Share-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
|
Option Grant Fair Value Assumptions |
The fair value of option grants is estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions for option grants during the periods indicated below:
|
|
Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Expected volatility |
|
|
— |
|
|
|
47.83 |
% |
|
|
45.36 |
% |
Expected dividends |
|
|
— |
|
|
|
2.63 |
% |
|
|
0.34 |
% |
Expected term (in years) |
|
|
— |
|
|
|
6.0 |
|
|
|
6.0 |
|
Risk-free rate |
|
|
— |
|
|
|
0.64 |
% |
|
|
0.68 |
% |
(1) Beginning in 2022, the Company no longer issues non-qualified stock options as part of its annual long-term incentive program.
|
Summary of Company's Stock Option Plan Activity |
The following table summarizes the stock option activity for the year ended December 31, 2022:
Dollars in thousands, except per share amounts |
|
Number of
Shares |
|
|
Weighted-Average Exercise Price
Per Share |
|
|
Weighted-Average Remaining Contractual Life (Years) |
|
|
Aggregate Intrinsic Value |
|
Options outstanding at January 1, 2022 |
|
|
589 |
|
|
$ |
22.50 |
|
|
|
|
|
|
|
|
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Exercised |
|
|
(61 |
) |
|
|
17.60 |
|
|
|
|
|
|
|
|
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Expired |
|
|
(1 |
) |
|
|
17.08 |
|
|
|
|
|
|
|
|
|
Options outstanding at December 31, 2022 |
|
|
527 |
|
|
$ |
23.07 |
|
|
|
5.9 |
|
|
$ |
2,989 |
|
Options exercisable at December 31, 2022 |
|
|
475 |
|
|
$ |
22.32 |
|
|
|
5.6 |
|
|
$ |
2,973 |
|
|
Summary of Additional Stock Option Information |
The following table provides additional stock option information for the periods indicated:
|
|
Year Ended December 31, |
|
Dollars in thousands, except per share amounts |
|
2022 |
|
|
2021 |
|
|
2020 |
|
Weighted-average grant date fair value per share |
|
$ |
— |
|
|
$ |
10.52 |
|
|
$ |
7.80 |
|
Intrinsic value of options exercised |
|
$ |
2,142 |
|
|
$ |
11,711 |
|
|
$ |
2,896 |
|
Fair value of stock options that vested |
|
$ |
849 |
|
|
$ |
1,063 |
|
|
$ |
994 |
|
|
Award Grant Fair Value Assumptions |
The following are the weighted-average assumptions for the PRSU grants during the periods indicated below:
|
|
Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Expected volatility |
|
|
39.24 |
% |
|
|
— |
|
|
|
— |
|
Expected dividends |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Risk-free rate |
|
|
1.05 |
% |
|
|
— |
|
|
|
— |
|
Discount for post-vesting restrictions |
|
|
11.93 |
% |
|
|
— |
|
|
|
— |
|
|
Summary of PRSU Activity |
The following table summarizes PRSU activity during the year ended December 31, 2022:
Dollars and units in thousands, except per unit amounts |
|
Units |
|
|
Weighted-Average
Grant Date
Fair Value Per Unit |
|
Non-vested units at January 1, 2022 |
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
70 |
|
|
|
52.07 |
|
Achieved performance adjustment |
|
|
— |
|
|
|
— |
|
Vested |
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Non-vested units at December 31, 2022 |
|
|
70 |
|
|
$ |
52.07 |
|
|
Summary of Additional PRSU Information |
The following table provides additional PRSU information for the periods indicated:
|
|
Year Ended December 31, |
|
Dollars in thousands, except per unit amounts |
|
2022 |
|
|
2021 |
|
|
2020 |
|
Weighted-average grant date fair value per unit |
|
$ |
52.07 |
|
|
$ |
— |
|
|
$ |
— |
|
Fair value of PRSUs that vested |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Summary of RSU Activity |
The following table summarizes RSU activity during the year ended December 31, 2022:
Dollars in thousands, except per unit amounts |
|
Units |
|
|
Weighted-Average Grant Date Fair Value Per Unit |
|
Non-vested units at January 1, 2022 |
|
|
129 |
|
|
$ |
22.84 |
|
Granted (target) |
|
|
— |
|
|
|
— |
|
Achieved performance adjustment (1) |
|
|
(2 |
) |
|
|
27.89 |
|
Vested |
|
|
(19 |
) |
|
|
27.89 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
Non-vested units at December 31, 2022 |
|
|
108 |
|
|
$ |
21.87 |
|
(1) The 2019 LTIP RSUs were earned and vested at 95.6% of target, as described in greater detail in the Company’s definitive proxy statement filed with the SEC on April 13, 2022.
|
Summary of Additional RSU Information |
The following table provides additional RSU information for the periods indicated:
|
|
Year Ended December 31, |
|
Dollars in thousands, except per unit amounts |
|
2022 |
|
|
2021 |
|
|
2020 |
|
Weighted-average grant date fair value per unit |
|
$ |
— |
|
|
$ |
30.22 |
|
|
$ |
15.86 |
|
Fair value of RSUs that vested |
|
$ |
513 |
|
|
$ |
1,199 |
|
|
$ |
1,314 |
|
|
Summary of RSA Activity |
The following table summarizes RSA activity during the year ended December 31, 2022:
Dollars in thousands, except per share amounts |
|
Shares |
|
|
Weighted-Average Grant Date Fair Value Per Share |
|
Non-vested shares at January 1, 2022 |
|
|
219 |
|
|
$ |
30.32 |
|
Granted |
|
|
210 |
|
|
|
40.76 |
|
Vested |
|
|
(226 |
) |
|
|
32.30 |
|
Forfeited |
|
|
(5 |
) |
|
|
34.69 |
|
Non-vested shares at December 31, 2022 |
|
|
198 |
|
|
$ |
38.99 |
|
|
Summary of Additional RSA Information |
The following table provides additional RSA information for the periods indicated:
|
|
Year Ended December 31, |
|
Dollars in thousands, except per share amounts |
|
2022 |
|
|
2021 |
|
|
2020 |
|
Weighted-average grant date fair value per share |
|
$ |
40.76 |
|
|
$ |
35.18 |
|
|
$ |
19.06 |
|
Fair value of RSAs that vested |
|
$ |
7,274 |
|
|
$ |
4,874 |
|
|
$ |
3,760 |
|
|