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SHAREHOLDERS' EQUITY (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of summarizes activity for nonqualified stock options
The following table presents activity for nonqualified stock options for the year ended December 31, 2024:
Number
of
Options
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value
Outstanding as of December 31, 2023130,936$23.79 
Exercised— — 
Forfeited or expired(51,175)21.43 
Outstanding as of December 31, 202479,76125.30 1.02 years
(1)
Options fully vested/exercisable as of December 31, 202479,76125.30 1.02 years
(1)
_____________________________
(1)Nonqualified stock options outstanding at the end of the period and those fully vested/exercisable had immaterial aggregate intrinsic values.
Schedule of summarizes the activity for the Time Vesting Units, the Financial Performance Units and the Market Performance Units
The following table presents the activity for the Time Vesting Units and the Financial Performance Units during the year ended December 31, 2024:
Time
Vesting
Units
Financial
Performance
Units
Outstanding as of December 31, 2023242,524291,416
Granted75,07042,805
Vested(70,039)(59,449)
Forfeited (32,212)(115,068)
Outstanding as of December 31, 2024215,343159,704
Schedule of financial performance units activity
The following table presents the Company’s existing Financial Performance Units as of December 31, 2024 (dollars in thousands, except share amounts):
Grant PeriodThreshold AccrualMaximum
Issuable Shares at
Current Threshold
Unrecognized Compensation Expense
Weighted-Average Life(1)
Financial Metric End DateVesting Requirement End Date
May 1, 2020 through December 31, 2020, excluding November 18, 2020150 %54,617— 0.0 yearsDecember 31, 2022December 31, 2024
On November 18, 2020114 %10,76031 0.9 yearsDecember 31, 2022
50% November 18, 2023 and 2025
May 3, 2021 through August 11, 202155 %15,43685 1.0 yearDecember 31, 2023December 31, 2025
May 2, 2022 through November 2, 2022, excluding August 4, 2022(2)
— %— — 2.0 yearsDecember 31, 2024December 31, 2026
On August 4, 2022(2)
— %— — 2.0 yearsDecember 31, 2024December 31, 2026
On May 1, 2023(3)
— %— — 3.0 yearsDecember 31, 2025December 31, 2027
On May 1, 2024100 %39,728577 4.0 yearsDecember 31, 2026December 31, 2028
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(1)Represents the expected unrecognized stock-based compensation expense recognition period.
(2)Performance threshold was not met for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 and, therefore, no compensation expense was recognized for the years ended December 31, 2024, December 31, 2023, and December 31, 2022.
(3)As the performance threshold is not expected to be met in future performance periods, there is no related unrecognized compensation as of December 31, 2024.
The following table presents the Company’s Financial Performance Units activity for the years noted December 31 (dollars in thousands):
Units GrantedCompensation Expense Recognized
Grant Period2024202320242023
May 1, 2019 through April 30, 202022,577$— $68 
May 1, 2020 through December 31, 2020, excluding November 18, 2020(1)
24,23015 136 
On November 18, 20202,94229 147 
May 3, 2021 through August 11, 2021(48)(135)
May 2, 2022 through November 2, 2022, excluding August 4, 2022(2)
322— — 
On August 4, 2022(3)
(80)33 
On May 1, 2023(4)
52,117— — 
On May 1, 202442,80596 — 
_____________________________
(1)Granted shares represent the final performance period payout percentage above the 100% threshold initially granted
(2)Performance threshold was not met for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 and, therefore, no compensation expense was recognized for the years ended December 31, 2023, December 31, 2023, and December 31, 2022
(3)Performance threshold was not met for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 and, therefore, compensation expense recognized during the years ended December 31, 2023 and December 31,2022 was reversed during the year ended December 31, 2024.
(4)Performance threshold was not met for the years ended December 31, 2024 and December 31, 2023, therefore, no compensation expense was recognized for the years ended December 31, 2024 and December 31, 2023