Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based CompensationStock 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, 2022, the Company had two equity based compensation plans. No stock options were granted to employees or non-employees during 2022, 2021, and 2020; however, options were granted to Directors in 2021, and 2020. Stock compensation expense of $618 thousand, $539 thousand and $517 thousand was recognized during the years ending December 31, 2022, 2021, and 2020, respectively, on outstanding and unvested options.

The fair value of options granted 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,
	2022			2021			2020
Weighted average fair values of stock options granted	$	—		$	15.53		$	15.58
Expected volatility	—		%	77.1		%	64.7		%
Expected dividends	—		%	.99		%	.84		%
Weighted average risk-free interest rate	—		%	.93		%	.24		%
Expected life of stock options (in years)	0.00			3.5			3.5

A summary of stock option activity for the years ended December 31, 2022, 2021, and 2020 is as follows:

	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
					(In thousands)
Outstanding at January 1, 2020	217,875	$	43.78	2.6	$	—
Granted	36,000	$	35.70
Exercised	(30,000)	$	21.19
Canceled	(6,000)	$	28.59
Outstanding at December 31, 2020	217,875	$	45.97	2.6	$	—
Granted	42,000	$	30.40
Exercised	—	$	—
Canceled	(40,875)	$	49.22
Outstanding at December 31, 2021	219,000	$	42.38	2.8	$	—
Granted	—	—
Exercised	—	—
Canceled	(39,000)	$	49.22
Outstanding at December 31, 2022	180,000	$	39.89	2.3	$	—
Exercisable at December 31, 2022	120,000	$	42.50	1.8	$	—

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 2022, 2021, and 2020 was $0, $0 and $341 thousand, respectively.

Cash received or the value of stocks canceled from option exercises under all share-based payment arrangements for the years ended December 31, 2022, 2021, and 2020, was $0, $0 and $127 thousand, respectively.

A summary of non-vested options and changes for the years ended December 31, 2022, 2021 and 2020 is as follows:

	Non-Vested Number of Shares	Weighted Average Exercise Price
Non-vested balance at January 1, 2020	108,750	$	46.65
Granted	36,000	$	35.70
Vested	(42,000)	$	47.66
Canceled	—	$	—
Non-vested balance at December 31, 2020	102,750	$	42.40
Granted	42,000	$	30.40
Vested	(39,750)	$	44.24
Canceled	—	$	—
Non-vested balance at December 31, 2021	105,000	$	36.90
Granted	—	$	—
Vested	(45,000)	$	39.89
Canceled	—	$	—
Non-vested balance at December 31, 2022	60,000	$	34.66

The following table summarizes information about stock options outstanding by price range as of December 31, 2022:

	Options Outstanding					Options Exercisable
Exercise Prices	Number Outstanding	Weighted-Average Remaining Contractual Life (Years)	Weighted-Average Exercise Price			Number of Shares	Weighted-Average Exercise Price
$30.40	42,000	0.91	$	7.09	2	10,500	$	2.66
$35.70	36,000	0.59	$	7.14		18,000	$	5.36
$41.60	36,000	0.35	$	8.32		29,250	$	10.14
$42.56	36,000	0.20	$	8.51		36,000	$	12.77
$52.92	30,000	0.24	$	8.82		26,250	$	11.58
	180,000	0	$	39.87		120,000	$	42.51

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:

	Shares	Weighted-Average Grant Date Fair Value
Non-vested at January 1, 2020	107,954	$	52.08
Granted	388,089	$	24.37
Vested	(68,504)	$	52.49
Forfeited	—	$	—
Non-vested at December 31, 2020	427,539	$	26.86
Granted	8,979	$	27.84
Vested	(213,993)	$	29.08
Forfeited	—	$	—
Non-vested at December 31, 2021	222,525	$	24.76
Granted	2,871	$	29.61
Vested	(141,206)	$	25.88
Forfeited	—	$	—
Non-vested at December 31, 2022	84,190	$	23.05

In the aggregate the total compensation expense recognized in connection with the restricted grants was $3.3 million, $4.8 million, and $4.3 million during each of the years ending December 31, 2022, 2021, and 2020, respectively.

As of December 31, 2022, there was $1.3 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 0.77 years. The total fair value of shares vested during the years ended December 31, 2022, 2021, and 2020 was $3.3 million, $6.2 million, and $3.6 million, respectively.

As of December 31, 2022, the Company has 8.6 million shares of common stock reserved for possible future stock option and restricted stock grants.