XML 40 R31.htm IDEA: XBRL DOCUMENT v3.22.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
The components of the Company’s shared-based compensation expense for the three months ended March 31, 2022 and 2021 are as follows:
Three Months Ended March 31,
20222021
(in thousands)
Stock options$314 $458 
Restricted stock and restricted stock units1,785 1,550 
Performance stock units199 96 
Employee Stock Purchase Plan98 167 
Total pre-tax share-based compensation expense charged against income1
$2,396 $2,271 
1.Share-based compensation expense is recorded in “Costs of services provided” and “Selling, general and administrative expense” on the Company’s Consolidated Statements of Comprehensive Income.
Schedule 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 the three months ended March 31, 2022 are as follows:
Stock Options Outstanding
Number of SharesWeighted Average Exercise Price
(in thousands)
December 31, 20212,181 $33.42 
Granted352 $18.10 
Exercised(23)$17.50 
Forfeited— $— 
Expired(56)$21.68 
March 31, 20222,454 $31.64 
Schedule of Assumption For Fair Value of Options Granted
The fair value of stock option awards granted in 2022 and 2021 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
Three Months Ended March 31,
20222021
Risk-free interest rate1.5 %0.6 %
Weighted average expected life6.7 years6.6 years
Expected volatility36.6 %34.7 %
Dividend yield4.6 %2.9 %
Schedule of Summarized Information of Stock Options Outstanding
The following table summarizes other information about the stock options at March 31, 2022:
March 31, 2022
(amounts in thousands, except per share data)
Outstanding:
Aggregate intrinsic value$165 
Weighted average remaining contractual life5.4 years
Exercisable:
Number of options1,697 
Weighted average exercise price$34.51 
Aggregate intrinsic value$— 
Weighted average remaining contractual life4.0 years
Schedule of Outstanding Restricted Stock Units
A summary of the outstanding restricted stock units as of December 31, 2021 and changes during the three months ended March 31, 2022 is as follows:
Restricted Stock Units
NumberWeighted Average Grant Date Fair Value
(in thousands)
December 31, 2021652 $31.03 
Granted391 $18.10 
Vested(181)$33.59 
Forfeited(19)$28.32 
March 31, 2022843 $24.55 
Schedule of Outstanding Performance Stock Units
A summary of the outstanding PSUs as of December 31, 2021 and changes during the three months ended March 31, 2022 is as follows:

Performance Stock Units
NumberWeighted Average Grant Date Fair Value
(in thousands)
December 31, 202135 $34.52 
Granted60 $21.00 
Vested— $— 
Forfeited— $— 
March 31, 202295 $26.01 
Schedule of Options Granted Estimated Expense Valuation Assumptions
The expense associated with the options granted under the ESPP during the three months ended March 31, 2022 and 2021 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
Three Months Ended March 31,
20222021
Risk-free interest rate0.4%0.1%
Weighted average expected life (years)1.01.0
Expected volatility36.9%61.7%
Dividend yield4.7%2.9%
Schedule of ESPP Annual Offerings
The following table summarizes information about the SERP during the three months ended March 31, 2022 and 2021:
Three Months Ended March 31,
 20222021
(in thousands)
SERP expense 1
$157 $186 
Unrealized (loss) gain recorded in SERP liability account$(3,785)$1,301 
1.Both the SERP match and the deferrals are included in the “selling, general and administrative” caption in the Consolidated Statements of Comprehensive Income.