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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2023
Stock-Based Compensation  
Summary of stock-based compensation

For the Year Ended December 31, 

2023

    

2022

    

2021

(Dollars in thousands)

Stock appreciation rights

$

216

$

325

$

711

Performance-based stock awards

 

1,074

 

774

 

741

Restricted stock units and awards

 

3,824

 

3,200

 

3,047

Employee stock purchase plan

 

167

 

118

 

85

Total stock-based compensation

$

5,281

$

4,417

$

4,584

Summary of assumptions used in the Black-Scholes valuation model for SSARs

For the Year Ended December 31, 

    

2023

    

2022

    

2021

(Dollars in thousands, except per share data)

Assumptions:

 

  

 

  

 

  

Expected volatility(1)

 

42.76%

44.1% - 45.41%

42.93% - 43.29%

Expected dividends(2)

 

0.00%

0.00%

0.00%

Expected term (in years)(3)

 

7.00

 

7.00 - 7.01

 

7.00 - 7.01

Risk-free rate(4)

 

4.71%

2.8% - 3.62%

0.94% - 1.36%

Weighted average grant date fair value per share

 

$

5.58

 

$

6.86

$

6.50

Aggregate intrinsic value of SSARs exercised

 

$

1,007

 

$

1,578

$

1,297

Total fair value of SSARs vested during the year

 

$

279

 

$

484

$

1,087

Unrecognized compensation information:

 

  

 

  

 

  

Unrecognized compensation cost

 

$

622

 

$

795

$

1,249

Period remaining (in years)

 

4.4

 

4.7

 

4.1

(1)Expected volatility was calculated using a historical volatility of the Company’s stock price since the Company’s initial public offering in August 2019, coupled with those of a peer group of comparable publicly traded companies prior to the Company’s initial public offering, for a period commensurate with the expected term of the SSARs.
(2)The dividend yield was calculated in accordance with the Company’s dividend policy at the time of grant.
(3)The expected term was estimated to be the midpoint between the contractual vesting term and time to expiration, in accordance with the simplified method described in SAB Topic 14.D.2. due to the Company’s limited history of SSAR exercise activity.
(4)The risk-free rate for the expected term of the SSARs was based on the U.S. Treasury yield curve at the date of grant and based on the expected term.
Summary of SSAR activity

Stock-Settled Appreciation Rights

Weighted Average

Weighted Average

Remaining

    

Units

    

Exercise Price

    

Contractual Term

Outstanding, January 1, 2023

 

1,159,240

$

11.64

 

6.29

Granted

 

7,000

 

5.58

 

9.84

Exercised

 

(204,074)

 

7.52

 

  

Forfeited

(13,574)

11.47

Expired

 

(124,998)

 

25.20

 

  

Outstanding, December 31, 2023

 

823,594

$

10.59

 

5.67

Exercisable, December 31, 2023

 

710,456

$

10.07

 

5.40

Summary of status of and changes in the performance-based awards

Performance-Based Awards

Weighted Average

    

Number of Shares

    

Grant Date Fair Value

Unvested, January 1, 2023

 

134,286

$

14.52

Granted

 

128,005

 

14.13

Vested

 

(20,736)

 

13.55

Forfeited

 

(8,568)

 

14.78

Unvested, December 31, 2023

 

232,987

$

14.38

Summary of status of and changes in the RSUs and RSAs

Restricted Stock Units and Awards

Weighted Average

    

Number of Shares

    

Grant Date Fair Value

Unvested, January 1, 2023

 

416,980

$

14.13

Granted

 

333,979

 

13.20

Vested

 

(243,888)

 

13.78

Forfeited

 

(50,057)

 

14.28

Unvested, December 31, 2023

 

457,014

$

13.62

Summary of assumptions using the Black-Scholes valuation model for ESPPs

For the Year Ended December 31, 

    

2023

    

2022

    

2021

Assumptions:

 

  

 

  

 

  

Expected volatility

 

26.10% - 41.72%

24.1% - 28.00%

5.99% - 32.00%

Expected dividends

 

0.00%

0.00%

0.00%

Expected term (in years)

 

0.50

 

0.50

 

0.50

Risk-free rate

 

4.75% - 5.53%

0.19% - 2.52%

0.03% - 0.09%