Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

The Company has stock incentive plans for executives and eligible employees. Stock awards include restricted stock, performance shares and stock options. Stock-based compensation expense for the years ended December 31, 2023, 2022, and 2021 was $11.4 million, $10.0 million and $13.7 million, respectively. At December 31, 2023, there was $8.4 million of unrecognized stock-based compensation cost which is expected to be recognized over a weighted-average remaining vesting period of 1.6 years.

Restricted Stock

Restricted stock granted under the Company’s incentive plans is accounted for based on the market value of the underlying shares on the date of grant and generally vest in equal installments annually over three years. Restricted stock awards are accounted for as equity awards. Holders of restricted stock are entitled to vote the shares and to receive any dividends declared on the shares.

The following table summarizes restricted stock activity for the years ended December 31, 2023, 2022, and 2021:


	Restricted Stock
	Number of Shares	Weighted Average Grant Date Fair Value




















Outstanding at December 31, 2020	2,724,724	$	5.26
Granted	932,442	8.88
Vested	(1,179,857)	5.53
Canceled/Forfeited	(332,505)	5.83
Outstanding at December 31, 2021	2,144,804	$	6.60
Granted	2,056,121	4.07
Vested	(1,114,513)	6.08
Canceled/Forfeited	(301,802)	5.74
Outstanding at December 31, 2022	2,784,610	$	5.05
Granted	3,251,765	2.94
Vested	(1,381,246)	5.09
Canceled/Forfeited	(680,710)	3.66
Outstanding at December 31, 2023	3,974,419	$	3.54

At December 31, 2023, there was $4.1 million of unrecognized compensation cost related to restricted stock awards to be recognized over a weighted-average period of 1.8 years.

Performance Shares

Performance shares granted under the Company’s incentive plans are accounted for as equity awards at fair value using a Monte Carlo simulation valuation model. Performance shares granted during and subsequent to 2020 will vest at the end of a three-year service period if internal performance metrics are met, with the number of shares vesting impacted by the inclusion of a modifier based upon a relative stockholder return metric. The relative stockholder return metric is included in the determination of the grant date fair value of the performance shares; however, the recognition of compensation cost for performance share awards is based on the results of the internal performance metrics. Performance shares granted prior to 2020 vested at the end of the three-year service period if relative stockholder return and internal performance metrics were met. The existence of a market condition required recognition of compensation cost for the performance share awards over the requisite period regardless of whether the relative stockholder return metric was met.

The following table summarizes performance shares activity for the years ended December 31, 2023, 2022, and 2021:


	Performance Shares
	Number of Shares	Weighted Average Grant Date Fair Value



















Outstanding at December 31, 2020	2,335,102	$	4.83
Granted (1)	602,933	10.13
Vested	(143,312)	7.39
Canceled/Forfeited (1)	(404,710)	6.12
Outstanding at December 31, 2021	2,390,013	$	5.80
Granted (2)	1,325,418	4.53
Vested	(824,064)	5.54
Canceled/Forfeited (2)	(316,830)	6.11
Outstanding at December 31, 2022	2,574,537	$	5.26
Granted (3)	1,816,429	3.16
Vested	(566,891)	4.00
Canceled/Forfeited (3)	(664,165)	4.32
Outstanding at December 31, 2023	3,159,910	$	4.52

(1) Includes 1,421 additional shares granted and 141,894 shares cancelled in connection with the vesting of the 2018 award in 2021 due to above-target and below target performance, respectively, in accordance with the terms of the award.

(2) Includes 175,828 additional shares granted in connection with the vesting of the 2019 award in 2022 due to above-target in accordance with the terms of the award.

(3) Includes 26,200 additional shares granted and 468,393 shares cancelled in connection with the vesting of the 2020 award in 2023 due to above-target and below target performance in accordance with the terms of the award.

At December 31, 2023, there was $4.3 million of unrecognized compensation cost related to performance shares to be recognized over a weighted average period of 1.4 years.

Stock Options

Stock options granted under the Company’s incentive plans generally vest over three years and are exercisable over a period not to exceed ten years from the grant date. The exercise price of stock options is equal to the fair market value of the shares on the date of the grant. The value of each stock option award is estimated using the Black-Scholes option pricing model. Stock options are accounted for as equity awards.

The following table summarizes stock option activity for the years ended December 31, 2023, 2022, and 2021:


	Stock Options
	Shares	Weighted Average Exercise Price




















Outstanding at December 31, 2020	222,273	$	15.44
Exercised	(57,721)	7.74
Canceled/forfeited	(16,455)	18.45
Expired	(16,844)	27.45
Outstanding at December 31, 2021	131,253	$	16.91

Canceled/forfeited	(5,598)	11.88
Expired	(31,667)	25.19
Outstanding at December 31, 2022	93,988	$	14.41
Canceled/forfeited	—	—
Expired	(39,658)	23.90
Outstanding at December 31, 2023	54,330	$	7.49

The following table summarizes outstanding stock options as of December 31, 2023:



Range of Exercise Price	Number Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
$ 0.00-$10.00	54,330	$	7.49	2.4	NA
$10.00-$20.00	—	$	—	0.0	NA
$20.00-$30.00	—	$	—	0.0	NA
Outstanding	54,330	$	7.49	2.4	$	—
Vested and expected to vest	54,330	$	7.49	2.4	$	—
Exercisable	54,330	$	7.49	2.4	$	—

The total intrinsic value of options exercised for the year ended December 31, 2023 was nil. Cash received from options exercised for the year ended December 31, 2023 was nil and there was no related tax benefit. The grant date fair value for stock options vested during the years ended December 31, 2023, 2022, and 2021 was nil.