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CAPITAL STOCK (Tables)

12 Months Ended

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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