XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.22.1

RETIREMENT AND LONG-TERM INCENTIVE PLANS | 12 Months Ended
--- | ---
Dec. 31, 2021
Share Based Payments And Retirement Disclosure [Abstract] |
RETIREMENT AND LONG-TERM INCENTIVE PLANS | 9. 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. For 2021 and 2020, we contributed $0.4 million and $0.5 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 unit (“RSU”) awards (both time-based and performance-based), stock option awards and cash-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. Under our Incentive Plans, the maximum number of shares that may be granted to any one officer or employee during any single calendar year is 250,000. At December 31, 2021, we had 1,096,994 authorized shares available for future issuance under our Incentive Plans. RSU Awards – An RSU represents the right to receive one share of our common stock upon vesting, or the equivalent cash value on the vesting date if the award is cash-settled. RSUs are subject to transfer restrictions, forfeiture provisions and other terms and conditions of the Incentive Plans and applicable award agreements. Forfeitures are recognized as they occur.
| • | Time-based RSU awards – Outstanding time-based RSU awards to our employees have a two or three-year graded vesting period. The total initial fair value for these awards was determined based upon the closing price of our stock on the date of grant applied to the total number of units granted. The fair value is expensed on a straight-line basis over the applicable vesting period.
| • | Performance-based RSU awards – Outstanding performance-based RSU awards to our employees have a three-year graded vesting period with the number of units ultimately awarded based on the achievement of a financial performance target for 2021. The total initial fair value for these awards was determined based upon the closing price of our stock on the date of grant applied to the total number of units anticipated to be awarded based on the financial performance target achieved. This fair value is expensed over the applicable vesting period using the graded vesting method. As a result of the financial performance target achieved for 2021, one award recipient’s performance-based RSU awards exceeded the annual limit and, as a result, are subject to cash-settlement (“Cash-Settled RSUs”). Accordingly, we account for the awards as liability-classified awards, with changes in the fair value of the awards reflected within general and administrative expense on our Statement of Operations over the vesting period. Compensation expense for our Cash-Settled RSU awards was $0.1 million for 2021 and the total fair value of Cash-Settled RSU awards granted in 2021 was $0.2 million (with a weighted average grant-date fair value per share of $4.77).
A summary of activity for our RSU awards (excluding Cash-Settled RSUs) for 2021 and 2020 is as follows:
|  | 2021 |  |  | 2020 |
|  | Number of Shares |  |  | Weighted- Average Grant-Date Fair Value Per Share |  |  | Number of Shares |  |  | Weighted- Average Grant-Date Fair Value Per Share |
RSUs, beginning of period |  |  | 613,044 |  |  | $ | 4.59 |  |  |  | 265,158 |  |  | $ | 8.03 |
Granted |  |  | 547,250 |  |  |  | 4.71 |  |  |  | 470,004 |  |  |  | 3.80 |
Vested |  |  | (285,416 | ) |  |  | 5.19 |  |  |  | (97,194 | ) |  |  | 8.33 |
Forfeited |  |  | (32,320 | ) |  |  | 4.40 |  |  |  | (24,924 | ) |  |  | 12.24 |
RSUs, end of period |  |  | 842,558 |  |  |  | 4.47 |  |  |  | 613,044 |  |  |  | 4.59 |
Compensation expense for our RSU awards was $1.7 million and $1.0 million for 2021 and 2020, respectively, and is reflected withing general and administrative expense and cost of revenue, as applicable, in our Statement of Operations. At December 31, 2021, we had $2.7 million of unrecognized compensation expense related to our RSU awards. This cost is expected to be recognized over a weighted-average period of 1.8 years. The total fair value of RSU awards granted during 2021 was $2.6 million and the total fair value of RSU awards that vested during 2021 was $1.2 million. The income tax benefit (expense) associated with our share-based compensation arrangements was not significant for 2021 or 2020. Share and expense amounts associated with our stock-based compensation relate only to our continuing operations, and accordingly, may be different from the amounts reflected on our Statement of Cash Flows and Statement of Shareholders’ Equity. See Note 3 for further discussion of our discontinued operations. Stock Option Awards – At December 31, 2021, we had no outstanding stock option awards and no such awards were made during 2021 or 2020. Cash-Based Performance Awards – Cash-based performance awards represent awards payable in cash based on the achievement of annual financial performance 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 performance target is achieved, or is forfeited if the applicable performance target is not achieved. During 2021 and 2020, we recognized no compensation expense related to cash-based performance awards as the minimum performance targets for 2021 and 2020 were not achieved.

X
- Definition Retirement Plan And Stock Incentive Plans Disclosure [Text Block] + References No definition available. + Details
Name: | gifi_RetirementPlanAndStockIncentivePlansDisclosureTextBlock
Namespace Prefix: | gifi_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Share-based Payments and Retirement Disclosure [Abstract] + References No definition available. + Details
Name: | gifi_ShareBasedPaymentsAndRetirementDisclosureAbstract
Namespace Prefix: | gifi_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration