STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of changes in, the Company's stock option awards

	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life	Intrinsic Value
Options outstanding at December 31, 2021	31,386	$	23.53	4.88	$	113
Exercised	(4,840)	23.53
Expired	(440)	23.53
Options outstanding at December 31, 2022	26,106	$	23.53	3.88	$	31
Options exercisable at December 31, 2022	26,106	$	23.53	3.88	$	31

Summary of changes in the Company's RSU, PSU, and DSU awards

A summary of changes in the Company’s RSU awards for the year ended December 31, 2022, is as follows:

	RSU Awards
	Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2021	1,147,927	$	23.97
Granted	156,483	25.79
Dividend equivalents earned	43,916	24.83
Vested	(203,230)	27.66
Forfeited	(48,165)	23.46
Nonvested at December 31, 2022	1,096,931	23.61

A summary of changes in the Company’s PSU awards for the year ended December 31, 2022, is as follows:

	PSU Awards
	Shares1	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2021	113,915	$	22.86
Granted	195,240	26.14
Dividend equivalents earned2	832	22.63
Vested2	(8,694)	16.86
Forfeited2	(8,080)	25.21
Adjustment for performance conditions2,3	(7,862)	16.25
Nonvested at December 31, 2022	285,351	25.40
Vested and outstanding at December 31, 2022	8,694	16.86

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1.Shares for PSU awards represent target shares at grant date.

2.PSUs granted in 2020 vested on December 31, 2022. In January 2023, it was determined that performance criteria had been met at 50% of target.

3.Adjustments for performance conditions represent the difference between the number of target shares at grant date and the number of actual shares earned for the performance period completed.

A summary of changes in the Company’s DSU awards for the year ended December 31, 2022, is as follows:

	DSU Awards
	Shares	Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2021	34,135	$	24.59
Granted	32,658	25.79
Dividend equivalents earned	5,473	24.47
Vested	(41,181)	24.67
Nonvested at December 31, 2022	31,085	25.75
Vested and outstanding at December 31, 2022	112,434	23.10

Schedule of Stock-based compensation expense

The Company recognized compensation expense related to non-vested RSU, PSU, and DSU awards, as well as the 2021 ESPP, as presented in the table below (dollars in thousands):

	Years Ended December 31,
	2022		2021		2020
Stock-based compensation expense
RSU awards	$	4,648	$	5,809	$	6,493
PSU awards1	3,240		979		77
DSU awards	876		962		565
2021 ESPP	204		114		—
Total stock-based compensation expense	$	8,968	$	7,864	$	7,135

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1.Expense for market-based PSU awards represents amounts based on target shares at grant date. Expense for performance-based PSU awards represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.

Schedule of Unamortized stock-based compensation expense

Unamortized stock-based compensation expense is presented in the table below (dollars in thousands):

	As of December 31,
	2022		2021
Unamortized stock-based compensation
RSU awards	$	8,570	$	10,204
PSU awards1	4,279		1,547
DSU awards	175		209
Total unamortized stock-based compensation	$	13,024	$	11,960
Weighted average period over which expense is to be recognized	2.5 yrs		2.9 yrs

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1.Unamortized expense for market-based PSU awards represents amounts based on target shares at grant date. Unamortized expense for performance-based PSU awards represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.