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CAPITAL STOCK | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
CAPITAL STOCK | CAPITAL STOCK Cash dividends Dividends were declared in 2023 and 2022 as follows:
Dividend per share |  | Date declared |  | Date of record |  | Payment date
$0.0425 |  | March 8, 2022 |  | May 2, 2022 |  | May 16, 2022
$0.0425 |  | June 23, 2022 |  | August 1, 2022 |  | August 15, 2022
$0.0425 |  | August 2, 2022 |  | November 1, 2022 |  | November 15, 2022
$0.0425 |  | November 1, 2022 |  | February 1, 2023 |  | February 15, 2023
$0.0425 |  | March 8, 2023 |  | May 1, 2023 |  | May 15, 2023
$0.0425 |  | June 22, 2023 |  | August 1, 2023 |  | August 15, 2023
$0.0425 |  | August 2, 2023 |  | November 1, 2023 |  | November 15, 2023
$0.0425 |  | November 7, 2023 |  | February 1, 2024 |  | February 15, 2024
On March 8, 2024, the Board of Directors declared a quarterly dividend of $0.0425 per share payable on May 15, 2024 to shareholders of record on May 1, 2024. Stock repurchase program On March 14, 2022, the Company announced that its Board of Directors of the Company authorized the repurchase of up to $20.0 million of the Company’s common stock, replacing the Company’s previously-authorized $10.0 million share repurchase program. The repurchase authorization permits the Company to effect repurchases from time to time through open market purchases and privately negotiated transactions. During the year ended December 31, 2023, the Company repurchased 320,204 shares for a total costs of $2.5 million, and thereafter retired the shares. During the year ended December 31, 2022, the Company repurchased 597,195 shares for a total costs of $6.3 million. No shares were repurchased during 2021. As of December 31, 2023, the remaining dollar amount available for repurchases under the Board authorized plan was $11.1 million. 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, 2023. 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 8,217,500 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, 2023, there were 624,907 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, 2023, is as follows:
| Options |  | Weighted- average exercise price |  | Weighted- average remaining contractual life (years) |  | Aggregate intrinsic value (in thousands)
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 |  |  |  |  |
Grants | 56,000 |  |  | 11.45 |  |  |  |  |
Exercises | (60,000) |  |  | 11.64 |  |  |  |  |
Cancellations | (11,375) |  |  | 11.16 |  |  |  |  |
Expirations | (13,450) |  |  | 13.99 |  |  |  |  |
Options outstanding at December 31, 2022 | 1,065,750 |  |  | 13.66 |  |  |  |  |
Grants | 50,000 |  |  | 5.92 |  |  |  |  |
Cancellations | (4,375) |  |  | 11.27 |  |  |  |  |
Expirations | (111,875) |  |  | 13.38 |  |  |  |  |
Options outstanding at December 31, 2023 | 999,500 |  |  | 13.31 |  |  | 4.1 |  | $ | 49 |
Options exercisable at December 31, 2023 | 883,875 |  |  | $ | 13.85 |  |  | 3.5 |  | $ | 7 |
(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, 2023. 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, 2023 and the exercise price. No stock options were exercised in the year ended December 31, 2023. The total intrinsic values of those stock options that were exercised in the year ended December 31, 2022 was $0.1 million and in the year ended December 31, 2021 was $0.8 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, 2023, before the effect of income taxes, was $0.4 million and is expected to be recognized over a weighted-average period of 1.6 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, 2023, 2022 and 2021, was $2.61, $5.44 and $6.31, respectively. The fair values for these stock options were estimated at the dates of grant using the following weighted-average assumptions:
| 2023 |  | 2022 |  | 2021
Historical volatility | 55 | % |  | 53 | % |  | 52 | %
Expected term (years) | 6.3 |  | 6.3 |  | 6.3
Risk-free interest rate | 4.25 | % |  | 3.15 | % |  | 1.08 | %
Expected dividend yield | 2.87 | % |  | 1.48 | % |  | 1.20 | %
Restricted Stock A summary of the Company’s restricted stock activity and related information for the three years ended December 31, 2023 is as follows:
| Restricted Shares |  | Weighted- average grant date fair value
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 |
Grants | 266,713 |  |  | 12.03 |
Vested | (205,290) |  |  | 11.46 |
Cancellations | (6,881) |  |  | 10.92 |
Non-vested restricted shares, December 31, 2022 | 484,143 |  |  | 11.79 |
Grants | 333,300 |  |  | 5.37 |
Vested | (212,162) |  |  | 11.20 |
Cancellations | (7,753) |  |  | 10.86 |
Non-vested restricted shares, December 31, 2023 | 597,528 |  |  | $ | 8.44 |
Total unrecognized compensation expense remaining (in thousands) | $ | 3,375 |  |  |
Weighted-average years expected to be recognized over | 1.5 |  |
The total fair value of restricted stock that vested during the year ended December 31, 2023 was $1.2 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, 2023 is as follows:
| Performance - based awards (1) |  | Weighted- average grant date fair value
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 |
Grants | 123,000 |  |  | 12.19 |
Achieved performance over target (2) | 12,035 |  |  | 9.20 |
Vested | (166,935) |  |  | 9.20 |
Cancellations | (4,128) |  |  | 10.64 |
Non-vested performance-based awards, December 31, 2022 | 400,302 |  |  | 11.56 |
Grants | 191,075 |  |  | 5.92 |
Achieved performance over target (3) | 16,942 |  |  | 6.36 |
Vested | (119,739) |  |  | 6.36 |
Cancellations | (1,608) |  |  | 12.25 |
Non-vested performance-based awards, December 31, 2023 | 486,972 |  |  | $ | 10.44 |
Total unrecognized compensation expense remaining (in thousands)(4) | $ | 764 |  |  |
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. (2)Represents the number of shares earned over target for performance-based awards granted in 2019 based on performance goals attained. These awards vested in the three months ended March 31, 2022. (3)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. (4)The performance metrics for the performance-based awards granted in 2022 are not probable of achievement. No compensation expense was recorded in 2022 or in 2023. The total fair value of performance-based awards that vested during the year ended December 31, 2023 was $0.7 million. On March 8, 2024, the Compensation Committee of the Board of Directors determined the performance goals set forth in the performance-based awards granted in 2021 were attained and 152,188 shares vested. Cash-settled performance-based awards Each cash-settled performance-based award represents the right to receive up to 150% of the target number of deferred stock units with payment in cash equivalent to the value of one share of the Company’s common stock. The number of deferred stock units 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 cash-settled performance-based awards are subject to the terms and conditions of the Company’s Plan. A summary of the Company’s cash-settled performance-based awards activity and related information for the year ended December 31, 2023 is as follows:
| Cash-settled performance-based awards (1) |  | Weighted- average fair value
Non-vested cash-settled performance-based awards, January 1, 2022 | — |  |  | $ | — |
Grants | 87,825 |  |  | 7.66 |
Cancellations | (2,049) |  |  | 10.61 |
Non-vested cash-settled performance-based awards, December 31, 2022 | 85,776 |  |  | 7.59 |
Cancellations | (2,165) |  |  | 6.52 |
Non-vested cash-settled performance-based awards, December 31, 2023 | 83,611 |  |  | 6.71 |
Total unrecognized compensation expense remaining (in thousands)(2) | $ | — |  |  |
Weighted-average years expected to be recognized over | 0.0 |  |
(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. No compensation expense was recorded in 2022 or in 2023. The Company recorded stock compensation expense as follows (in thousands):
| Year Ended December 31,
Stock Compensation Expense Components | 2023 |  | 2022 |  | 2021
Equity based stock option expense | $ | 270 |  |  | $ | 275 |  |  | $ | 417 |
Restricted and performance-based stock awards expense | 3,420 |  |  | 3,586 |  |  | 4,787 |
Stock compensation expense for equity based awards | $ | 3,690 |  |  | $ | 3,861 |  |  | $ | 5,204 |
Liability based stock option expense | (3) |  |  | (15) |  |  | 13 |
Total Stock Compensation Expense | $ | 3,687 |  |  | $ | 3,846 |  |  | $ | 5,217 |

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