XML 25 R12.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity SHAREHOLDERS’ EQUITY
The following tables depict the activity in the accounts which make up shareholders’ equity for the three months ended March 31, 2024 and April 2, 2023:
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		PENSION LIABILITYFOREIGN CURRENCY TRANSLATION ADJUSTMENT
TOTAL
(in thousands, except per share data)
Balance, at December 31, 202358,112 $5,811 $252,909 $320,833 $(34,016)$(119,590)$425,947 
Net income
— — — 14,179 — — 14,179 
Issuances of stock related to restricted share units and performance shares
472 47 (47)— — — — 
Cash dividends declared, $0.01 per common share
— — — (589)— — (589)
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings
(311)(31)(324)— — — (355)
Pension liability adjustment— — — — 458 — 458 
Foreign currency translation adjustment— — — — — (11,092)(11,092)
Balance, at March 31, 202458,273 $5,827 $252,538 $334,423 $(33,558)$(130,682)$428,548 
SHARESCOMMON STOCKADDITIONAL PAID-IN CAPITALRETAINED
EARNINGS		PENSION LIABILITYFOREIGN CURRENCY TRANSLATION ADJUSTMENTCASH FLOW
HEDGE
TOTAL
(in thousands, except per share data)
Balance, at January 1, 202358,106 $5,811 $244,159 $278,639 $(27,548)$(138,775)$(749)$361,537 
Net loss
— — — (714)— — — (714)
Issuances of stock related to performance shares
79 8 (8)— — — — — 
Cash dividends declared, $0.01 per common share
— — — (580)— — — (580)
Compensation expense related to share-based plans, net of forfeitures and shares received for tax withholdings
(132)(14)1,850 — — — — 1,836 
Pension liability adjustment— — — — (279)— — (279)
Foreign currency translation adjustment— — — — — 4,930 — 4,930 
Reclassification out of accumulated other comprehensive loss – discontinued cash flow hedge— — — — — — 299 299 
Balance, at April 2, 202358,053 $5,805 $246,001 $277,345 $(27,827)$(133,845)$(450)$367,029 
The Company has share-based employee compensation plans, which are described more fully in Note 14 to the consolidated financial statements included in Item 8 of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Restricted Stock Awards
Compensation expense related to restricted stock grants was $0.9 million and $1.4 million for the three months ended March 31, 2024 and April 2, 2023, respectively. The Company has reduced its expense for any restricted stock forfeited during the period.
The following table summarizes restricted stock outstanding as of March 31, 2024, as well as activity during the three months then ended:
Restricted SharesWeighted Average
Grant Date
Fair Value
Outstanding at December 31, 2023691,600 $12.55 
Granted— — 
Vested(324,300)13.94 
Forfeited or canceled(1,200)13.19 
Outstanding at March 31, 2024366,100 $11.32 
As of March 31, 2024, the unrecognized total compensation cost related to unvested restricted stock was $0.9 million. That cost is expected to be recognized by the first quarter of 2025.
Restricted Share Unit Awards
Compensation expense related to the restricted share units was $0.9 million and $0.5 million for the three months ended March 31, 2024 and April 2, 2023, respectively. The Company has reduced its expense for any restricted share units forfeited during the period.
The following table summarizes restricted share units outstanding as of March 31, 2024, as well as activity during the three months then ended:
Restricted Share UnitsWeighted Average
Grant Date
Fair Value
Outstanding at December 31, 2023583,400 $10.35 
Granted402,800 13.24 
Vested(151,600)10.80 
Forfeited or canceled(4,000)10.80 
Outstanding at March 31, 2024830,600 $11.67 
As of March 31, 2024, the unrecognized total compensation cost related to unvested restricted share units was $8.5 million. That cost is expected to be recognized by the first quarter of 2027.
Performance Share Awards
The following table summarizes the performance shares outstanding as of March 31, 2024, as well as the activity during the three months then ended:
Performance SharesWeighted Average
Grant Date
Fair Value
Outstanding at December 31, 20231,115,000 $12.36 
Granted402,800 13.24 
Vested(320,700)13.91 
Forfeited or canceled(12,800)12.82 
Outstanding at March 31, 20241,184,300 $12.24 
Compensation expense related to the performance shares was $2.1 million and $1.1 million for the three months ended March 31, 2024 and April 2, 2023, respectively. The Company has reduced its expense for any performance shares forfeited during the period. Unrecognized compensation expense related to these performance shares was approximately $9.0 million as of March 31, 2024. The amount and timing of future compensation expense will depend on the performance of the Company. The compensation expense related to these outstanding performance shares is expected to be recognized by the first quarter of 2027.
The tax benefit recognized with respect to restricted stock, restricted share units and performance shares was approximately $0.5 million for the three months ended March 31, 2024.