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Equity-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Equity-Based Compensation Expense, the Corresponding Tax Benefit and Net Equity-Based Compensation Expense

Equity-based compensation expense, the corresponding tax benefit and net equity-based compensation expense for 2021, 2020, and 2019 are as follows:

 

 

 

2021

 

 

2020

 

 

2019

 

(amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation expense

 

$

2,640

 

 

$

2,483

 

 

$

1,748

 

Tax benefit

 

 

(654

)

 

 

 

 

 

 

Net equity-based compensation expense

 

$

1,986

 

 

$

2,483

 

 

$

1,748

 

Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Options

The fair value of the options at the date of grant was estimated using the following weighted-average assumptions for the years ended December 31, 2021, 2020, and 2019:

 

 

 

2021

 

 

2020

 

 

2019

 

Expected life (years)

 

 

5.1

 

 

 

3.7

 

 

 

3.7

 

Dividend yield

 

 

%

 

 

%

 

 

%

Risk-free interest rate

 

 

0.8

%

 

 

2.2

%

 

 

2.2

%

Expected volatility

 

 

41.9

%

 

 

36.1

%

 

 

36.1

%

Summary of Stock Option Activity Under the 2020 Plan, 2010 Plan and Equity Plan

A summary of stock option activity under the 2020 Plan, 2010 Plan, and Equity Plan is as follows:

 

 

 

2020 Plan

Options

 

 

Weighted-

Average

Exercise

Price

 

 

2010 Plan

Options

 

 

Weighted-

Average

Exercise

Price

 

 

Equity Plan

Options

 

 

Weighted-

Average

Exercise

Price

 

Outstanding at December 31, 2018

 

 

 

 

$

 

 

 

800,155

 

 

$

12.18

 

 

 

447,550

 

 

$

5.42

 

Granted

 

 

 

 

$

 

 

 

26,500

 

 

$

4.20

 

 

 

 

 

$

 

Exercised

 

 

 

 

$

 

 

 

(45,096

)

 

$

4.95

 

 

 

(80,000

)

 

$

3.57

 

Canceled or forfeited

 

 

 

 

$

 

 

 

(50,325

)

 

$

6.97

 

 

 

(72,125

)

 

$

5.57

 

Expired

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

Outstanding at December 31, 2019

 

 

 

 

$

 

 

 

731,234

 

 

$

12.69

 

 

 

295,425

 

 

$

5.89

 

Granted

 

 

 

 

$

 

 

 

173,010

 

 

$

5.88

 

 

 

 

 

$

 

Exercised

 

 

 

 

$

 

 

 

(45,096

)

 

$

4.95

 

 

 

 

 

$

 

Canceled or forfeited

 

 

 

 

$

 

 

 

 

 

$

 

 

 

(50,125

)

 

$

7.18

 

Expired

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

Outstanding at December 31, 2020

 

 

 

 

$

 

 

 

859,148

 

 

$

11.73

 

 

 

245,300

 

 

$

5.62

 

Granted

 

 

105,906

 

 

$

9.17

 

 

 

 

 

$

 

 

 

 

 

$

 

Exercised

 

 

 

 

$

 

 

 

(45,096

)

 

$

4.95

 

 

 

(65,300

)

 

$

5.61

 

Canceled or forfeited

 

 

 

 

$

 

 

 

(27,500

)

 

$

12.16

 

 

 

 

 

$

 

Expired

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

Outstanding at December 31, 2021

 

 

105,906

 

 

$

9.17

 

 

 

786,552

 

 

$

12.10

 

 

 

180,000

 

 

$

5.63

 

Options Exercisable at December 31, 2021

 

 

 

 

$

 

 

 

662,381

 

 

$

13.29

 

 

 

180,000

 

 

$

5.63

 

Summary of Restricted Stock Activity Under the 2010 Plan, Equity Plan and the 1991 Restricted Stock Plan

A summary of restricted stock activity under the 2020 Plan, 2010 Plan, the Equity Plan and the 1991 Restricted Stock Plan is as follows:

 

 

 

2020 Plan

Restricted

Stock

 

 

Weighted-

Average

Fair Value

 

 

2010 Plan

Restricted

Stock

 

 

Weighted-

Average

Fair Value

 

 

Equity Plan

Restricted

Stock

 

 

Weighted-

Average

Fair Value

 

 

1991

Restricted

Stock Plan

 

 

Weighted-

Average

Fair Value

 

Outstanding at Dec. 31, 2018

 

 

 

 

$

 

 

 

850,927

 

 

$

6.65

 

 

 

40,000

 

 

$

4.97

 

 

 

56,117

 

 

$

5.87

 

Granted

 

 

 

 

$

 

 

 

636,268

 

 

$

4.42

 

 

 

 

 

$

 

 

 

 

 

$

 

Released

 

 

 

 

$

 

 

 

(112,160

)

 

$

5.59

 

 

 

 

 

$

 

 

 

(20,868

)

 

$

6.40

 

Canceled or forfeited

 

 

 

 

$

 

 

 

(228,151

)

 

$

6.80

 

 

 

 

 

$

 

 

 

(10,874

)

 

$

5.15

 

Outstanding at Dec. 31, 2019

 

 

 

 

$

 

 

 

1,146,884

 

 

$

5.49

 

 

 

40,000

 

 

$

4.97

 

 

 

24,375

 

 

$

5.75

 

Granted

 

 

 

 

$

 

 

 

599,928

 

 

$

5.02

 

 

 

 

 

$

 

 

 

 

 

$

 

Released

 

 

 

 

$

 

 

 

(131,949

)

 

$

5.02

 

 

 

 

 

$

 

 

 

(11,470

)

 

$

5.75

 

Canceled or forfeited

 

 

 

 

$

 

 

 

(129,878

)

 

$

5.41

 

 

 

 

 

$

 

 

 

(1,925

)

 

$

5.75

 

Outstanding at Dec. 31, 2020

 

 

 

 

$

 

 

 

1,484,985

 

 

$

5.35

 

 

 

40,000

 

 

$

4.97

 

 

 

10,980

 

 

$

5.75

 

Granted

 

 

267,036

 

 

$

9.55

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

 

$

 

Released

 

 

(11,912

)

 

$

9.44

 

 

 

(408,232

)

 

$

5.13

 

 

 

(40,000

)

 

$

4.97

 

 

 

(10,730

)

 

$

5.75

 

Canceled or forfeited

 

 

(4,558

)

 

$

10.11

 

 

 

(147,008

)

 

$

7.68

 

 

 

 

 

$

 

 

 

(250

)

 

$

5.75

 

Outstanding at Dec. 31, 2021

 

 

250,566

 

 

$

9.54

 

 

 

929,745

 

 

$

5.07

 

 

 

 

 

$

 

 

 

 

 

$

 

Summary of Stock Options Outstanding for the 2020 Plan, 2010 Plan and Equity Plan

A summary of stock options outstanding at December 31, 2021 for the 2020 Plan, 2010 Plan, and the Equity Plan is as follows:

 

Range of Exercise Prices:

 

Number of

Options

Outstanding

 

 

Weighted

Average

Exercise Price

 

 

Weighted

Average

Remaining

Contractual

Life in Years

 

 

Aggregate

Intrinsic Value

 

2020 Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$9.17 - $9.17

 

 

105,906

 

 

$

9.17

 

 

 

9.2

 

 

$

84,725

 

 

 

 

105,906

 

 

$

9.17

 

 

 

9.2

 

 

$

84,725

 

2010 Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$4.20 - $7.48

 

 

328,581

 

 

$

5.89

 

 

 

6.6

 

 

$

1,339,073

 

$13.58 - $13.75

 

 

204,875

 

 

$

13.59

 

 

 

4.8

 

 

 

 

$15.04 - $16.93

 

 

105,096

 

 

$

15.83

 

 

 

1.5

 

 

 

 

$20.68 - $21.41

 

 

148,000

 

 

$

21.17

 

 

 

4.7

 

 

 

 

 

 

 

786,552

 

 

$

12.10

 

 

 

5.1

 

 

$

1,339,073

 

Equity Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$4.52 - $4.78

 

 

80,000

 

 

$

4.65

 

 

 

1.4

 

 

$

425,600

 

$5.25 - $7.18

 

 

100,000

 

 

$

6.41

 

 

 

2.6

 

 

 

356,200

 

 

 

 

180,000

 

 

$

5.63

 

 

 

2.0

 

 

$

781,800

 

Summary of Stock Options that are Exercisable for the 2010 Plan and the Equity Plan

A summary of stock options that are exercisable at December 31, 2021 for the 2010 Plan, and the Equity Plan is as follows:

Range of Exercise Prices:

 

Number of

Options

Exercisable

 

 

Weighted

Average

Exercise Price

 

 

Weighted

Average

Remaining

Contractual Life

in Years

 

 

Aggregate

Intrinsic Value

 

2010 Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$4.20 - $7.48

 

 

204,410

 

 

$

5.98

 

 

 

5.7

 

 

$

816,374

 

$13.58 - $13.75

 

 

204,875

 

 

$

13.59

 

 

 

4.8

 

 

 

 

$15.04 - $16.93

 

 

105,096

 

 

$

15.83

 

 

 

1.5

 

 

 

 

$20.68 - $21.41

 

 

148,000

 

 

$

21.17

 

 

 

4.7

 

 

 

 

 

 

 

662,381

 

 

$

13.29

 

 

 

4.5

 

 

$

816,374

 

Equity Plan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$4.52 - $4.78

 

 

80,000

 

 

$

4.65

 

 

 

1.4

 

 

$

425,600

 

$5.25 - $7.18

 

 

100,000

 

 

$

6.41

 

 

 

2.6

 

 

 

356,200

 

 

 

 

180,000

 

 

$

5.63

 

 

 

2.0

 

 

$

781,800