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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
The components of the Company’s share-based compensation expense for the years ended December 31, 2023, 2022 and 2021 are as follows:
Year Ended December 31,
202320222021
(in thousands)
Stock options$969 $1,253 $1,832 
Restricted stock, restricted stock units and deferred stock units6,657 6,972 6,367 
Performance stock units1,210 819 401 
Employee Stock Purchase Plan149 170 227 
Total pre-tax share-based compensation expense charged against income$8,985 $9,214 $8,827 
Total recognized tax deficiency related to share-based compensation$(773)$(783)$(217)

The following table summarizes the components of share-based compensation expense included within the Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2022 and 2021:

Year Ended December 31,
202320222021
(in thousands)
Selling, general & administrative expense$8,942 $9,160 $8,767 
Costs of services provided43 54 60 
Total$8,985 $9,214 $8,827 
Schedule of Other Information of Stock Option Plans
A summary of stock options outstanding under the Amended 2020 Plan and the 2012 Plan as of December 31, 2023, December 31, 2022 and changes during the year ended December 31, 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(144)$24.99 
December 31, 20232,438 $30.43 
Schedule of Assumption For Fair Value of Options Granted
The fair value of stock option awards granted in 2023, 2022 and 2021 were estimated on the dates of grant using the Black-Scholes option valuation model with the following assumptions:
Year Ended December 31,
202320222021
Risk-free interest rate4.0 %1.5 %0.6 %
Weighted average expected life6.9 years6.7 years6.6 years
Expected volatility39.5 %36.6 %34.7 %
Dividend yield— %4.6 %2.9 %
Schedule of Information of Stock Options Outstanding
The following table summarizes other information about the stock options at December 31, 2023:
December 31, 2023
(amounts in thousands, except per share data)
Outstanding:
Aggregate intrinsic value$— 
Weighted average remaining contractual life4.5 years
Exercisable:
Number of options1,702 
Weighted average exercise price$34.72 
Aggregate intrinsic value$— 
Weighted average remaining contractual life2.6 years
Schedule of Outstanding Restricted Stock Units and Restricted Stock
A summary of the outstanding restricted stock units as of December 31, 2023, December 31, 2022 and changes during the year ended December 31, 2023 is as follows:
Restricted Stock Units
NumberWeighted Average Grant Date Fair Value
(in thousands)
December 31, 2022825 $24.37 
Granted536 $13.72 
Vested(237)$27.82 
Forfeited(22)$18.76 
December 31, 20231,102 $18.57 
Schedule of 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 vested during 2023, 2022 and 2021 were as follows:
Year Ended December 31,
202320222021
(in thousands, except per share data)
Weighted average grant-date fair value of restricted stock units granted$13.72 $18.06 $28.53 
Total fair value of restricted stock units and restricted shares vested$2,991 $3,307 $4,185 
Schedule of Outstanding Performance Stock Units
A summary of the outstanding PSUs as of December 31, 2023, December 31, 2022 and changes during the year ended December 31, 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— $— 
December 31, 2023175 $21.52 
Schedule of ESPP Annual Offerings
The following table summarizes information about the Company’s ESPP annual offerings for the years ended December 31, 2023, 2022 and 2021:
Year Ended December 31,
202320222021
(in thousands, except per share data)
Common shares purchased95 95 85 
Per common share purchase price$8.81 $10.20 $15.12 
Schedule of Options Granted Estimated Expense Valuation Assumptions
The expense associated with the options granted under the ESPP during the year ended December 31, 2023 and 2022 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:
Year Ended December 31,
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 Information Of SERP
The following table summarizes information about the SERP during the plan years ended December 31, 2023, 2022 and 2021:
Year Ended December 31,
 202320222021
(in thousands)
SERP expense 1
$533 $486 $531 
Treasury shares issued to fund SERP expense2
50 40 30 
Year end SERP trust account balance3
$42,313 $35,111 $59,086 
Unrealized gain (loss) recorded in SERP liability account$6,684 $(9,178)$6,676 
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 Company’s 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 Company’s Consolidated Balance Sheets.