XML 30 R16.htm IDEA: XBRL DOCUMENT v3.22.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Stock Options—The Company accounts for compensation expense associated with stock options issued to employees, Directors, and non-employees based on their fair value, which is calculated using an option pricing model, and is recognized over the service period, which is usually the vesting period. At December 31, 2021, the Company had two equity based compensation plans. No stock options were granted to employees or non-employees during 2021, 2020, and 2019; however, options were granted to Directors in 2021, 2020, and 2019. Stock compensation expense of $539 thousand, $517 thousand and $537 thousand was recognized during the years ending December 31, 2021, 2020, and 2019, respectively, on outstanding and unvested options.
The fair value of options granted during 2021 is estimated on the date of grant using a Black-Scholes option pricing model. The following table includes the weighted-average assumptions used in estimating the fair values and the resulting weighted-average fair value of stock options granted in the periods presented:
Year Ended December 31,
202120202019
Weighted average fair values of stock options granted$15.53 $15.58 $12.68 
Expected volatility77.1 %64.7 %36.0 %
Expected dividends.99 %.84 %.65 %
Weighted average risk-free interest rate.93 %.24 %1.72 %
Expected life of stock options (in years)3.53.53.5

A summary of stock option activity for the years ended December 31, 2021, 2020, and 2019 is as follows:
SharesWeighted
Average
Exercise Price		Weighted
Average
Remaining
Contractual
Term (Years)		Aggregate Intrinsic
Value
    (In thousands)
Outstanding at January 1, 2019162,000 $42.75 3.05$— 
Granted66,000 $46.75   
Exercised— $—   
Canceled(10,125)$46.66   
Outstanding at December 31, 2019217,875 $43.78 2.60$— 
Granted36,000 $35.70 
Exercised(30,000)$21.19 
Canceled(6,000)$28.59 
Outstanding at December 31, 2020217,875 $45.97 2.57$— 
Granted42,000 $30.40 
Exercised— $— 
Canceled(40,875)$49.22 
Outstanding at December 31, 2021219,000 $42.38 2.80$— 
Exercisable at December 31, 2021114,000 $47.43 1.84$— 
The aggregate intrinsic value for stock options outstanding and exercisable is defined as the difference between the market value of the Company’s stock as of the end of the period and the exercise price of the stock options. The total intrinsic value of stock options exercised during 2021, 2020, and 2019 was zero , $341 thousand and zero , respectively.
Cash received or the value of stocks canceled from option exercises under all share-based payment arrangements for the years ended December 31, 2021, 2020, and 2019, was zero , $127 thousand and zero , respectively.
A summary of non-vested options and changes for the years ended December 31, 2021, 2020 and 2019 is as follows:
Non-Vested Number of SharesWeighted
Average
Exercise Price
   
Non-vested balance at January 1, 201981,750 $47.21 
Granted66,000 $46.75 
Vested(28,875)$48.46 
Canceled(10,125)$46.66 
Non-vested balance at December 31, 2019108,750 $46.65 
Granted36,000 $35.70 
Vested(42,000)$47.66 
Canceled— $— 
Non-vested balance at December 31, 2020102,750 $42.40 
Granted42,000 $30.40 
Vested(39,750)$44.24 
Canceled— $— 
Non-vested balance at December 31, 2021105,000 $36.90 

The following table summarizes information about stock options outstanding by price range as of December 31, 2021:
Options OutstandingOptions Exercisable
Exercise PricesNumber OutstandingWeighted-Average Remaining Contractual Life (Years)Weighted-Average Exercise PriceNumber of SharesWeighted-Average Exercise Price
 $30.40 42,000 0.94$5.83 — $— 
 $35.70 36,000 0.65$5.87 9,000 $2.82 
 $41.60 36,000 0.45$6.84 20,250 $7.39 
 $42.56 36,000 0.33$6.99 27,000 $10.08 
 $52.92 30,000 0.33$7.25 18,750 $8.70 
 $53.90 39,000 0.09$9.60 39,000 $18.44 
219,000 2.80$42.38 114,000 $47.43 

Restricted Stock—Pursuant to the Company’s restricted stock agreements, the restricted stock granted generally vests as follows: one third after one year, and the remaining in eight equal quarterly installments. The restricted stock also vests with respect to any unvested shares upon the applicable employee’s death, disability or retirement, the Company’s termination of the employee other than for cause, or for a change in control of the Company. A summary of the status of the Company’s non-vested restricted stock grant shares is presented in the following table:
SharesWeighted-Average Grant Date
Fair Value
Non-vested at January 1, 201940,416 $58.60 
Granted91,658 $50.54 
Vested(24,120)$57.14 
Forfeited— $— 
Non-vested at December 31, 2019107,954 $52.08 
Granted388,089 $24.37 
Vested(68,504)$52.49 
Forfeited— $— 
Non-vested at December 31, 2020427,539 $26.86 
Granted8,979 $27.84 
Vested(213,993)$29.08 
Forfeited— $— 
Non-vested at December 31, 2021222,525 $24.76 
In the aggregate the total compensation expense recognized in connection with the restricted grants was $4.8 million, $4.3 million, and $2.9 million during each of the years ending December 31, 2021, 2020, and 2019, respectively.
As of December 31, 2021, there was $4.5 million of total unrecognized compensation cost related to non-vested share based compensation arrangements granted under the 2006, 2010 and 2020 Incentive Compensation Programs. That cost is expected to be recognized over a weighted-average period of 1.47 years. The total fair value of shares vested during the years ended December 31, 2021, 2020, and 2019 was $6.2 million, $3.6 million, and $1.4 million, respectively.
As of December 31, 2021, the Company has 8.6 million shares of common stock reserved for possible future stock option and restricted stock grants.