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CAPITAL STOCK | 12 Months Ended
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Dec. 31, 2021
Equity [Abstract] |
CAPITAL STOCK | CAPITAL STOCK Cash dividends Dividends were declared in 2021 and 2020 as follows:
Dividend per share |  | Date declared |  | Date of record |  | Payment date
$0.0425 |  | March 10, 2020 |  | November 16, 2020 |  | December 16, 2020
$0.0425 |  | June 25, 2020 |  | August 3, 2020 |  | August 17, 2020
$0.0425 |  | August 4, 2020 |  | November 2, 2020 |  | November 16, 2020
$0.0425 |  | November 3, 2020 |  | January 29, 2021 |  | February 12, 2021
$0.0425 |  | March 9, 2021 |  | May 3, 2021 |  | May 17, 2021
$0.0425 |  | June 24, 2021 |  | August 2, 2021 |  | August 16, 2021
$0.0425 |  | August 3, 2021 |  | November 1, 2021 |  | November 15, 2021
$0.0425 |  | November 2, 2021 |  | January 31, 2022 |  | February 14, 2022
On March 8, 2022, the Board of Directors declared a quarterly dividend of $0.0425 per share payable on May 16, 2022 to shareholders of record on May 2, 2022. Stock repurchase program On April 30, 2013, Lifetime’s Board of Directors authorized the repurchase of up to $10.0 million of the Company’s common stock. The repurchase authorization permits the Company to effect repurchases from time to time through open market purchases and privately negotiated transactions. No shares were repurchased during the years ended December 31, 2021, 2020 and 2019. Preferred stock The Company is authorized to issue 100 shares of Series A Preferred Stock and 2,000,000 shares of Series B Preferred Stock, none of which has been issued or is outstanding at December 31, 2021. Long-term incentive plan The Company’s Amended and Restated 2000 Long-Term Incentive Plan (the “Plan”) provides for the granting of awards of up to 7,037,500 shares of common stock. These shares of the Company’s common stock are available for grants to directors, officers, employees, consultants and service providers and affiliates in the form of stock options or other equity-based awards. The Plan authorizes the Board of Directors of the Company, or a duly appointed committee thereof, to issue incentive stock options, non-qualified options, restricted stock, performance-based awards and other stock-based awards. Options that have been granted under the Plan expire over a range of 5 years to 10 years from the date of grant and vest over a range of up to 4 years from the date of grant. Shares of restricted stock that have been granted under the Plan vest over a range of up to 4 years from the date of grant. Performance-based awards that have been granted under the Plan vest after 3 years based upon the attainment of specified performance goals. As of December 31, 2021, there were 357,858 shares available for the grant of awards under the Plan. Stock options A summary of the Company’s stock option activity and related information for the three years ended December 31, 2021, is as follows:
| Options |  | Weighted- average exercise price |  | Weighted- average remaining contractual life (years) |  | Aggregate intrinsic value (in thousands)
Options outstanding at December 31, 2018 | 1,548,825 |  |  | $ | 13.87 |  |  |  |  |
Grants | 296,500 |  |  | 9.21 |  |  |  |  |
Exercises | (75,000) |  |  | 4.28 |  |  |  |  |
Cancellations | (19,625) |  |  | 12.94 |  |  |  |  |
Expirations | (242,375) |  |  | 13.95 |  |  |  |  |
Options outstanding at December 31, 2019 | 1,508,325 |  |  | 13.43 |  |  |  |  |
Grants | 37,500 |  |  | 6.36 |  |  |  |  |
Exercises | (2,500) |  |  | 10.79 |  |  |  |  |
Cancellations | (14,313) |  |  | 11.09 |  |  |  |  |
Expirations | (242,112) |  |  | 13.27 |  |  |  |  |
Options outstanding at December 31, 2020 | 1,286,900 |  |  | 13.28 |  |  |  |  |
Grants | 48,000 |  |  | 14.18 |  |  |  |  |
Exercises (1) | (236,325) |  |  | 11.71 |  |  |  |  |
Expirations | (4,000) |  |  | 19.10 |  |  |  |  |
Options outstanding at December 31, 2021 | 1,094,575 |  |  | 13.64 |  |  | 4.9 |  | $ | 3,386 |
Options exercisable at December 31, 2021 | 911,115 |  |  | $ | 14.31 |  |  | 4.2 |  | $ | 2,345 |
(1) Includes the exercise of 2,000 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 exercisable in-the-money stock options on December 31, 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 December 31, 2021 and the exercise price. The total intrinsic value of those stock options that were exercised in the year ended December 31, 2021 was $0.8 million. The total intrinsic values of those stock options that were exercised in the year ended December 31, 2020 was less than $0.1 million and in the year ended December 31, 2019 was $0.3 million. The intrinsic value of a stock option that is exercised is calculated at the date of exercise. Total unrecognized stock option compensation expense at December 31, 2021, before the effect of income taxes, was $0.5 million and is expected to be recognized over a weighted-average period of 1.5 years. The Company values stock options using the Black-Scholes option valuation model. The Black-Scholes option valuation model, as well as other available models, was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. The Black-Scholes option valuation model requires the input of highly subjective assumptions including the expected stock price volatility and risk-free interest rate. Because the Company’s stock options have characteristics significantly different from those of traded options, changes in the subjective input assumptions can materially affect the fair value estimates of the Company’s stock options. The weighted-average per share grant date fair value of stock options granted during the years ended December 31, 2021, 2020 and 2019, was $6.31, $2.26 and $2.77, respectively. The fair values for these stock options were estimated at the dates of grant using the following weighted-average assumptions:
| 2021 |  | 2020 |  | 2019
Historical volatility | 52 | % |  | 49 | % |  | 35 | %
Expected term (years) | 6.3 |  | 6.3 |  | 6.0
Risk-free interest rate | 1.08 | % |  | 0.45 | % |  | 1.82 | %
Expected dividend yield | 1.20 | % |  | 2.67 | % |  | 1.80 | %
Restricted Stock A summary of the Company’s restricted stock activity and related information for the three years ended December 31, 2021 is as follows:
| Restricted Shares |  | Weighted- average grant date fair value
Non-vested restricted shares, December 31, 2018 | 326,545 |  |  | $ | 14.63 |
Grants | 439,747 |  |  | 9.25 |
Vested | (148,414) |  |  | 14.54 |
Cancellations | (24,537) |  |  | 13.97 |
Non-vested restricted shares, December 31, 2019 | 593,341 |  |  | 10.70 |
Grants | 534,940 |  |  | 5.94 |
Vested | (322,398) |  |  | 10.64 |
Cancellations | (10,296) |  |  | 9.06 |
Non-vested restricted shares, December 31, 2020 | 795,587 |  |  | 7.54 |
Grants | 220,658 |  |  | 14.27 |
Vested | (586,244) |  |  | 7.19 |
Cancellations | (400) |  |  | 11.42 |
Non-vested restricted shares, December 31, 2021 | 429,601 |  |  | $ | 11.47 |
Total unrecognized compensation expense remaining (in thousands) | $ | 3,678 |  |  |
Weighted-average years expected to be recognized over | 1.6 |  |
The total fair value of restricted stock that vested during the year ended December 31, 2021 was $8.9 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 Plan. A summary of the Company’s performance-based award activity and related information for the three years ended December 31, 2021 is as follows:
| Performance - based awards (1) |  | Weighted- average grant date fair value
Non-vested performance-based awards, December 31, 2018 | 339,287 |  |  | $ | 14.82 |
Grants | 158,525 |  |  | 9.19 |
Vested | (66,761) |  |  | 15.69 |
Cancellations | (25,992) |  |  | 15.44 |
Non-vested performance-based awards, December 31, 2019 | 405,059 |  |  | 12.43 |
Grants | 106,275 |  |  | 6.36 |
Vested | (62,215) |  |  | 18.45 |
Cancellations | (18,073) |  |  | 15.49 |
Non-vested performance-based awards, December 31, 2020 | 431,046 |  |  | 9.94 |
Grants | 176,915 |  |  | 14.18 |
Vested | (150,273) |  |  | 12.79 |
Cancellations | (21,358) |  |  | 12.76 |
Non-vested performance-based awards, December 31, 2021 | 436,330 |  |  | $ | 10.54 |
Total unrecognized compensation expense remaining (in thousands) | $ | 2,415 |  |  |
Weighted-average years expected to be recognized over | 1.9 |  |
(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 year ended December 31, 2021 was $2.1 million. On March 8, 2022, the Compensation Committee of the Board of Directors determined the performance goals set forth in the performance-based awards granted in 2019 were attained and 166,935 shares vested. The Company recorded stock compensation expense as follows (in thousands):
| Year Ended December 31,
Stock Compensation Expense Components | 2021 |  | 2020 |  | 2019
Equity based stock option expense | $ | 417 |  |  | $ | 570 |  |  | $ | 617 |
Restricted and performance-based stock awards expense | 4,787 |  |  | 5,346 |  |  | 4,404 |
Stock compensation expense for equity based awards | $ | 5,204 |  |  | $ | 5,916 |  |  | $ | 5,021 |
Liability based stock option expense | 13 |  |  | 35 |  |  | 20 |
Total Stock Compensation Expense | $ | 5,217 |  |  | $ | 5,951 |  |  | $ | 5,041 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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