Annual report [Section 13 and 15(d), not S-K Item 405]

EQUITY COMPENSATION (Tables)

v3.25.0.1
EQUITY COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of 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 RSUs for the years ended December 31 as follows:
(In thousands) 2024 2023 2022
Equity-based Compensation Expense $ 8,570  $ 7,198  $ 6,497 
Tax Benefit (1,564) (1,259) (1,068)
Equity-based Compensation Expense, Net of Tax $ 7,006  $ 5,939  $ 5,429 
Schedule of Weighted Average Fair Value of Options Granted
2024 2023 2022
Weighted Average Fair Value of the Options Granted $ 10.55  $ 8.39  $ 5.97 
Schedule 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:
2024 2023 2022
Risk-free Interest Rate
4.13%
4.20% - 4.33%
3.48% - 3.62%
Dividend Yield
—%
—%
—%
Volatility Factor
0.61
0.58
0.61
Expected Life in Years
7 years
3 - 7 years
5 - 9 years
Schedule of Company's Stock Option Activity and Related Information
A summary of the Company’s stock option activity and related information for the year ended December 31 is as follows:
2024
(Aggregate intrinsic value in thousands) Options
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
Outstanding at January 1 1,410,984  $ 19.47  $ — 
Options Granted 75,800  $ 16.55  $ — 
Options Exercised —  $ —  $ — 
Options Forfeited / Expired (65,291) $ 31.35  $ — 
Outstanding at December 31 1,421,493  $ 18.77  $ — 
Exercisable at December 31 1,084,536  $ 20.31  $ — 
Schedule 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, 2024:
  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
$9.74 – $16.55
 945,850  7.5 $ 12.44  608,894  7.2 $ 11.68 
$22.93 – $35.61
 471,079  3.3 $ 31.21  471,078  3.3 $ 31.21 
$45.89 – $45.89
 4,564  0.2 $ 45.89  4,564  0.2 $ 45.89 
1,421,493  6.1 $ 18.77  1,084,536  5.5 $ 20.31 
Schedule of RSU Activity
A summary of the Company’s RSU activity and related information for the year ended December 31 is as follows:
2024
RSU Shares
Weighted
Average
Grant Date Fair Value
Unvested at January 1 654,160  $ 11.05 
Granted 295,496  $ 18.91 
Vested (222,138) $ 16.77 
Forfeited (32,894) $ 14.61 
Unvested at December 31 694,624  $ 12.39 
Schedule of 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:
2024 2023 2022
Risk-free Interest Rate 3.96  % 5.49  % 4.01  %
Dividend Yield —  % —  % —  %
Volatility Factor 0.41  0.56  0.50 
Expected Life in Years 1.0 1.0 1.0