Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

The Company has stock incentive plans for executives and eligible employees. Stock awards include restricted stock, performance shares and stock options. Stock-based compensation expense for the years ended December 31, 2022, 2021, and 2020 was $10.0 million, $13.7 million and $8.5 million, respectively. At December 31, 2022, there was $7.8 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.5 years.

Restricted Stock

Restricted stock granted under the Company’s incentive plans is accounted for based on the market value of the underlying shares on the date of grant and generally vest in equal installments annually over three years. Restricted stock awards are accounted for as equity awards. Holders of restricted stock are entitled to vote the shares and to receive any dividends declared on the shares.

The following table summarizes restricted stock activity for the years ended December 31, 2022, 2021, and 2020:


	Restricted Stock
	Number of Shares	Weighted Average Grant Date Fair Value
















Outstanding at December 31, 2019	2,184,675	$	5.89
Granted	1,676,634	5.13
Vested	(928,778)	6.46
Canceled/Forfeited	(207,807)	5.36
Outstanding at December 31, 2020	2,724,724	$	5.26
Granted	932,442	8.88
Vested	(1,179,857)	5.53
Canceled/Forfeited	(332,505)	5.83
Outstanding at December 31, 2021	2,144,804	$	6.60
Granted	2,056,121	4.07
Vested	(1,114,513)	6.08
Canceled/Forfeited	(301,802)	5.74
Outstanding at December 31, 2022	2,784,610	$	5.05

At December 31, 2022, there was $4.3 million of unrecognized compensation cost related to restricted stock awards to be recognized over a weighted-average period of 1.3 years.

Performance Shares

Performance shares granted under the Company’s incentive plans are accounted for as equity awards at fair value using a Monte Carlo simulation valuation model. Performance shares granted during and subsequent to 2019 will vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric. The relative stockholder return metric is included in the determination of the grant date fair value of the performance shares; however, the recognition of compensation cost for performance share awards is based on the results of the internal performance metrics. Performance shares granted prior to 2019 vested at the end of the three-year service period if relative stockholder return and internal performance metrics were met. The existence of a market condition required recognition of compensation cost for the performance share awards over the requisite period regardless of whether the relative stockholder return metric was met.

The following table summarizes performance shares activity for the years ended December 31, 2022, 2021, and 2020:


	Performance Shares
	Number of Shares	Weighted Average Grant Date Fair Value















Outstanding at December 31, 2019	1,214,145	$	6.93
Granted (1)	1,343,953	3.95
Vested	(54,132)	11.47
Canceled/Forfeited (1)	(168,864)	10.71
Outstanding at December 31, 2020	2,335,102	$	4.83
Granted (2)	602,933	10.13
Vested	(143,312)	7.39
Canceled/Forfeited (2)	(404,710)	6.12
Outstanding at December 31, 2021	2,390,013	$	5.80
Granted (3)	1,325,418	4.53
Vested	(824,064)	5.54
Canceled/Forfeited (3)	(316,830)	6.11
Outstanding at December 31, 2022	2,574,537	$	5.26

(1) Includes 6,226 additional shares granted and 143,808 shares cancelled in connection with the vesting of the 2017 award in 2020 due to above-target and below target performance, respectively, in accordance with the terms of the award.

(2) Includes 1,421 additional shares granted and 141,894 shares cancelled in connection with the vesting of the 2018 award in 2021 due to above-target and below target performance, respectively, in accordance with the terms of the award.

(3) Includes 175,828 additional shares granted in connection with the vesting of the 2019 award in 2022 due to above-target in accordance with the terms of the award.

At December 31, 2022, there was $3.5 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.7 years.

Stock Options and Stock Appreciation Rights

Stock options and stock appreciation rights (SARs) granted under the Company’s incentive plans generally vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. Stock options are accounted for as equity awards and SARs are accounted for as liability awards and remeasured at each reporting date. SARs, when vested, provide the participant the right to receive cash equal to the excess of the market price of the shares over the exercise price when exercised.

The following table summarizes stock option and SAR activity for the years ended December 31, 2022, 2021, and 2020:


	Stock Options			SARs
	Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price
















Outstanding at December 31, 2019	291,779	$	14.05	32,282	$	15.40
Exercised	(30,401)	5.57		—	—
Canceled/forfeited	(39,105)	12.77		—	—
Expired	—	—		(32,282)	15.40
Outstanding at December 31, 2020	222,273	$	15.44	—	—
Exercised	(57,721)	7.74		—	—
Canceled/forfeited	(16,455)	18.45		—	—
Expired	(16,844)	27.45		—	—
Outstanding at December 31, 2021	131,253	$	16.91	—	—

Canceled/forfeited	(5,598)	11.88		—	—
Expired	(31,667)	25.19		—	—
Outstanding at December 31, 2022	93,988	$	14.41	—	—

The following table summarizes outstanding stock options as of December 31, 2022.



Range of Exercise Price	Number Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
$ 0.00-$10.00	54,330	$	7.49	3.4	NA
$10.00-$20.00	—	$	—	0.0	NA
$20.00-$30.00	39,658	$	23.9	0.1	NA
Outstanding	93,988	$	14.41	2.0	$	—
Vested and expected to vest	93,988	$	14.41	2.0	$	—
Exercisable	93,988	$	14.41	2.0	$	—

The total intrinsic value of options exercised for the year ended December 31, 2022 was nil. Cash received from options exercised for the year ended December 31, 2022 was nil and there was no related tax benefit. The grant date fair value for stock options vested during the years ended December 31, 2022, 2021, and 2020 was nil.