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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
The components of the Company’s shared-based compensation expense for the years ended December 31, 2021, 2020 and 2019 are as follows:
Year Ended December 31,
202120202019
(in thousands)
Stock options$1,832 $2,134 $2,623 
Restricted stock, restricted stock units and deferred stock units6,367 5,195 3,967 
Performance stock units401 — — 
Employee Stock Purchase Plan227 543 275 
Total pre-tax share-based compensation expense charged against income1
$8,827 $7,872 $6,865 
Total recognized tax (deficiency) benefit related to share-based compensation$(217)$(293)$196 
1.Share-based compensation expense is recorded in cost of services and selling, general and administrative expense in the Company’s Consolidated Statements of Comprehensive Income.
Summary of Other Information of Stock Option Plans
A summary of stock options outstanding under the 2020 Plan and the 2012 Plan as of December 31, 2021 and changes during 2021 are as follows:
Stock Options Outstanding
Number of SharesWeighted Average Exercise Price
(in thousands)
December 31, 20202,098 $33.35 
Granted207 $28.45 
Exercised(109)$22.38 
Forfeited(3)$39.38 
Expired(12)$33.96 
December 31, 20212,181 $33.42 
Schedule of Assumption For Fair Value of Options Granted
The fair value of stock option awards granted in 2021, 2020 and 2019 were estimated on the dates of grant using the Black-Scholes option valuation model with the following assumptions:
Year Ended December 31,
202120202019
Risk-free interest rate0.6 %1.8 %2.5 %
Weighted average expected life6.6 years6.6 years5.7 years
Expected volatility34.7 %26.5 %22.6 %
Dividend yield2.9 %3.2 %1.9 %
Summarized Information of Stock Options Outstanding
The following table summarizes other information about the stock options at December 31, 2021:
December 31, 2021
(amounts in thousands, except per share data)
Outstanding:
Aggregate intrinsic value$18 
Weighted average remaining contractual life4.9 years
Exercisable:
Number of options1,538 
Weighted average exercise price$33.43 
Aggregate intrinsic value$18 
Weighted average remaining contractual life3.7 years
Summary of Outstanding Restricted Stock Units and Restricted Stock
A summary of the outstanding restricted stock units and restricted stock as of December 31, 2020 and changes during the year ended December 31, 2021 is as follows:
Restricted Stock Units and Restricted Stock
NumberWeighted Average Grant Date Fair Value
(in thousands)
December 31, 2020561 $33.31 
Granted262 $28.53 
Vested(149)$35.32 
Forfeited(22)$30.24 
December 31, 2021652 $31.03 
Weighted Average Grant-Date Fair Values and Intrinsic Values of Options Vested
The weighted average grant-date fair values and total fair values of restricted stock units and restricted stock vested during 2021, 2020 and 2019 were as follows:
Year Ended December 31,
202120202019
(in thousands, except per share data)
Weighted average grant-date fair value of restricted stock units granted$28.53 $24.43 $40.49 
Total fair value of restricted stock units and restricted shares vested$4,185 $2,287 $2,399 
Summary of Outstanding Performance Stock Units
A summary of the outstanding PSUs as of December 31, 2020 and changes during the year ended December 31, 2021 is as follows:
Performance Stock Units
NumberWeighted Average Grant Date Fair Value
(in thousands)
December 31, 2020— $— 
Granted35 $34.52 
Vested— $— 
Forfeited— $— 
December 31, 202135 $34.52 
Summary of ESPP Annual Offerings
The following table summarizes information about the Company’s ESPP annual offerings for the years ended December 31, 2021, 2020 and 2019:
Year Ended December 31,
202120202019
(in thousands, except per share data)
Common shares purchased85 73 75 
Per common share purchase price$15.12 $20.67 $20.67 
Schedule of Options Granted Estimated Expense Valuation Assumptions
The expense associated with the options granted under the ESPP during the year ended December 31, 2021 and 2020 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
Year Ended December 31,
20212020
Risk-free interest rate0.1%1.6%
Weighted average expected life (years)1.01.0
Expected volatility61.7%42.0%
Dividend yield2.9%3.3%
Summary of Information Of SERP
The following table summarizes information about the SERP during the plan years ended December 31, 2021, 2020 and 2019:
Year Ended December 31,
 202120202019
(in thousands)
SERP expense 1
$531 $512 $539 
Treasury shares issued to fund SERP expense2
30 18 22 
Year end SERP trust account balance3
$59,086 $54,729 $43,952 
Unrealized gain recorded in SERP liability account$6,676 $9,200 $7,353 
1.Both the SERP match and the deferrals are included in the selling, general and administrative caption in the Consolidated Statements of Comprehensive Income.
2.Shares related to the SERP match for each year are funded at the beginning of the subsequent year.
3.SERP trust account investments are recorded at their fair value which is based on quoted market prices. Differences between such amounts in the table above and the deferred compensation funding asset reported on the Consolidated Balance Sheets represent the value of Company common stock held in the Plan participants’ trust accounts and reported by the Company as treasury stock in the Consolidated Balance Sheets.