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Pay vs Performance Disclosure
Pure in Thousands
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]

Pay-Versus-Performance

 

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, the following table provides information about the relationship between executive compensation actually paid to our NEOs and certain financial performance measures of the Company. The table below provides information about the compensation shown on the Summary Compensation Table (“SCT”) and the Compensation Actually Paid (“CAP”) to the CEO and the average for the other NEOs for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, along with information on total shareholder return (“TSR”), net income and adjusted operating income as the Company-Selected Measure for each year. For more information concerning the Company’s pay-for-performance philosophy and how the Company seeks to align executive compensation with the Company’s performance, please refer to “Executive Compensation – Compensation Discussion & Analysis” on page 14.

 

As reflected in the table below, CAP for our CEO for the year ended December 31, 2022 was approximately 21% lower than the total compensation disclosed in the Summary Compensation Table for our CEO.

 

 

PAY-VERSUS-PERFORMANCE TABLE

 

                   

Average

           

Value of Initial Fixed $100 Investment Based on:

   

 

   

 

 
Year   Summary Compensation Table Total for CEO     Compensation Actually Paid to CEO (1)    

Summary

Compensation Table Total for Non-CEO Named Executive

Officers (1) (2)

    Average Compensation Actually Paid to Non-CEO Named Executive Officers (1)    

Total Shareholder Return

   

Standard & Poor’s Footwear Index Total

Shareholder Return

   

Net

Income (in thousands) ($) (3)

   

Adjusted

Operating Income (in thousands) ($) (4)

 

2022

    641,072       529,839       396,003       331,913       85       119       20,465       43,343  

2021

    621,224       761,835       399,379       547,530       140       167       20,559       46,921  

2020

    697,129       674,468       495,357       511,564       98       141       20,964       31,427  

 

(1)

The following table details the adjustment of the SCT total pay for our CEO, as well as the average for our other NEOs to determine CAP, as computed pursuant to 402(v) of Regulation S-K. Amounts do not reflect actual compensation earned by or paid to our NEOs during the applicable year.

   
PEO Total Compensation Amount $ 641,072 $ 621,224 $ 697,129
PEO Actually Paid Compensation Amount $ 529,839 761,835 674,468
Adjustment To PEO Compensation, Footnote [Text Block]

 

 

           

CEO

           

Non-CEO NEO Average

 
   

2022

   

2021

   

2020

   

2022

   

2021

   

2020

 

Summary Compensation Table Total

    641,072       621,224       697,129       396,003       399,379       495,357  

Less: Reported Fair Value of Equity Awards(a)

    (87,965 )     (64,676 )     (52,975 )     (100,461 )     (64,932 )     (52,975 )

Add: Year-End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year(b)

    64,480       100,032       52,639       79,864       100,033       52,639  

Add: Change in FV of unvested awards(b)

    (64,341 )     65,472       (21,555 )     (34,872 )     77,182       9,607  

Add: Change in FV for vested awards(b)

    (23,407 )     39,783       (770 )     (8,621 )     35,868       6,936  

Compensation Actually Paid

    529,839       761,835       674,468       331,913       547,530       511,564  

 

 

(a)

Amounts reflect the aggregate grant date fair values reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year.

 

(b)

In accordance with Item 402(v) requirements, the fair values of unvested and outstanding equity awards to our NEOs were measured as of the end of each fiscal year, and as of each vesting date, during the years displayed in the table above. We did not grant any equity awards that vested in the year of grant.

 

(2)

Average for non-CEO NEOs in 2022 reflects partial year compensation for David P. Dixon in connection with his resignation in October 2022.

(3)

Peer group reflects the same Standard & Poor’s Footwear Index Total used for purposes of the performance graph included in the Company’s Annual Report on Form 10-K in accordance with Item 201(e)(1)(ii) of Regulation S-K.

(4)

As shown in the table below, Adjusted Operating Income is determined based on the Company’s actual operating income, less any expenses attributable to the IC Plan (including any expenses relating to the grants of long term equity incentives thereunder and to the grants of options to outside directors), the Company’s manager bonus plan and the Company’s hourly bonus plan, and exclusive of any gains or losses resulting from one-time, extraordinary events, such as charges for goodwill impairment, charges relating to mergers or acquisitions, gains or losses on the sale of assets other than in the ordinary course of business, changes in tariff rates, and charges resulting from changes in accounting policies, all as may be determined in good faith by the Compensation Committee in its discretion.

 

   

Year Ended December 31,

(in thousands)

 
   

2022

   

2021

   

2020

 

Operating Income

    44,038       35,972       27,170  

Add: Expenses Attributable to IC Plan and Non-NEO Bonus

    -       1,504       3,552  

Add: Acquisition-Related Expenses

    397       9,445       705  

Less: Disposition of Assets Other than in the Ordinary Course of Business

    (1,092 )     -       -  

Adjusted Operating Income

    43,343       46,921       31,427  

 

   
Non-PEO NEO Average Total Compensation Amount $ 396,003 399,379 495,357
Non-PEO NEO Average Compensation Actually Paid Amount $ 331,913 547,530 511,564
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
g02.jpg
   
Compensation Actually Paid vs. Net Income [Text Block]

Narrative Disclosures

 

The graphs below provide a description of CAP (as calculated in accordance with the SEC rules) and the following measures:

 

 

the Company’s cumulative TSR and Standard & Poor’s Footwear Index Total cumulative TSR (assuming a $100 investment made on December 31, 2019);

 

the Company’s Net Income; and

 

the Company-Selected Measure, which is Adjusted Operating Income.

 

g01.jpg
   
Compensation Actually Paid vs. Company Selected Measure [Text Block]
g03.jpg
   
Tabular List [Table Text Block]

Financial Performance Measures

 

As described in greater detail in our “Executive Compensation – Compensation Discussion & Analysis” on page 14, we have a significant focus on pay-for-performance. Adjusted operating income was the sole financial performance measure used to link CAP (as calculated in accordance with the SEC rules) to our NEOs in 2022 to our financial performance for the year.

   
Total Shareholder Return Amount $ 85 140 98
Peer Group Total Shareholder Return Amount 119 167 141
Net Income (Loss) $ 20,465,000 $ 20,559,000 $ 20,964,000
Company Selected Measure Amount   46,921 31,427
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted operating income    
PEO Less: Reported Fair Value of Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (87,965) $ (64,676) $ (52,975)
NEO Less: Reported Fair Value of Equity Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (100,461) (64,932) (52,975)
PEO Add: Year-End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 64,480 100,032 52,639
NEO Add: Year-End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 79,864 100,033 52,639
PEO Add: Change in FV of unvested awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (64,341) 65,472 (21,555)
NEO Add: Change in FV of unvested awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (34,872) 77,182 9,607
PEO Add: Change in FV for vested awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (23,407) 39,783 (770)
NEO Add: Change in FV for vested awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (8,621) $ 35,868 $ 6,936