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Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]

PAY VERSUS PERFORMANCE

 

                   

Average

Summary

   

Average

   

Value of Initial Fixed $100

Investment Based On:

           

Company Selected Measure

 
Year   Summary Compensation Table Total for PEO    

Compensation Actually Paid

to PEO

   

Compensation

Table Total for

for Non-PEO

Named

Executive

Officers

   

Compensation Actually Paid to

Non-PEO

Named

Executive

Officers

   

Total

Shareholder Return

   

Peer Group

Total

Shareholder Return

   

Net Income

(in thousands)

   

EBITDA

(in thousands)

   

RONA

 

(a)

 

(b)

   

(c)(1)(2)

   

(d)

   

(e)(1)(2)

   

(f)(3)

   

(g)(3)

   

(h)

   

(i)(4)

   

(j)

 
                                                                         

2022

    3,432,069       4,379,251       1,556,154       1,728,265     $ 192     $ 170     $ 90,931     $ 154,388       16.7 %

2021

    3,607,608       4,159,676       1,609,146       1,732,948     $ 132     $ 146     $ 121,051     $ 214,632       28.2 %

2020

    898,789       649,625       549,256       423,072     $ 75     $ 108     $ (5,595 )   $ 18,546       3.6 %

 

(1)

Richard T. Marabito served as our principal executive officer (“PEO”) for the full year of each of 2022, 2021 and 2020. Our non-PEO named executive officers (“NEOs”) included Michael D. Siegal, Andrew S. Greiff, Richard A. Manson and Lisa K. Christen for the full year of each of 2022, 2021 and 2020.

   
PEO Total Compensation Amount $ 3,432,069 $ 3,607,608 $ 898,789
PEO Actually Paid Compensation Amount $ 4,379,251 4,159,676 649,625
Adjustment To PEO Compensation, Footnote [Text Block]

(2)

For each of 2022, 2021 and 2020, the values included in the column for the compensation actually paid to our PEO and the average compensation actually paid to our Non-PEO NEOs reflect the following adjustments to the values included in column (b) and column (d), respectively:

 

Richard T. Marabito

 

2022

   

2021

   

2020

 
                           

Summary Compensation Table Total for PEO (column (b))

  $ 3,432,069     $ 3,607,608     $ 898,789  
-

aggregate change in actuarial present value of pension benefits

    -       -       -  

+

service cost of pension benefits

    -       -       -  

+

prior service cost of pension benefits

    -       -       -  
-

SCT "Stock Awards" column value

    (517,000 )     -       -  
-

SCT "Option Awards" column value

    -       -       -  

+

year-end fair value of equity awards granted in the covered year that are outstanding and unvested as of the covered year-end

    923,450       -       -  

+/-

year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested as of the covered year-end

    540,732       545,559       (249,164 )

+

vesting date fair value of equity awards granted and vested in the covered year

    -       -       -  

+/-

year-over-year change in fair value of equity awards granted in prior years that vested in the covered year-end

    -       6,509       -  
-

fair value as of prior-year end of equity awards granted in prior years that failed to vest in the covered year

    -       -       -  

+

dollar value of dividends/earnings paid on equity awards in the covered year

    -       -       -  

Compensation Actually Paid to PEO (column (c))

  $ 4,379,251     $ 4,159,676     $ 649,625  

 

   
Non-PEO NEO Average Total Compensation Amount $ 1,556,154 1,609,146 549,256
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,728,265 1,732,948 423,072
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

Non PEO Named Executive Officers

 

2022

   

2021

   

2020

 
                           

Summary Compensation Table Total for Non PEO NEOs (column (d))

  $ 1,556,154     $ 1,609,146     $ 549,256  
-

aggregate change in actuarial present value of pension benefits

    -       -       -  

+

service cost of pension benefits

    -       -       -  

+

prior service cost of pension benefits

    -       -       -  
-

SCT "Stock Awards" column value

    (110,750 )     -       (70,309 )
-

SCT "Option Awards" column value

    -       -       -  

+

year-end fair value of equity awards granted in the covered year that are outstanding and unvested as of the covered year-end

    191,032       -       -  

+/-

year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested as of the covered year-end

    89,508       92,649       (55,875 )

+

vesting date fair value of equity awards granted and vested in the covered year

    -       -       -  

+/-

year-over-year change in fair value of equity awards granted in prior years that vested in the covered year-end

    2,321       31,153          
-

fair value as of prior-year end of equity awards granted in prior years that failed to vest in the covered year

                       

+

dollar value of dividends/earnings paid on equity awards in the covered year

                       

Compensation Actually Paid to Non PEO NEOs (column (e))

  $ 1,728,265     $ 1,732,948     $ 423,072  

 

 

(3)

For each of 2022, 2021 and 2020, total shareholder return for the Company and the peer group was calculated the cumulative total shareholder return based on a deemed fixed investment of $100 at market close on December 31, 2019. The cumulative total shareholder return includes the cumulative amount of dividends for the period from December 31, 2019 through and including the last day of the covered fiscal year (the “Measurement Period”), assuming dividend reinvestment. For purposes of this pay versus performance disclosure, our peer group consists of the following entities, which we use as our peer group for purposes of the performance graph in the annual report: Worthington Industries (WOR), Ryerson Holding Corp. (RYI), Friedman Industries (FRD), Reliance Steel & Aluminum Co. (RS) and Russel Metals, Inc. (RUSMF) (the “Peer Group”). For purposes of calculating the Peer Group total shareholder return, the returns of each component issuer of the group were weighted according to the respective issuers’ stock market capitalization at the beginning of the measurement period. Because fiscal years are presented in the table in reverse chronological order (from top to bottom), the table should be read from the bottom to top for purposes of understanding cumulative returns over time.

 

(4)

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) (computed without respect to any Last-In-First-Out (“LIFO”) inventory adjustments) is used to calculate the incentives for our most senior executive officers.

 

(5)

Return on Net Assets (“RONA”) is calculated as EBITDA divided by Average Accounts Receivable, Inventory and Property Plant and Equipment.

   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]

Pay Versus Performance Relationship Descriptions

 

The following graphs provide descriptions of the relationships between certain figures included in the Pay Versus Performance table for each of 2022, 2021 and 2020, including: (a) a comparison between our cumulative total shareholder return and the cumulative total shareholder return of our Peer Group; and (b) comparisons between (i) the compensation actually paid to the PEO and the average compensation actually paid to our non-PEO NEOs and (ii) each of the performance measures set forth in columns (f), (h), (i) and (j) of the Pay Versus Performance table. For more information on how out compensation is designed to link pay and performance, see the “Compensation Discussion and Analysis” section.

 

 

graph01.jpg

 

   
Compensation Actually Paid vs. Net Income [Text Block]
graph02.jpg
 
   
Compensation Actually Paid vs. Company Selected Measure [Text Block]

 

graph03.jpg

 

 

(a)

During 2020, the COVID-19 pandemic caused a significant reduction in the Company’s EBITDA. Under the terms of the Senior Management Cash Incentive Plan, the named executive officers would not have received a payment under the Senior Manager Cash Incentive Plan in 2020, as the Company’s EBITDA did not exceed 5% of average accounts receivable, inventory and fixed assets. Recognizing the extraordinary efforts of the named executive officers during the COVID-19 pandemic, and their willingness to forego salary and participation in certain benefit plans during 2020, and to encourage EBITDA generation during the second half of 2020, the Board modified the terms of the Senior Manager Cash Incentive Plan for named executive officers, for 2020 only. The modification provided for the prorated calculation of incentives based on the EBITDA generated from July 1, 2020 through December 31, 2020. On an annualized basis, the EBITDA earned during the second half of 2020 exceeded 5% of the average accounts receivable, inventory and fixed assets.

 

graph04.jpg
 
   
Tabular List [Table Text Block]

The following table lists all of the financial performance measures that we use to link the compensation actually paid to our NEOs for fiscal 2022 to Company performance:

 

EBITDA

Return on Net Assets

 

   
Total Shareholder Return Amount $ 192 132 75
Peer Group Total Shareholder Return Amount 170 146 108
Net Income (Loss) $ 90,931,000 $ 121,051,000 $ (5,595,000)
Company Selected Measure Amount 154,388,000 214,632,000 18,546,000
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name EBITDA    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Other Performance Measure Amount 0.167 0.282 0.036
Measure Name Return on Net Assets    
PEO aggregate change in actuarial present value of pension benefits [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 0 $ 0 $ 0
PEO service cost of pension benefits [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO prior service cost of pension benefits [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO SCT "Stock Awards" column value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (517,000) 0 0
PEO SCT "Option Awards" column value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO year-end fair value of equity awards granted in the covered year that are outstanding and unvested as of the covered year-end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 923,450 0 0
PEO year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested as of the covered year-end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 540,732 545,559 (249,164)
PEO vesting date fair value of equity awards granted and vested in the covered year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO year-over-year change in fair value of equity awards granted in prior years that vested in the covered year-end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 6,509 0
PEO fair value as of prior-year end of equity awards granted in prior years that failed to vest in the covered year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO dollar value of dividends/earnings paid on equity awards in the covered year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
NEO aggregate change in actuarial present value of pension benefits [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
NEO service cost of pension benefits [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
NEO prior service cost of pension benefits [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
NEO SCT "Stock Awards" column value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (110,750) 0 (70,309)
NEO SCT "Option Awards" column value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
NEO year-end fair value of equity awards granted in the covered year that are outstanding and unvested as of the covered year-end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 191,032 0 0
NEO year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested as of the covered year-end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 89,508 92,649 (55,875)
NEO vesting date fair value of equity awards granted and vested in the covered year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 $ 0
NEO year-over-year change in fair value of equity awards granted in prior years that vested in the covered year-end [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 2,321 $ 31,153