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STOCK COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Activity and Related Information A summary of the Company’s stock option activity and related information for the three months ended March 31, 2023 is as follows:
OptionsWeighted-
average
exercise price
Weighted-
average
remaining
contractual
life (years)
Aggregate
intrinsic
value
(in thousands)
Options outstanding, January 1, 2023
1,065,750 $13.66 
Grants50,000 5.92 
Cancellations(3,375)11.22 
Expirations(1,750)9.71 
Options outstanding, March 31, 2023
1,110,625 13.32 4.4$— 
Options exercisable, March 31, 2023
965,875 $13.93 3.7$— 
Total unrecognized stock option expense remaining (in thousands)$506 
Weighted-average years expected to be recognized over2.0
Summary of Restricted Stock Activity A summary of the Company’s restricted stock activity and related information for the three months ended March 31, 2023 is as follows:
Restricted
Shares
Weighted-
average grant
date fair
value
Non-vested restricted shares, January 1, 2023
484,143 $11.79 
Grants191,075 5.92 
Vested(94,608)13.09 
Cancellations(5,938)11.15 
Non-vested restricted shares, March 31, 2023
574,672 $9.63 
Total unrecognized compensation expense remaining (in thousands)$4,565 
Weighted-average years expected to be recognized over1.8
Summary of Performance-based Award Activity
A summary of the Company’s performance-based award activity and related information for the three months ended March 31, 2023 is as follows:
Performance-
based stock
awards (1)
Weighted-
average grant
date fair
value
Non-vested performance-based awards, January 1, 2023
400,302 $11.56 
Grants191,075 5.92 
Achieved performance over target (2)
16,942 6.36 
Vested(119,739)6.36 
Cancellations(762)14.18 
Non-vested performance-based awards, March 31, 2023
487,818 $10.44 
Total unrecognized compensation expense remaining (in thousands)(3)
$1,709 
Weighted-average years expected to be recognized over2.0
(1)Represents the target number of shares to be issued for each performance-based award.
(2)Represents the number of shares earned over target for performance-based awards granted in 2020 based on performance goals attained. These awards vested in the three months ended March 31, 2023.
(3)The performance metric for the performance-based awards granted in 2022 is not probable of achievement. Therefore, no compensation expense has been recorded on these awards.
Share-based Payment Arrangement, Cash Settled Performance Shares, Activity [Table Text Block]
A summary of the Company’s cash-settled performance-based awards activity and related information for the three months ended March 31, 2023 is as follows:
Cash-settled performance-based awards (1)
Weighted-
average fair
value
Non-vested cash-settled performance-based awards, January 1, 2023
85,776 $7.59 
Cancellations(1,561)5.88 
Non-vested cash-settled performance-based awards, March 31, 2023
84,215 $5.88 
Total unrecognized compensation expense remaining (in thousands)(2)
$— 
Weighted-average years expected to be recognized over0.0
(1) Represents the target number of units to be settled in cash.
(2) The performance metric for the cash-settled performance-based awards granted in 2022 is not probable of achievement. Therefore, no compensation expense has been recorded on these awards.
Summary of Stock Compensation Expense The Company recorded stock compensation expense as follows (in thousands):
Three Months Ended
March 31,
Stock Compensation Expense Components20232022
Equity based stock option expense$129 $87 
Restricted and performance-based stock awards expense737 1,064 
Stock compensation expense for equity based awards$866 $1,151 
Liability based stock option expense(5)(5)
Cash-settled performance-based awards expense— 28 
Total Stock Compensation Expense$861 $1,174