Annual report pursuant to Section 13 and 15(d)

EQUITY COMPENSATION (Tables)

v3.22.0.1
EQUITY COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Compensation Expense Information Based on Fair Value of Stock Options and RSUs
The following table provides compensation expense information based on the fair value of stock options and RSU's for the years ended December 31 as follows:
(In thousands) 2021 2020 2019
Equity-based Compensation Expense $ 6,460  $ 5,184  $ 3,843 
Tax Benefit (924) (709) (452)
Equity-based Compensation Expense, Net of Tax $ 5,536  $ 4,475  $ 3,391 
Summary of Weighted Average Fair Value of Options Granted
2021 2020 2019
Weighted Average Fair Value of the Options Granted $ 7.05  $ —  $ 11.93 
Summary of Weighted-Average Assumptions The weighted average fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions:
2021 2020 2019
Risk-free Interest Rate
0.45% – 1.52%
—%
1.67% – 1.78%
Dividend Yield
—%
—%
—%
Volatility Factor
0.58
0.39
Expected Life in Years
5 – 10 years
5 – 7 years
Summary of Company's Stock Option Activity and Related Information A summary of the Company’s stock option activity and related information for the years ended December 31 is as follows:
2021
(Aggregate intrinsic value in thousands) Options
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
Outstanding at January 1 912,923  $ 25.50  $ — 
Options Granted 468,350  $ 12.64  $ — 
Options Exercised (30,853) $ 10.87  $ — 
Options Forfeited (86,762) $ 17.41  $ — 
Outstanding at December 31 1,263,658  $ 21.64  $ — 
Exercisable at December 31 662,576  $ 26.11  $ — 
Summary of Weighted Average Exercise Prices and Contractual Lives for Outstanding and Exercisable Stock Options The following is a summary of weighted average exercise prices and contractual lives for outstanding and exercisable stock options as of December 31, 2021:
  Outstanding Exercisable
Exercise Price Range Shares
Weighted Average
Remaining Life
in Years
Weighted 
Average
Exercise Price
Shares
Weighted Average
Remaining Life
in Years
Weighted
Average
Exercise Price
$3.19 – $14.45
624,885  7.4 $ 11.96  156,534  0.9 $ 9.92 
$22.69 – $35.82
629,646  5.4 $ 30.90  496,915  4.9 $ 30.85 
$45.89 – $45.89
9,127  3.2 $ 45.89  9,127  3.2 $ 45.89 
1,263,658  6.4 $ 21.64  662,576  3.9 $ 26.11 
Fair Value for Options Granted under Employee Stock Purchase Plan
The fair value for the options granted under the Employee Stock Purchase Plan was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions:
2021 2020 2019
Risk-free Interest Rate 0.09  % 0.12  % 1.73  %
Dividend Yield —  % —  % —  %
Volatility Factor 0.71  1.00  0.53 
Expected Life in Years 1.0 1.0 1.0