XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.21.2

STOCK COMPENSATION | 9 Months Ended
--- | ---
Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
STOCK COMPENSATION | STOCK COMPENSATION Option Awards A summary of the Company’s stock option activity and related information for the nine months ended September 30, 2021 is as follows:
| Options |  | Weighted- average exercise price |  | Weighted- average remaining contractual life (years) |  | Aggregate intrinsic value (in thousands)
Options outstanding, January 1, 2021 | 1,286,900 |  |  | $ | 13.28 |  |  |  |  |
Grants | 48,000 |  |  | 14.18 |  |  |  |  |
Exercises (1) | (235,325) |  |  | 11.70 |  |  |  |  |
Expirations | (4,000) |  |  | 19.10 |  |  |  |  |
Options outstanding, September 30, 2021 | 1,095,575 |  |  | 13.64 |  |  | 5.1 |  | $ | 5,153 |
Options exercisable, September 30, 2021 | 912,115 |  |  | $ | 14.31 |  |  | 4.5 |  | $ | 3,700 |
Total unrecognized stock option expense remaining (in thousands) | $ | 560 |  |  |  |  |  |  |
Weighted-average years expected to be recognized over | 1.6 |  |  |  |  |  |
(1) Includes the exercise of 1,000 options settled in cash in accordance with the Company’s Amended and Restated 2000 Long-Term Incentive Plan ("the Plan"). The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their stock options on September 30, 2021. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company’s common stock on September 30, 2021 and the exercise price. Restricted Stock A summary of the Company’s restricted stock activity and related information for the nine months ended September 30, 2021 is as follows:
| Restricted Shares |  | Weighted- average grant date fair value
Non-vested restricted shares, January 1, 2021 | 795,587 |  |  | $ | 7.54 |
Grants | 220,658 |  |  | 14.27 |
Vested | (552,880) |  |  | 7.07 |
Cancellations | (400) |  |  | 11.42 |
Non-vested restricted shares, September 30, 2021 | 462,965 |  |  | $ | 11.31 |
Total unrecognized compensation expense remaining (in thousands) | $ | 4,272 |  |  |
Weighted-average years expected to be recognized over | 1.7 |  |
The total fair value of restricted stock that vested during the nine months ended September 30, 2021 was $8.4 million. Performance shares Each performance award represents the right to receive up to 150% of the target number of shares of common stock. The number of shares of common stock earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board of Directors. The shares are subject to the terms and conditions of the Company’s Plan. A summary of the Company’s performance-based award activity and related information for the nine months ended September 30, 2021 is as follows:
| Performance- based stock awards (1) |  | Weighted- average grant date fair value
Non-vested performance-based awards, January 1, 2021 | 431,046 |  |  | $ | 9.94 |
Grants | 176,915 |  |  | 14.18 |
Vested | (150,273) |  |  | 12.79 |
Cancellations | (21,358) |  |  | 12.76 |
Non-vested performance-based awards, September 30, 2021 | 436,330 |  |  | $ | 10.54 |
Total unrecognized compensation expense remaining (in thousands) | $ | 2,793 |  |  |
Weighted-average years expected to be recognized over | 2.0 |  |
(1)Represents the target number of shares to be issued for each performance-based award. The total fair value of performance-based awards that vested during the nine months ended September 30, 2021 was $2.1 million. At September 30, 2021, there were 357,858 shares available for awards that could be granted under the Plan, assuming maximum performance of performance-based awards. The Company recorded stock compensation expense as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Stock Compensation Expense Components | 2021 |  | 2020 |  | 2021 |  | 2020
Equity based stock option expense | $ | 95 |  |  | $ | 143 |  |  | $ | 321 |  |  | $ | 428 |
Restricted and performance-based stock awards expense | 1,097 |  |  | 1,427 |  |  | 3,633 |  |  | 3,877 |
Stock compensation expense for equity based awards | $ | 1,192 |  |  | $ | 1,570 |  |  | $ | 3,954 |  |  | $ | 4,305 |
Liability based stock option expense | 9 |  |  | 5 |  |  | 19 |  |  | 16 |
Total Stock Compensation Expense | $ | 1,201 |  |  | $ | 1,575 |  |  | $ | 3,973 |  |  | $ | 4,321 |

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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