG-TERM INCENTIVE PLANS | 7. RETIREMENT AND LONG-TERM INCENTIVE PLANS Defined Contribution Plan We sponsor a defined contribution plan for eligible employees that is qualified under Section 401(k) of the Internal Revenue Code, which includes voluntary employee pre-tax contributions and Company-matching contributions, with potential additional discretionary contributions determined by our Board of Directors. Our matching contributions were temporarily suspended in the second quarter 2016 and reinstated in the second quarter 2019. For 2020 and 2019, we contributed $0.7 million and $0.8 million, respectively to the plan. Long-Term Incentive Plans Under our long-term incentive plans (“Incentive Plans”), the Compensation Committee of our Board of Directors may grant cash-based and equity-based awards to eligible employees and non-employee directors, including restricted stock awards, stock option awards and cash-based and stock-based performance awards. The Compensation Committee determines the value of each award, as well as the terms, conditions, performance measures, and other provisions of the award. A summary of our Incentive Plans, and the number of shares of our common stock that may be issued under each plan, is as follows:
| • | Long-Term Incentive Plan (approved on February 13, 1997) – 1,000,000 shares;
| • | 2002 Long-Term Incentive Plan (approved on April 24, 2002 and amended on April 26, 2006) – 500,000 shares;
| • | 2011 Stock Incentive Plan (approved on April 28, 2011) – 500,000 shares; and
| • | 2015 Stock Incentive Plan (approved on April 23, 2015 and amended on May 22, 2020) – 2,500,000 shares.
At December 31, 2020, we had 1,611,928 aggregate shares available for future issuance under our Incentive Plans. Restricted Stock and Stock Option Awards – Restricted stock awards include shares of restricted stock and restricted stock units and are subject to transfer restrictions, forfeiture provisions and other terms and conditions of the Incentive Plans. Restricted stock awards to our employees generally have a three-year graded vesting period and awards to our non-employee directors vest over a six-month period. The total initial fair value for these awards is determined based upon the closing price of our stock on the date of grant applied to the total number of shares granted. The fair value is expensed on a straight-line basis over the applicable vesting period. A summary of activity for our restricted stock awards for 2020, 2019 and 2018 is as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | Number of Shares |  |  | Weighted- Average Grant-Date Fair Value Per Share |  |  | Number of Shares |  |  | Weighted- Average Grant-Date Fair Value Per Share |  |  | Number of Shares |  |  | Weighted- Average Grant-Date Fair Value Per Share |
Restricted shares, beginning of period |  |  | 286,148 |  |  | $ | 8.30 |  |  |  | 526,438 |  |  | $ | 11.56 |  |  |  | 445,126 |  |  | $ | 12.83 |
Granted |  |  | 470,004 |  |  |  | 3.80 |  |  |  | 170,936 |  |  |  | 6.09 |  |  |  | 440,185 |  |  |  | 11.16 |
Vested |  |  | (113,988 | ) |  |  | 8.89 |  |  |  | (255,449 | ) |  |  | 11.41 |  |  |  | (250,219 | ) |  |  | 10.93 |
Forfeited |  |  | (26,520 | ) |  |  | 12.14 |  |  |  | (155,777 | ) |  |  | 11.81 |  |  |  | (108,654 | ) |  |  | 12.01 |
Restricted shares, end of period |  |  | 615,644 |  |  |  | 4.61 |  |  |  | 286,148 |  |  |  | 8.30 |  |  |  | 526,438 |  |  |  | 11.56 |
Compensation expense for our restricted stock awards was $1.1 million, $1.8 million and $2.8 million for 2020, 2019 and 2018, respectively. At December 31, 2020, we had $1.9 million of unrecognized compensation expense related to our restricted stock awards. This cost is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of restricted stock awards granted during 2020 was $1.8 million and the total fair value of restricted stock awards that vested during 2020 was $0.4 million. At December 31, 2020, we had no outstanding stock option awards and no stock option awards were made during 2020, 2019 or 2018. The income tax benefit (expense) associated with our share-based compensation arrangements was not significant for 2020, 2019 or 2018. Stock-Based Performance Awards – Stock-based performance awards represent awards payable in cash for which the amount payable is determined based upon our total shareholder return during the performance period compared to an industry peer group as determined by our Compensation Committee. The cash payment occurs in the period immediately following the completion of the performance period. The fair value of the awards is calculated each reporting period using a Monte Carlo simulation model and is expensed on a straight-line basis over the applicable performance period, with cumulative adjustments for changes in the fair value between reporting periods. During 2018 and 2017, stock-based performance awards were granted with a three-year performance period ending December 31, 2020 and 2019, respectively. During 2020, we did not recognize any compensation expense related to our stock-based performance awards with a performance period ended December 31, 2020, as the minimum target for pay-out was not achieved. During 2019, we recognized a benefit of $1.7 million (due to the reversal of previously recognized expense) and during 2018 we recognized compensation expense of $1.1 million, related to our stock-based performance awards with a performance period ending December 31, 2019. Cash-Based Performance Awards – Cash-based performance awards represent awards payable in cash based on the achievement of annual income targets. The cash payment occurs in the period immediately following the completion of the performance period. During 2019, cash-based performance awards were granted with a three-year performance period ending December 31, 2021. One-third of the award is earned each year in the performance period, provided the applicable annual income target is achieved, or is forfeited if the applicable annual income target is not achieved. During 2020 and 2019, we recognized no compensation expense related to cash-based performance awards as the minimum income target for 2020 and 2019 was not achieved. The target amount payable associated with the 2021 performance period is approximately $0.5 million if the target income metric is achieved.

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