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Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2022
Schedule of basic and diluted per share results

 

 

For the Three Months Ended

For the Six Months Ended

 

 

June 30, 2022

    

June 30, 2021

June 30, 2022

    

June 30, 2021

Net income (loss)

$

2,822

$

(1,151)

$

3,091

$

(1,919)

Weighted average shares outstanding for computation of basic per share results

 

10,186,000

 

7,718,000

 

10,184,000

 

6,981,000

Incremental shares from assumed exercise of stock options and warrants and the grant of restricted stock units (a)

 

156,000

 

 

200,000

 

Adjusted weighted average shares for computation of diluted per share results

 

10,342,000

 

7,718,000

 

10,384,000

 

6,981,000

(a)Incremental shares from the assumed exercise of INDUS stock options are not included in periods where the inclusion of such shares would be anti-dilutive. The incremental shares from the assumed exercise of stock options and a warrant for the three months and six months ended June 30, 2021 would have been 137,000 and 136,000, respectively.
Schedule of unrecognized compensation expense related to nonvested stock options

Balance of 2022

$

179

2023

$

231

2024

$

111

2025

$

15

Schedule of option holders

Number of option holders at June 30, 2022

      

14

Summary of the activity under the INDUS Stock Option Plan

For the Six Months Ended

June 30, 2022

June 30, 2021

Number of

Weighted Avg.

Number of

Weighted Avg.

Shares

Exercise Price

Shares

Exercise Price

Outstanding at beginning of period

 

220,937

$

36.47

 

246,150

$

36.06

Adjustment for stock dividend

$

5,413

$

34.29

Exercised

 

(5,500)

$

26.31

 

(6,370)

$

26.46

Forfeited

 

(1,724)

$

23.19

 

(1,067)

$

37.49

Outstanding at end of period

 

213,713

$

36.83

 

244,126

$

35.50

Schedule of options by range of exercise prices

 

    

 

    

 

 

    

Weighted Avg.

    

 

 

 

 

 

 

 

 

 

Remaining

 

 

 

Range of Exercise Prices for

 

Outstanding at

 

Weighted Avg.

 

Contractual Life

 

Total Intrinsic

Outstanding Options

 

June 30, 2022

 

Exercise Price

 

(in years)

 

Value

$23.00 - $28.00

 

74,763

$

26.29

 

3.8

 

$

2,472

$28.00 - $32.00

 

14,073

$

29.84

 

3.0

 

416

$32.00 - $47.00

 

124,877

$

43.93

 

7.5

 

1,926

 

213,713

$

36.83

 

5.9

$

4,814

Vested options

111,503

$

28.92

 

4.3

 

$

3,394

Summary of company's common dividends

Quarter Ended

Record Date

Payment Date

Common dividend per share

March 31, 2022

March 31, 2022

April 15, 2022

$0.16

June 30, 2022

June 30, 2022

July 15, 2022

$0.16

Restricted Stock Units (RSUs)  
Schedule of unrecognized compensation expense related to nonvested stock options

Balance of 2022

$

615

2023

$

830

2024

$

359

2025

$

585

Schedule of compensation expense and related tax benefits for stock options

 

For the Three Months Ended

For the Six Months Ended

 

 

    

June 30, 2022

    

June 30, 2021

June 30, 2022

 

June 30, 2021

    

Compensation expense

$

408

$

291

$

681

$

505

Time Based Restricted Stock Units  
Summary of activity for restricted stock units

Time-based vesting

June 30, 2022

June 30, 2021

Number of

Weighted Avg.

Number of

Grant Date

Units

Exercise Price

Units

Fair Value

Outstanding at beginning of period

 

12,829

$

64.43

$

Granted

 

13,514

$

68.68

13,191

$

64.62

Adjustment for dividends

 

64

$

47

$

Vested and distributed

(3,391)

$

63.97

$

Forfeited

 

(813)

$

63.15

(409)

$

63.15

Outstanding at end of period

 

22,203

$

66.95

12,829

$

64.43

Performance Shares  
Summary of activity for restricted stock units

Performance-based vesting

June 30, 2022

June 30, 2021

Number of

Weighted Avg.

Number of

Grant Date

Units

Exercise Price

Units

Fair Value

Outstanding at beginning of period

 

8,136

$

78.97

 

$

Granted

 

7,999

$

100.19

 

8,508

$

79.33

Adjustment for dividends

 

49

$

 

37

$

Forfeited

 

(1,219)

$

79.33

 

(409)

$

79.33

Outstanding at end of period

 

14,965

$

90.03

 

8,136

$

78.97