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SHARE-BASED PAYMENTS (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option Activity

The following tables summarize stock option activity for the years ended December 31, 2021 and 2020.

 

December 31, 2021

 

Options

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Term

(Years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding at beginning of year

 

 

751,333

 

 

$

22.89

 

 

 

5

 

 

$

2,790

 

Granted

 

 

4,163

 

 

 

22.08

 

 

 

10

 

 

 

 

Exercised

 

 

(247,895

)

 

 

15.52

 

 

 

2

 

 

 

 

Forfeited or expired

 

 

(28,760

)

 

 

33.13

 

 

 

7

 

 

 

 

Outstanding at end of year

 

 

478,841

 

 

$

26.08

 

 

 

5

 

 

$

3,889

 

Fully vested and expected to vest

 

 

478,841

 

 

$

26.08

 

 

 

5

 

 

$

3,889

 

Exercisable at end of year

 

 

437,801

 

 

$

25.49

 

 

 

5

 

 

$

3,806

 

 

 

December 31, 2020

 

Options

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Term

(Years)

 

 

Aggregate

Intrinsic

Value

 

Outstanding at beginning of year

 

 

785,758

 

 

$

23.17

 

 

 

6

 

 

$

6,896

 

Exercised

 

 

(1,150

)

 

 

17.43

 

 

 

4

 

 

 

 

Forfeited or expired

 

 

(33,275

)

 

 

29.66

 

 

 

6

 

 

 

 

Outstanding at end of year

 

 

751,333

 

 

$

22.89

 

 

 

5

 

 

$

2,790

 

Fully vested and expected to vest

 

 

751,333

 

 

$

22.89

 

 

 

5

 

 

$

2,790

 

Exercisable at end of year

 

 

647,861

 

 

$

21.22

 

 

 

4

 

 

$

2,790

 

Schedule of Fair Values of Options Granted

The fair values of options granted were determined using the following weighted-average assumptions as of grant dates.

 

 

 

2021

 

 

2019

 

Risk free rate

 

 

0.62

%

 

 

2.52

%

Market value of stock on grant date

 

$

22.08

 

 

$

32.43

 

Expected term (in years)

 

 

6.0

 

 

 

5.8

 

Expected volatility

 

 

26.13

%

 

 

15.71

%

Dividend rate

 

 

%

 

 

%

Summary of Changes in Company's Non-vested RSUs

A summary of changes in the Company’s non-vested RSUs is shown below.

 

 

Non-vested Restricted Stock Units

 

Shares

 

 

Weighted

Average

Grant Date Fair Value

 

Non-vested RSUs at January 1, 2021

 

 

261,078

 

 

$

30.39

 

Granted

 

 

169,696

 

 

 

22.58

 

Vested

 

 

(74,454

)

 

 

32.56

 

Forfeited

 

 

(68,583

)

 

 

30.75

 

Outstanding at December 31, 2021

 

 

287,737

 

 

$

25.13

 

 

 

 

 

 

 

 

 

 

Non-vested Restricted Stock Units

 

Shares

 

 

Weighted

Average

Grant Date Fair Value

 

Non-vested RSUs at January 1, 2020

 

 

187,450

 

 

$

34.56

 

Granted

 

 

126,827

 

 

 

25.38

 

Vested

 

 

(34,891

)

 

 

34.36

 

Forfeited

 

 

(18,308

)

 

 

30.58

 

Outstanding at December 31, 2020

 

 

261,078

 

 

$

30.39

 

 

Summary of Offering Periods and Costs The following table presents the offering periods and costs associated with this program.

Offering Period

 

Shares Purchased

 

 

Cost Per Share

 

 

Compensation Expense

 

February 15, 2019 to August 14, 2019

 

 

19,221

 

 

$

21.07

 

 

$

72

 

August 15, 2019 to February 14, 2020

 

 

16,764

 

 

 

21.11

 

 

 

63

 

February 15, 2020 to August 14, 2020

 

 

17,829

 

 

 

13.61

 

 

 

43

 

August 15, 2020 to February 14, 2021

 

 

17,621

 

 

 

13.68

 

 

 

42

 

February 15, 2021 to August 14, 2021

 

 

16,034

 

 

 

20.50

 

 

 

58