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CAPITAL STOCK (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Cash Dividends Declared | 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
Summary of Stock Option Activity and Related Information | 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”).
Fair Value Stock Options at Grant Date using Weighted Average Assumption | 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 | %
Summary of Restricted Stock Activity | 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 |  |
Summary of Performance-based Award Activity | 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.
Share-based Payment Arrangement, Cash Settled Performance Shares, Activity | 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.
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | 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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