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Share-Based Compensation
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Share-Based Compensation Share-Based Compensation
On April 27, 2021 ("Plan Effective Date"), the Company's shareholders approved the 2021 Equity Incentive Plan ("2021 Plan"), which is administered by the Company's Compensation Committee of the Board of Directors (the "Compensation Committee"). The 2021 Plan provides for a total of 1,280,000 shares to be reserved and available for issuance pursuant to the grant of new awards under the 2021 Plan. To the extent that all or a portion of an award is canceled, terminates, expires, is forfeited or lapses for any reason (including by reason of failure to meet time-based and/or performance-based vesting requirements), any unissued or forfeited shares originally subject to the award will be added back to the 2021 Plan share reserve and again be available for issuance pursuant to awards granted under the 2021 Plan. The 2021 Plan authorizes the grant of options, share appreciation rights, restricted stock, restricted stock units, deferred stock units, performance awards, dividend equivalents and other share-based and cash awards. Awards granted under the 2021 Plan provide for dividend equivalents, which are subject to the same forfeiture, transfer restrictions and deferral terms as apply to the award to which they relate.

Share-based compensation expense of $5.0 million, $4.1 million and $6.8 million was recorded in the years ended December 31, 2024, 2023 and 2022, respectively, and recognized in "Selling, general and administrative expenses" in the Consolidated Statements of Operations.

Restricted Stock Units ("RSUs")

Key members of management are awarded with RSUs each year based on a predetermined award value of the base salary of eligible employees aligned to a total compensation program. RSUs awards generally vest ratably, at the end of each 12-month period, over a three-year service period. A participant generally must be employed by the Company on the vesting date of each award; however, awards will vest if employment terminates earlier on account of a qualifying employment termination event such
as death, disability or retirement at age 65. Additional RSUs are granted on an annual basis to the Company's outside directors under the 2021 Plan generally with a one-year vesting period.

Changes in restricted stock units during the year ended December 31, 2024 are as follows:

(in thousands, except weighted average grant date fair value)Restricted Stock UnitsWeighted Average Grant Date Fair Value
Unvested as of January 1, 2024128 $47.34 
Granted142 $36.76 
Vested(70)$47.99 
Forfeited(30)$39.76 
Unvested as of December 31, 2024170 $39.58 

The following additional activity occurred for the Company's restricted stock units:

Years Ended December 31,
(in millions, except weighted average grant date fair value per award granted)202420232022
Weighted average grant date fair value per award$36.76 $43.50 $47.11 
Fair value of awards vested and issued2.9 4.8 4.7 
Tax expense for restricted stock compensation expense(0.7)(0.4)(0.1)

As of December 31, 2024, the Company had $3.7 million of unrecognized compensation expense before tax related to RSUs, which is expected to be recognized over a weighted average period of 1.7 years.

Performance Stock Units ("PSUs")

PSUs are granted to officers and other key employees. Vesting is subject to both the continued employment of the participant with the Company and the achievement of certain performance metrics established by the Compensation Committee. A participant generally must be employed by the Company on the vesting date of each award; however, a portion of a participant's awards will vest if employment terminates earlier on account of a qualifying employment termination event such as death, disability or retirement at age 65.

Awards granted generally cliff vest three years from the date of grant. The number of PSUs that vest may range from zero to 200% of the target shares granted and is determined for each award based on the achievement of two equally weighted performance criteria: ROIC and TSR. The PSUs are settled in common stock of the Company, with holders receiving one common share for each PSU that vests.

Changes in PSUs during the year ended December 31, 2024 are as follows:

(in thousands, except weighted average grant date fair value)Performance Stock UnitsWeighted Average Grant Date Fair Value
Unvested as of January 1, 2024106 $56.72 
Granted104 $36.62 
Vested (1)
(20)$92.98 
Forfeited(39)$42.94 
Unvested as of December 31, 2024151 $41.56 
(1) The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements, no shares were earned and distributed for the performance period ended during 2024.
The following additional activity occurred for the Company's performance stock units:

Years Ended December 31,
(in millions, except weighted average grant date fair value per award granted)202420232022
Weighted average grant date fair value per award$36.62 $43.19 $51.56 
Fair value of awards vested and issued (2)
— 1.6 1.7 
Tax (expense) benefit for performance stock compensation expense— (1.0)0.2 
(2) As noted above, in accordance with the terms of the underlying PSU award agreements, no shares were earned and distributed for the performance period ended during 2024.

As of December 31, 2024, the Company had $3.1 million of unrecognized compensation expense before tax related to PSUs, which is expected to be recognized over a weighted average period of 1.9 years.

Deferred Stock Units ("DSUs")

The Non-Employee Directors Compensation Plan allows for deferred delivery of shares granted as payment of directors' annual retainer. As of December 31, 2024, there were 22,693 fully vested deferred stock units, which were excluded from the tables above. The aggregate fair value of these units as of December 31, 2024 was $0.8 million.

The 2021 Plan and the 2011 Equity Incentive Plan allow for certain participants to elect to receive vested units on a deferred basis. As of December 31, 2024, there were 3,851 fully vested deferred stock units, which are excluded from the unvested balances as of December 31, 2024 in the tables above. The aggregate fair value of these units as of December 31, 2024 was $0.1 million.