Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Stock-Based Compensation |
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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 |
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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. |
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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 |
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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 |
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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 |
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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% |
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