XML 40 R31.htm IDEA: XBRL DOCUMENT v3.23.2
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
The components of the Company’s share-based compensation expense for the six months ended June 30, 2023 and 2022 are as follows:
Six Months Ended June 30,
20232022
(in thousands)
Stock options$463 $625 
Restricted stock, restricted stock units and deferred stock units3,223 3,561 
Performance stock units565 404 
Employee Stock Purchase Plan158 178 
Total pre-tax share-based compensation expense charged against income$4,409 $4,768 

The following table summarizes the components of share-based compensation expense included within the Consolidated Statements of Comprehensive Income for the six months ended June 30, 2023 and 2022:

Six Months Ended June 30,
20232022
(in thousands)
Selling, general & administrative expense$4,363 $4,712 
Costs of services provided46 56 
Total share-based compensation expense$4,409 $4,768 
Schedule of Stock Options Outstanding
A summary of stock options outstanding under the Amended 2020 Plan and the 2012 Plan as of December 31, 2022 and changes during the six months ended June 30, 2023 are as follows:
Stock Options Outstanding
Number of SharesWeighted Average Exercise Price
(in thousands)
December 31, 20222,375 $31.56 
Granted207 $13.72 
Exercised— $— 
Forfeited— $— 
Expired(139)$24.68 
June 30, 20232,443 $30.43 
Schedule of Assumption For Fair Value of Options Granted
The fair value of stock option awards granted in 2023 and 2022 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
Six Months Ended June 30,
20232022
Risk-free interest rate4.0 %1.5 %
Weighted average expected life6.9 years6.7 years
Expected volatility39.5 %36.6 %
Dividend yield— %4.6 %
Schedule of Summarized Other Information About Stock Options
The following table summarizes other information about the stock options at June 30, 2023:
June 30, 2023
(amounts in thousands, except per share data)
Outstanding:
Aggregate intrinsic value$251 
Weighted average remaining contractual life5.0 years
Exercisable:
Number of options1,705 
Weighted average exercise price$34.73 
Aggregate intrinsic value$— 
Weighted average remaining contractual life3.6 years
Schedule of Outstanding Restricted Stock Units
A summary of the outstanding restricted stock units as of December 31, 2022 and changes during the six months ended June 30, 2023 is as follows:
Restricted Stock Units
NumberWeighted Average Grant Date Fair Value
(in thousands)
December 31, 2022825 $24.37 
Granted533 $13.74 
Vested(237)$27.82 
Forfeited(17)$18.72 
June 30, 20231,104 $18.59 
Schedule of Outstanding Performance Stock Units
A summary of the outstanding PSUs as of December 31, 2022 and changes during the six months ended June 30, 2023 is as follows:

Performance Stock Units
NumberWeighted Average Grant Date Fair Value
(in thousands)
December 31, 202295 $26.01 
Granted80 $16.20 
Vested— $— 
Forfeited— $— 
June 30, 2023175 $21.52 
Schedule of Options Granted Under Employee Stock Purchase Plan
The expense associated with the options granted under the ESPP during the six months ended June 30, 2023 and 2022 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
Six Months Ended June 30,
20232022
Risk-free interest rate4.8%0.4%
Weighted average expected life (years)1.01.0
Expected volatility42.9%36.9%
Dividend yield7.1%4.7%
Schedule of Supplemental Employee Retirement Plan
The following table summarizes information about the SERP during the six months ended June 30, 2023 and 2022:
Six Months Ended June 30,
 20232022
(in thousands)
SERP expense 1
$298 $289 
Unrealized gain (loss) recorded in SERP liability account$3,871 $(10,164)
1.Both the SERP match and the deferrals are included in the “selling, general and administrative” caption in the Consolidated Statements of Comprehensive Income.