XML 61 R45.htm IDEA: XBRL DOCUMENT v3.22.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of restricted stock units issued and compensation expense
The following table summarizes RSUs issued and the compensation expense from continuing operations recorded for the years ended December 31, 2021, 2020, and 2019:
 RSUs (a)Weighted Average Fair ValueExpense
(Dollars in thousands, except per unit)202120202019
Directors:     
201843,821 20.54 — — 280 
201914,211 25.33 — 120 240 
202034,986 10.29 120 240 — 
202123,224 21.53 333 — — 
Employees:     
2016536,773 7.09 — — 245 
2017286,251 13.70 — 85 763 
2018242,791 19.93 142 706 1,064 
2019270,864 22.25 1,239 1,270 1,524 
     2020522,087 8.221,093 1,244 — 
2021343,125 18.621,892 — — 
Total  $4,819 $3,665 $4,116 
(a)     Represents number of awards originally issued.
Schedule of restricted stock unit activity
RSU activity for the year ended December 31, 2021 was as follows:
Number of SharesWeighted Average
Grant-Date
Fair Value
Non-vested at December 31, 2020686,287 $11.84 
Granted366,349 18.81 
Vested(307,543)13.33 
Forfeited(32,249)14.16 
Non-vested at December 31, 2021712,844 14.68 
Schedule of Stock Appreciation Rights award activity
SARs activity for the year ended December 31, 2021 was as follows:
Number of SharesWeighted Average Exercise PriceAggregate Intrinsic Value (in millions) (b)
Outstanding, December 31, 20202,401,131 $14.37 $11.7 
Granted184,641 18.58 
Exercised(107,413)10.81 
Forfeited/Expired(84,304)17.31 
Outstanding, December 31, 20212,394,055 14.75 8.6 
(b)     Intrinsic value is defined as the difference between the current market value and the exercise price, for those SARs where the market price exceeds the exercise price.
Schedule of nonvested awards activity
The following table summarizes information concerning outstanding and exercisable SARs at December 31, 2021:
SARs OutstandingSARs Exercisable
Range of exercisable pricesVestedNon-vestedWeighted-Average Exercise Price per ShareWeighted-Average Remaining Contractual Life in YearsNumber ExercisableWeighted-Average Exercise Price per Share
$7.00 - $14.89
807,168 443,256 $9.87 6.53807,168 $9.48 
$16.53 - $22.70
727,909 221,624 19.12 5.31727,909 19.01 
$23.25 - $26.92
194,098 — 24.80 2.61194,098 24.80 
1,729,175 664,880 14.75 5.731,729,175 15.21 
Stock Appreciation Rights (SARs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of stock appreciation rights valuation assumptions
The fair value of each SAR grant was estimated on the grant date using a Black-Scholes pricing model with the following assumptions:
Risk-free Interest rateDividend YieldExpected Life (Years)VolatilitySAR Grant PriceFair Value of SAR
March 2019 Grant2.52 %— %6.046.2 %22.51 10.62 
July 2019 Grant1.84 %— %6.047.1 %27.39 12.80 
March 2020 Grant0.76 %— %6.045.2 %10.29 3.03 
October 2020 Grant0.44 %— %6.060.3 %14.89 8.12 
March 2021 Grant0.91 %— %6.061.9 %18.58 10.48 
Schedule of weighted-average grant-date fair value of unvested options
Weighted-average grant date fair value of non-vested SARs for the year ended December 31, 2021 was as follows:
Number of SharesWeighted-Average Grant Date Fair Value
Non-vested shares, December 31, 2020877,947 $4.50 
Granted184,641 10.48 
Vested(348,340)5.33 
Forfeited(49,368)5.77 
Non-vested shares, December 31, 2021664,880 5.63 
Performance Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of stock appreciation rights valuation assumptions The fair value of PSUs granted was estimated on the grant date using a Monte Carlo pricing model with the following assumptions:
Risk-free Interest rateDividend YieldExpected Life (Years)VolatilityFair Value of PSU
March 2019 Grant2.48 %— %2.8233.8 %29.04 
July 2019 Grant1.75 %— %2.5034.3 %40.07 
August 2019 Grant1.57 %— %2.4134.9 %23.38 
March 2020 Grant0.56 %— %2.8136.0 %4.40 
October 2020 Grant0.17 %— %2.2053.7 %17.01 
March 2021 Grant0.25 %— %2.8350.7 %25.38 
Schedule of weighted-average grant-date fair value of unvested options
A summary of the Company's non-vested PSU activity during the year ending December 31, 2021 was as follows:
Number of SharesWeighted-Average Grant Date Fair Value
Non-vested shares, December 31, 2020696,318 $11.85 
Granted316,959 25.38 
Forfeited(44,839)15.47 
Vested, not issued (c)
(214,645)26.84 
Non-vested shares, December 31, 2021753,793 13.05 
(c) The measurement period for PSUs issued in 2019 ended on December 31, 2021 and these shares vested but will not be issued until the Board certifies the measurement period results in early 2022. A total of 0 shares are expected to be issued.