Annual report pursuant to Section 13 and 15(d)

EQUITY COMPENSATION (Tables)

v3.24.0.1
EQUITY COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary 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) 2023 2022 2021
Equity-based Compensation Expense $ 7,198  $ 6,497  $ 6,460 
Tax Benefit (1,259) (1,068) (924)
Equity-based Compensation Expense, Net of Tax $ 5,939  $ 5,429  $ 5,536 
Summary of Weighted Average Fair Value of Options Granted
2023 2022 2021
Weighted Average Fair Value of the Options Granted $ 8.39  $ 5.97  $ 7.05 
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:
2023 2022 2021
Risk-free Interest Rate
4.20% - 4.33%
3.48% - 3.62%
0.45% - 1.52%
Dividend Yield
—%
—%
—%
Volatility Factor
0.58
0.61
0.58
Expected Life in Years
3 - 7 years
5 - 9 years
5 - 10 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 year ended December 31 is as follows:
2023
(Aggregate intrinsic value in thousands) Options
Weighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
Outstanding at January 1 1,376,718  $ 20.37  $ — 
Options Granted 125,400  $ 15.15  $ — 
Options Exercised (6,570) $ 12.64  $ — 
Options Forfeited / Expired (84,564) $ 28.23  $ — 
Outstanding at December 31 1,410,984  $ 19.47  $ — 
Exercisable at December 31 860,637  $ 23.42  $ — 
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, 2023:
  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 – $15.15
 870,050  8.3 $ 12.08  347,364  8.0 $ 11.58 
$22.93 – $35.82
 536,370  3.9 $ 31.23  508,709  3.8 $ 31.30 
$45.89 – $45.89
 4,564  1.2 $ 45.89  4,564  1.2 $ 45.89 
1,410,984  6.6 $ 19.47  860,637  5.5 $ 23.42 
Summary of RSU Activity
2023
RSU Shares
Weighted
Average
Grant Date Fair Value
Unvested at January 1 578,214  $ 15.85 
Granted 293,704  $ 14.79 
Vested (190,135) $ 17.81 
Forfeited (28,123) $ 16.75 
Unvested at December 31 653,660  $ 14.77 
Summary 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:
2023 2022 2021
Risk-free Interest Rate 5.49  % 4.01  % 0.09  %
Dividend Yield —  % —  % —  %
Volatility Factor 0.56  0.50  0.71 
Expected Life in Years 1.0 1.0 1.0