XML 59 R42.htm IDEA: XBRL DOCUMENT v3.22.0.1
Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Summary of Compensation Expense Connection with Awards
The Company recognized the following compensation expense in connection with awards that vested under the 2018 Plan, the 2015 Plan, the Prior Plan, and the Non-Employee Directors Plan along with the related tax benefits recognized during the years ended December 31 (in thousands):
202120202019
Expense recognized under the Prior Plan$29 $40 $192 
Expense recognized under the 2015 Plan1,186 1,932 5,077 
Expense recognized under the 2018 Plan6,597 5,441 6,731 
Expense recognized under the Non-Employee Directors Plan840 760 570 
Total stock compensation expense$8,652 $8,173 $12,570 
Tax benefits recognized related to stock compensation expense$2,189 $2,272 $3,136 
Schedule of Number of Awards and Weighted Average Grant Date Fair Value
The following table provides the number of stock units and common stock granted during the years ended December 31, along with the weighted-average grant-date fair value of each award:
 202120202019
AwardsNumber of
Awards		Weighted
Average
Grant Date
Fair Value		Number of
Awards		Weighted
Average
Grant Date
Fair Value		Number of
Awards		Weighted
Average
Grant Date
Fair Value
Deferred stock units7,536 $83.58 12,402 $45.98 7,509 $37.95 
Common stock2,512 $83.58 4,134 $45.98 7,509 $37.95 
Restricted stock units72,243 $79.28 81,397 $56.81 152,472 $39.73 
Performance stock units62,778 $87.84 160,426 $55.98 183,908 $40.49 
Summary of Ranges of Outstanding and Exercisable Options
The following table summarizes the ranges of outstanding and exercisable options at December 31, 2021:
Range of Exercise PricesOptions
Outstanding		Weighted Average
Remaining
Contractual Life
(in years)		Weighted
Average
Exercise
Price		Options
Exercisable		Weighted
Average
Exercise
Price
$39.00– $44.00
5,000 5.33$39.55 5,000 $39.55 
Summary of Stock Options Transactions
The following table summarizes information about stock option transactions:
OptionsWeighted
Average
Exercise
Price		Weighted Average
Remaining Contractual
Life (in years)		Aggregate
Intrinsic Value
Balance at January 1, 2019159,759 $17.70 
Exercised(42,350)11.57 
Balance at December 31, 2019117,409 $19.91 
Exercised(75,909)14.73 
Balance at December 31, 202041,500 $29.38 
Exercised(36,500)27.99 
Balance at December 31, 20215,000 $39.55 5.33$135,650 
Summary of Information About Restricted Stock Units and Weighted Average Grant Date Fair Value
The following table summarizes information about non-vested restricted stock units, performance stock units (that will convert to shares upon vesting) and common stock:
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value		Common StockWeighted
Average
Grant Date
Fair Value		Performance Stock Units (1) (2)Weighted Average Grant Date Fair ValueDeferred Stock Units (3)Weighted Average Grant Date Fair Value
Balance at December 31, 2020237,442 $41.15 — $— 407,289 $45.00 47,154 $37.30 
Granted72,243 $79.28 2,512 $83.58 62,778 $87.84 7,536 $83.58 
Adjustments— $— — $— 7,400 $52.40 — $— 
Vested(83,028)$43.09 (2,512)$83.58 (106,826)$35.06 (2,218)$36.47 
Forfeited(22,073)$49.78 — $— (7,167)$46.87 — $— 
Balance at December 31, 2021204,584 $52.90 — $— 363,474 $55.44 52,472 $43.99 

(1) The Company’s performance stock units (“PSUs”) represent shares granted for which the final number of shares earned depends on financial performance or market conditions. The number of shares to be issued may vary between 0% and 200% of the number of PSUs granted depending on the relative achievement to targeted thresholds. The Company's PSUs with a financial performance condition are based on either the Company’s return on invested capital (“ROIC”) over a one-year period performance period or other criteria such as revenue, gross profit, and operating profit thresholds over a two-year or three-year performance period. The Company's PSUs with a market condition are based on the ranking of the Company’s total shareholder return (“TSR”) performance, on a percentile basis, over a three year performance period compared to the S&P Small Cap Industrial sector, over the same three year performance period.

(2) The Company's PSU adjustments during 2021 represent shares earned for achievement in excess of targeted thresholds at the end of the performance period. The Company's PSUs with a financial performance condition, based on the Company ROIC, granted in 2020 accounted for the 7,400 PSUs that will be converted to shares and issued to recipients in the first quarter of 2023 at 109.5% of the target amount granted, based on the Company's actual ROIC compared to ROIC target for the performance period ended December 31, 2020.
(3) Vested and issuable upon termination from service as a member of the Company's Board of Directors.
Aggregate Intrinsic Value of Options Exercised and Aggregate Fair Value of Restricted Stock Units and Restricted Shares that Vested
The following table sets forth the aggregate intrinsic value of options exercised and aggregate fair value of restricted stock units and restricted shares that vested during the years ended December 31 (in thousands):
202120202019
Aggregate intrinsic value of options exercised$2,103 $3,812 $1,371 
Aggregate fair value of vested restricted stock units$6,320 $11,851 $10,017 
Aggregate fair value of vested common and restricted shares$370 $190 $285 
Aggregate fair value of vested deferred stock units$630 $570 $285 
Cash Paid to Settle Liability Awards
The following table provides the number of restricted stock units credited to active participant accounts, balance of vested and unvested restricted stock units within active participant accounts, payments made with respect to restricted stock units issued under the MSPP, and MSPP expense during years ended December 31:
202120202019
Restricted stock units credited30,475 57,046 61,369 
Restricted stock units balance, vested and unvested223,892 231,343 415,760 
Share-based liabilities paid, in thousands$4,915 $15,401 $6,543 
MSPP expense, in thousands$6,034 $4,518 $2,699