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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation As of December 31, 2022, we have 3.4 million shares available that can be issued to employees and non-executive directors under the 2022 Omnibus Incentive Plan as options, stock appreciation rights, and other share-based awards. Shares of our common stock delivered upon exercise or vesting may consist of newly issued shares of our common stock or shares acquired in the open market. Share-based compensation expense is recognized in the “Selling, general, and administrative expense” line in the Consolidated Statements of Operations and Comprehensive Income (Loss) except for $0.8 million attributable to discontinued operations for the year ended December 31, 2020. The following table lists the components of share-based compensation expense by type of award.
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Restricted stock | 3,635 |  |  | 2,166 |  |  | 3,393 |
Performance share units | 602 |  |  | 797 |  |  | 199 |
Stock options | $ | 140 |  |  | $ | 253 |  |  | $ | 634 |
Share-based compensation expense | $ | 4,377 |  |  | $ | 3,216 |  |  | $ | 4,226 |
Unrecognized compensation cost related to unvested awards was $3.1 million as of December 31, 2022, which will be recognized over a weighted-average period of 1.7 years. Restricted Stock During the years ended December 31, 2022, 2021, and 2020, we granted 897,000, 459,000, and 460,000 shares of restricted stock to non-executive directors, officers, and certain other key employees. Shares of restricted stock vest pro-rata generally over three years for employees and over one year for non-executive directors. The fair value of restricted stock awards is based on the closing price of our common stock as of the date of grant. The weighted average grant-date fair value of restricted stock granted in the years ended December 31, 2022, 2021, and 2020, was $3.31, $6.84, and $9.35 per share, respectively. The total grant-date fair value of restricted stock that vested in the years ended December 31, 2022, 2021, and 2020, was $2.1 million, $2.8 million, and $1.9 million, respectively. The following table presents the status of unvested restricted stock awards as of December 31, 2022 and changes during the year then ended.
| Nonvested Restricted Shares |  | Weighted Average Grant-Date Fair Value
Unvested at January 1, 2022 | 469,000 |  |  | $ | 7.28 |
Granted | 897,000 |  |  | 3.31 |
Vested | (291,000) |  |  | 7.05 |
Forfeited | (37,000) |  |  | 3.93 |
Unvested at December 31, 2022 | 1,038,000 |  |  | $ | 4.03 |
Performance Share Units Performance Share Units (“PSUs”) are a form of long-term incentive compensation awarded to executive officers and certain other key employees designed to directly align the interests of employees to the interests of our stockholders, and to create long-term stockholder value. Some PSUs are based on total shareholder return (“TSR Awards”), and other PSUs are based on return on invested capital (“ROIC Awards”). TSR Awards granted in 2022, 2021, and 2020 were made pursuant to the 2019 Omnibus Plan and a Performance Share Unit Agreement (the “2019 Omnibus Agreement”). ROIC Awards granted in 2022 were made pursuant to the 2022 Omnibus Incentive Plan and a Performance Share Unit Agreement. ROIC Awards granted in 2021 and 2020 were made pursuant to the 2019 Omnibus Agreement. The TSR Awards vest, if at all, upon our achieving a specified relative total shareholder return, which will be measured against the total shareholder return of a specified index during specified performance periods as defined in the 2019 Omnibus Agreement. The ROIC Awards vest, if at all, upon our achieving a specified average return on invested capital during the performance periods. Each performance period generally begins on January 1 of the year of grant and ends 3 years later on December 31. If the PSUs do not vest at the end of the performance periods, then the PSUs will expire automatically. PSUs that vest will be settled by the issuance of shares of our common stock with the actual number of shares interpolated between a threshold and maximum payout amount based on actual performance results. No dividends will be paid on outstanding PSUs during the performance period; however, dividend equivalents will be paid based on the number of shares of common stock that are ultimately earned at the end of the performance periods. A participant will earn 25% or 50% of the target number of PSUs for “Threshold Performance,” 100% of the target number of PSUs for “Target Performance,” and 150% of the target number of PSUs for “Maximum Performance.” For performance levels falling between the values shown below, the percentages will be determined by interpolation. The following tables present the goals with respect to TSR Awards and ROIC Awards granted in 2022, 2021, and 2020.
TSR Awards: | Threshold Performance (25% or 50% of Shares)(1) |  | Target Performance (100% of Shares) |  | Maximum Performance (150% of Shares)
2022 grants | 25 | th Percentile |  | 55 | th Percentile |  | 75 | th Percentile
2021 grants | 35 | th Percentile |  | 50 | th Percentile |  | 75 | th Percentile
2020 grants | 35 | th Percentile |  | 50 | th Percentile |  | 75 | th Percentile
ROIC Awards: | Threshold Performance (50% of Shares) |  | Target Performance (100% of Shares) |  | Maximum Performance (150% of Shares)
2022 grants | 6.4 | % |  | 8.6 | % |  | 10.0 | %
2021 grants | 6.3 | % |  | 7.0 | % |  | 8.6 | %
2020 grants | 6.7 | % |  | 7.9 | % |  | 8.7 | %
_______________________________ (1)Threshold performance will earn 25% of the target number of PSUs for the 2022 grants and 50% for the 2021 grants and 2020 grants. The following table presents the number of PSUs granted and the grant-date fair value of each award in the periods presented.
|  | TSR Awards |  | ROIC Awards
Award Year |  | Performance Units |  | Grant-Date Fair Value |  | Performance Units |  | Grant-Date Fair Value
2022 |  | 382,000 |  |  | $ | 2.53 |  |  | 408,000 |  |  | $ | 2.62 |
2021 |  | 142,000 |  |  | $ | 8.58 |  |  | 172,000 |  |  | $ | 7.20 |
2020 |  | 139,000 |  |  | $ | 10.88 |  |  | 157,000 |  |  | $ | 9.44 |
The grant-date fair value of TSR Awards is determined using the Monte Carlo simulation model, as the total shareholder return metric is considered a market condition under ASC Topic 718, Compensation – stock compensation, and expense is recognized over the performance period regardless of actual award payout. The grant-date fair value of ROIC Awards is based on the closing price of a share of our common stock on the date of grant and compensation expense is recognized over the performance period based on the estimated outcome of the performance condition. The following table presents the status of unvested PSUs as of December 31, 2022 and changes during the year then ended.
| Nonvested TSR Awards |  | Nonvested ROIC Awards
| Number of Performance Units |  | Weighted Average Grant-Date Fair Value |  | Number of Performance Units |  | Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2022 | 194,000 |  |  | $ | 9.59 |  |  | 228,000 |  |  | $ | 8.14 |
Granted | 382,000 |  |  | 2.53 |  |  | 408,000 |  |  | 2.62 |
Expired | (84,000) |  |  | 10.88 |  |  | (96,000) |  |  | 9.44 |
Nonvested at December 31, 2022 | 492,000 |  |  | $ | 3.87 |  |  | 540,000 |  |  | $ | 3.74 |
None of the PSUs that were granted in 2018, 2019, and 2020 vested in 2020, 2021, and 2022, respectively, because the actual performance achieved was below the “Threshold Performance” level as defined by the grant agreements. Stock Options Stock options have an exercise price equal to the closing price of our stock on the date of grant, an exercise term of ten years with a vesting period of three years. No options were granted in 2022 or 2021. We granted 159,000 options during the year ended December 31, 2020 with a weighted average grant-date fair value of $4.76 per share. The following table presents stock option activity for the year ended December 31, 2022.
| Number of Options |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value |  |
Outstanding at January 1, 2022 | 621,000 |  |  | $ | 12.24 |  |  |  |  |  |  |
Forfeited | (4,000) |  |  | 9.44 |  |  |  |  |  |  |
Expired | (79,000) |  |  | 9.71 |  |  |  |  |  |  |
Outstanding at December 31, 2022 | 538,000 |  |  | $ | 12.63 |  |  | 3.0 years |  | $ | — |  |  | (1)
Exercisable at December 31, 2022 | 515,000 |  |  | $ | 12.77 |  |  | 2.8 years |  | $ | — |  |  | (1)
_______________________________ (1)The aggregate intrinsic value is the sum of intrinsic values for each exercisable individual option grant. The intrinsic value is the amount by which the closing market price of our stock at December 31, 2022, was greater than the exercise price of any individual option grant.

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