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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table

Pay Versus Performance

 

The following table sets forth information regarding the compensation of our named executive officers (“NEOs”) for the fiscal years ended December 31, 2021, 2022 and 2023, and our financial performance for each such fiscal year:

 

Pay Versus Performance Table

 

Year

 

  

Summary Compensation Table Total

for PEO

($)(1)

    

Compensation Actually Paid to PEO

($)(2)

    

Average Summary Compensation Table Total for Non-PEO NEOs

($)(3)

    

Average Compensation Actually Paid to Non-PEO NEOs

($)(2)

    

Value of Initial Fixed $100 Investment Based on
Total Shareholder Return

($)(4)

    

Net Income
(In thousands)

($)(5)

  

2023

     1,132,230       252,742       542,218       (11,014 )     170       18,416  

2022

     1,604,665       138,164       919,710       731,773       211       90,672  

2021

     1,496,114       5,217,714       832,273       1,114,445       290       76,516  

 

 

(1)

Represents the total compensation of our principal executive officer (PEO), Joseph A. Vitiritto, as reported in the Summary Compensation Table for each year indicated.

 

 

(2)

The amount reported in this column for each year indicated is calculated as follows:

 

[The table follows on the next page.]

 

 

    
PEO Total Compensation Amount $ 1,132,230 $ 1,604,665 $ 1,496,114
PEO Actually Paid Compensation Amount $ 252,742 138,164 5,217,714
Adjustment To PEO Compensation, Footnote

Reconciliation of PEO/Non-PEO NEOs

  

PEO

            

Non-PEO NEOs

          
SCT Total and Compensation Actually Paid.    

2023

    

2022

    

2021

    

2023

    

2022

    

2021

  
 

Total Compensation as reported SCT

   $ 1,132,230     $ 1,604,665     $ 1,496,114     $ 542,218     $ 919,710     $ 832,273  

Subtract

Pension values reported in SCT for covered fiscal year

     —       —       —       —       —       —  

Subtract

Fair value of equity awards granted during covered fiscal year

     (366,145 )     (337,172 )     —       (117,190 )     (144,879 )     —  

Add

Pension value attributable to covered fiscal year’s service and any change in pension value attributable to plan amendments made in the covered year

     —       —       —       —       —       —  

Add

Fair value of equity awards granted in covered fiscal year and that are unvested at end of such covered fiscal year - valued at year-end

     268,852       225,071       —       86,050       96,711       —  

Add

Fair value of equity awards granted in covered fiscal year that vested during such covered fiscal year - valued on date of vesting

     —       —       —       —       —       —  

Add

Dividends or other earnings paid on stock or option awards in the covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year

     —       —       —       —       —       —  

Add/Subtract

Change in fair value from end of prior fiscal year to end of covered fiscal year for awards made in prior fiscal years that were unvested at end of current fiscal year

     (714,010 )     (1,345,400 )     3,721,600       (109,670 )     (82,768 )     162,892  

Add/Subtract

Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year

     (68,185 )     (9,000 )     —       1,901       (57,000 )     119,280  

Subtract

Fair value of awards forfeited in current fiscal year determined at end of prior fiscal year

     —       —       —       (414,322 )     —       —  

Equals

Compensation Actually Paid to PEO/Non-PEO NEOs

   $ 252,742     $ 138,164     $ 5,217,714     $ (11,014 )   $ 731,773     $ 1,114,445  

 

 

(3)

Represents the total compensation of our only other NEO for 2021 and 2022, Allen W. West, and the average of the total compensation of each of our other NEOs during 2023, Lance K. Stewart and Allen W. West, as reported in the Summary Compensation Table for each year indicated.

 

 

(4)

Represents the cumulative three-year total return to shareholders of our common stock and assumes that the value of the investment was $100 on December 31, 2020. The Company did not issue any dividends during 2021, 2022 or 2023. The stock price performance included in this column is not necessarily indicative of future stock price performance.

 

 

(5)

Represents our reported net income for each year indicated.
   
Non-PEO NEO Average Total Compensation Amount $ 542,218 919,710 832,273
Non-PEO NEO Average Compensation Actually Paid Amount $ (11,014) 731,773 1,114,445
Compensation Actually Paid vs. Total Shareholder Return

Relationship Between Compensation Actually Paid to our NEOs and Company Performance

 

The following graphs show the relationship between the compensation actually paid to our PEO and our other NEOs to our total shareholder return and net income over the three fiscal years ending December 31, 2023 as reported in the table above:

 

[The graphs follow on the next page.]

 

 

graph01.jpg
    
Compensation Actually Paid vs. Net Income
graph02.jpg

 

 

    
Total Shareholder Return Amount $ 170 211 290
Net Income (Loss) 18,416,000 90,672,000 76,516,000
PEO      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Pension Adjustments Service Cost      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Pension Adjustments Prior Service Cost      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (366,145) (337,172) 0
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 268,852 225,071 0
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (714,010) (1,345,400) 3,721,600
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (68,185) (9,000) 0
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (414,322) 0 0
Non-PEO NEO | Pension Adjustments Service Cost      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Pension Adjustments Prior Service Cost      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (117,190) (144,879) 0
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 86,050 96,711 0
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (109,670) (82,768) 162,892
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,901 (57,000) 119,280
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 0 $ 0 $ 0