| | | | | 1 | | | |
| | | | | 5 | |||
| | |||||||
| | | | | | | ||
| | | | | | | ||
| | | | | 16 | | | |
| | | | | 17 | | | |
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | 32 | | | |
| | | | | 35 | | | |
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | 42 | | | |
| | | | | 42 | | | |
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | A-1 | | |
Item | | | Voting Recommendation of the Board | | | Page References | |
Election of two Class | | | FOR | | | | |
Ratification of the appointment of Grant Thornton LLP as the Company’s independent registered public accounting firm for the year | | | FOR | | | | |
Approval, on an advisory basis, of executive officer compensation | | | FOR | | | | |
Advisory vote on the frequency of future advisory voting to approve executive officer compensation | | | EVERY “1 YEAR” | | | |
Governance Practice | | | Description | | | Page References | |
Director Independence | | | All of our directors, except our Chairman of the Board, are | | | | |
Separate Chairman | | | We separate the roles of Chairman of the Board and Chief Executive | | | | |
Director Attendance | | | | | | ||
Director Resignation Policy | | | We have a resignation policy if a director fails to garner a majority of votes cast in his or her | | | | |
Executive Session | | | Our independent directors meet regularly in executive session without management and non-independent directors | | | | |
Independent Compensation Consultant | | | We have a fully independent compensation consultant | | | |
Components of Compensation | | | Form of Compensation | | | Page References | |
Base Salary | | | Annual Cash Salary | | | | |
Annual Cash Incentives | | | Annual cash incentive based on Company and individual performance | | | | |
Long-Term Equity Incentives | | | Stock Options, Restricted Stock, Stock Units, | | | |
Additional Executive Compensation Principles | | | Description | | | Page References | |
Stock Ownership | | | | | | ||
Anti-Hedging, Anti-Pledging, and Clawback Policies | | | We have anti-hedging and anti-pledging policies and a clawback | | | | |
No Single-Trigger Change in Control Agreements | | | | | | ||
At-Will Employment | | | | | | ||
| | | | | |||
No Gross-Ups for §280G Excise Taxes Related to Change in Control Agreements | | | | | |
Board Diversity Matrix (As of January 31, 2022) | | ||||||||||||||||||||||||
Total Number Of Directors | | | 6 | | |||||||||||||||||||||
| | | Female | | | Male | | | Non-Binary | | | Did Not Disclose Gender | | ||||||||||||
Part I: Gender Identity | | | | | | | | | | | | | | | | | | | | | | | | | |
Directors | | | | | 1 | | | | | | 5 | | | | | | 0 | | | | | | 0 | | |
Part II: Demographic Background | | | | | | | | | | | | | | | | | | | | | | | | | |
African American or Black | | | | | 0 | | | | | | 1 | | | | | | 0 | | | | | | 0 | | |
Alaskan Native or Native American | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Asian | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Hispanic or Latinx | | | | | 1 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Native Hawaiian or Pacific Islander | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
White | | | | | 0 | | | | | | 4 | | | | | | 0 | | | | | | 0 | | |
Two Or More Races or Ethnicities | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
LGBTQ+ | | | 0 | | |||||||||||||||||||||
Did Not Disclose Demographic Background | | | 0 | |
Board Diversity Matrix (As of January 31, 2023) | | ||||||||||||||||||||||||
Total Number of Directors | | | 5 | | |||||||||||||||||||||
| | | Female | | | Male | | | Non-Binary | | | Did Not Disclose Gender | | ||||||||||||
Part I: Gender Identity | | | | | | | | | | | | | | | | | | | | | | | | | |
Directors | | | | | 0 | | | | | | 5 | | | | | | 0 | | | | | | 0 | | |
Part II: Demographic Background | | | | | | | | | | | | | | | | | | | | | | | | | |
African American or Black | | | | | 0 | | | | | | 1 | | | | | | 0 | | | | | | 0 | | |
Alaskan Native or Native American | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Asian | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Hispanic or Latinx | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Native Hawaiian or Pacific Islander | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
White | | | | | 0 | | | | | | 4 | | | | | | 0 | | | | | | 0 | | |
Two Or More Races or Ethnicities | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
LGBTQ+ | | | 0 | | |||||||||||||||||||||
Did Not Disclose Demographic Background | | | 0 | |
Board Diversity Matrix (As of January 31, 2022) | | ||||||||||||||||||||||||
Total Number of Directors | | | 6 | | |||||||||||||||||||||
| | | Female | | | Male | | | Non-Binary | | | Did Not Disclose Gender | | ||||||||||||
Part I: Gender Identity | | | | | | | | | | | | | | | | | | | | | | | | | |
Directors | | | | | 1 | | | | | | 5 | | | | | | 0 | | | | | | 0 | | |
Part II: Demographic Background | | | | | | | | | | | | | | | | | | | | | | | | | |
African American or Black | | | | | 0 | | | | | | 1 | | | | | | 0 | | | | | | 0 | | |
Alaskan Native or Native American | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Asian | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Hispanic or Latinx | | | | | 1 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Native Hawaiian or Pacific Islander | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
White | | | | | 0 | | | | | | 4 | | | | | | 0 | | | | | | 0 | | |
Two Or More Races or Ethnicities | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
LGBTQ+ | | | 0 | | |||||||||||||||||||||
Did Not Disclose Demographic Background | | | 0 | |
Name | | Fees Earned or Paid in Cash ($)(1) | | Stock Awards ($)(2) | | All Other Compensation ($) | | Total ($) | | | Fees Earned or paid in Cash ($)(1) | | Stock Awards ($)(2) | | All Other Compensation ($) | | Total ($) | | ||||||||||||||||||||||||||||||||
Preston G. Athey | | | | 66,000 | | | | | 92,000 | | | — | | | | 158,000 | | | | | | 76,500 | | | | | 62,450(3) | | | — | | | | 138,950 | | | ||||||||||||||
Hugh J. Morgan, Jr. | | | | 80,000 | | | | | 92,000 | | | — | | | | 172,000 | | | | | | 69,500 | | | | | 108,000 | | | — | | | | 177,500 | | | ||||||||||||||
Maria Sainz | | | | 22,060 | | | | | 66,290 | | | — | | | | 88,350 | | | | | | 66,000 | | | | | 108,000 | | | — | | | | 174,000 | | | ||||||||||||||
Ronald N. Spaulding | | | | 80,000 | | | | | 92,000 | | | — | | | | 172,000 | | | | | | 80,000 | | | | | 108,000 | | | — | | | | 188,000 | | | ||||||||||||||
John P. Stupp, Jr. | | | | 80,000 | | | | | 92,000 | | | | | 3,736(3) | | | | | 175,736 | | | | | | 80,000 | | | | | 108,000 | | | | | 3,981(5) | | | | | 191,981 | | |
| | 2021 | | 2020 | | Change | | | 2022 | | 2021 | | Change | | ||||||||||||||||||||||||
Revenues | | | $ | 165,009,000 | | | | $ | 147,591,000 | | | | | 11.8% | | | | | $ | 183,506,000 | | | | $ | 165,009,000 | | | | | 11.2% | | | ||||||
Operating Income | | | | 36,042,000 | | | | | 35,668,000 | | | | | 1.0% | | | | | $ | 39,687,000 | | | | $ | 36,042,000 | | | | | 10.1% | | | ||||||
Net Income | | | | 33,055,000 | | | | | 32,115,000 | | | | | 2.9% | | | | | $ | 35,008,000 | | | | $ | 33,055,000 | | | | | 5.9% | | | ||||||
Income per Diluted Share | | | $ | 18.18 | | | | $ | 17.44 | | | | | 4.2% | | | | | $ | 19.56 | | | | $ | 18.18 | | | | | 7.6% | | | ||||||
Operating Income as a Percentage of Year End Stockholders’ Equity | | | | 14.8% | | | | | 14.8% | | | | | 0.0% | | | | | | 16.6% | | | | | 14.8% | | | | | 1.8% | | |
Name and Principal Position | | Year | | Salary ($)(1) | | Bonus | | Stock Awards ($)(2) | | Non-Equity Incentive Plan Compensation ($)(1)(3) | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | All Other Compensation ($) | | Total ($) | | | Year | | Salary ($)(1) | | Bonus | | Stock Awards ($)(2) | | Non-Equity Incentive Plan Compensation ($)(1)(3) | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | All Other Compensation ($) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
David A. Battat | | | | 2021 | | | | | 620,000 | | | | | 400,000 | | | — | | | | 900,000 | | | — | | | | 16,585(4) | | | | | 1,936.585 | | | | | | 2022 | | | | | 620,000 | | | — | | — | | | | 900,000 | | | — | | | | 21,376(4) | | | | | 1,541,376 | | | |||||||||||||||||||||||||||||||
President and Chief | | | | 2020 | | | | | 620,000 | | | — | | | | 1,000,000 | | | | | 400,000 | | | —(5) | | | | 45,635 | | | | | 2,065,635 | | | | | | 2021 | | | | | 620,000 | | | | | 400,000 | | | — | | | | 900,000 | | | — | | | | 16,585 | | | | | 1,936.585 | | | ||||||||||||||||||||||||||||
Executive Officer | | | | 2019 | | | | | 620,000 | | | — | | — | | | | 800,000 | | | | | 184,066 | | | | | 21,995 | | | | | 1,626,061 | | | | | | 2020 | | | | | 620,000 | | | — | | | | 1,000,000 | | | | | 400,000 | | | —(5) | | | | 45,635 | | | | | 2,065,635 | | | ||||||||||||||||||||||||||||
Jeffery Strickland | | | | 2021 | | | | | 300,000 | | | | | 200,000 | | | — | | | | 450,000 | | | | | 18,795 | | | | | 36,383(6) | | | | | 1,005,178 | | | | | | 2022 | | | | | 300,000 | | | — | | — | | — | | | | 27,086 | | | | | 43,480(7) | | | | | 370,566 | | | ||||||||||||||||||||||||||||
Vice President and | | | | 2020 | | | | | 300,000 | | | — | | | | 500,000 | | | | | 325,000 | | | | | 14,399 | | | | | 30,661 | | | | | 1,170,060 | | | | | | 2021 | | | | | 300,000 | | | | | 200,000 | | | — | | | | 450,000 | | | | | 18,795 | | | | | 36,383 | | | | | 1,005,178 | | | ||||||||||||||||||||||
Chief Financial Officer, | | | | 2019 | | | | | 300,000 | | | — | | | | 100,000 | | | | | 325,000 | | | | | 9,423 | | | | | 29,381 | | | | | 763,804 | | | | | | 2020 | | | | | 300,000 | | | — | | | | 500,000 | | | | | 325,000 | | | | | 14,399 | | | | | 30,661 | | | | | 1,170,060 | | | ||||||||||||||||||||||
Secretary and Treasurer | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emile A Battat | | | | 2021 | | | | | 600,000 | | | — | | — | | | | 29,881 | | | — | | | | 36,667(7) | | | | | 666,548 | | | | | | 2022 | | | | | 600,000 | | | — | | — | | | | 291,588 | | | — | | | | 14,534(8) | | | | | 906,122 | | | ||||||||||||||||||||||||||||||||||
Chairman | | | | 2020 | | | | | 600,000 | | | — | | | | 1,000,000 | | | — | | | | 4,203 | | | | | 18,088 | | | | | 1,622,291 | | | | | | 2021 | | | | | 600,000 | | | — | | — | | | | 29,881 | | | — | | | | 36,667 | | | | | 666,548 | | | |||||||||||||||||||||||||||||||
| | | | 2019 | | | | | 600,000 | | | — | | — | | — | | | | 15,661 | | | | | 20,349 | | | | | 636,010 | | | | | | 2020 | | | | | 600,000 | | | — | | | | 1,000,000 | | | — | | | | 4,203 | | | | | 18,088 | | | | | 1,622,291 | | |
Name | | | Grant Type | | | Grant Date | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | ||||||
| Threshold ($) | | | Target(2) ($) | | | Maximum ($) | | ||||||||
David A. Battat | | | Incentive Compensation | | | N/A | | | — | | | 900,000 | | | — | |
| | Incentive Compensation | | | N/A | | | — | | | | | — | | ||
Emile A Battat | | | Incentive Compensation | | | — | | | — | | | — | | | — | |
| | | Option Awards | | | Stock Awards | | ||||||||||||||||||||||||||||||
Name | | | Number of Securities Underlying Unexercised Options Exercisable (#) | | | Number of Securities Underlying Unexercised Options Unexercisable (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | | ||||||||||||||||||
David A. Battat | | | | | 2,000 | | | | | | 2,000(2) | | | | | | 538.00 | | | | | | 5/23/23 | | | | | | 1,844(3) | | | | | | 1,299,511 | | |
Jeffery Strickland | | | — | | | — | | | — | | | — | | | | | 1,607(4) | | | | | | 1,132,253 | | | ||||||||||||
Emile A Battat | | | | | 2,000 | | | | | | 2,000(5) | | | | | | 464.05 | | | | | | 3/13/23 | | | | | | 1,824(6) | | | | | | 1,285,413 | | |
| | | Stock Awards | | |||||||||
Name | | | Number of Shares or Units of Stocks That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | ||||||
David A. Battat | | | | | 933(3) | | | | | | 521,771 | | |
Jeffery Strickland | | | | | 601(4) | | | | | | 336,498 | | |
Emile A Battat | | | | | 933(5) | | | | | | 521,771 | | |
| | Option Awards | | Stock Awards | | | Option Awards | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||
Name | | Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($) | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(1) | | | Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($) | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(1) | | ||||||||||||||||||||||||||||||||
David A. Battat | | | | 6,000 | | | | | 882,000 | | | | | 911 | | | | | 550,943 | | | | | | 4,000 | | | | | 434,640 | | | | | 911 | | | | | 586,958 | | | ||||||||
Jeffery Strickland | | — | | — | | | | 155 | | | | | 97,061 | | | | — | | — | | | | 1,019 | | | | | 644,091 | | | ||||||||||||||||||||
Emile A Battat | | | | 6,000 | | | | | 1,325,700 | | | | | 891 | | | | | 591,429 | | | | | | 4,000 | | | | | 730,440 | | | | | 891 | | | | | 627,860 | | |
Name | | Executive Contributions in Last FY ($)(1) | | Registrant Contributions in Last FY ($)(2) | | Aggregate Earnings in Last FY ($)(3) | | Aggregate Withdrawals/ Distributions ($) | | Aggregate Balance at Last FYE ($)(4) | | | Executive Contributions In Last FY ($)(1) | | Registrant Contributions In Last FY ($)(2) | | Aggregate Earnings in Last FY ($)(3) | | Aggregate Withdrawals/ Distributions ($) | | Aggregate Balance at Last FYE ($)(4) | | ||||||||||||||||||||||||||||||||||
David A. Battat | | — | | — | | — | | — | | — | | | — | | — | | — | | — | | — | | ||||||||||||||||||||||||||||||||||
Jeffery Strickland | | | | 470,000 | | | | | 6,825 | | | | | 18,795 | | | — | | | | 1,361,017 | | | | | | 579,033 | | | | | 7,000 | | | | | 27,086 | | | — | | | | 1,974,135 | | | ||||||||||
Emile A Battat | | — | | — | | — | | — | | — | | | — | | — | | — | | — | | — | |
Name | | | Type of Payment or Benefit | | | Termination for Just Cause or Without Good Reason ($) | | | Termination Without Just Cause, For Good Reason, or upon Retirement, Death, or Disability ($) | | | Termination Without Just Cause or For Good Reason in Connection with a Change in Control ($) | | | Change in Control ($) | | ||||||||||||
David A. Battat | | | Severance Payment | | | — | | | — | | | | | 3,040,000 | | | | — | | |||||||||
| Equity Awards(1) | | | — | | | | | 876,571 | | | | | | 1,633,311 | | | | | | 1,633,311 | | | |||||
| NQDC Plan Account Balance | | | — | | | — | | | — | | | — | | ||||||||||||||
| Health Benefits | | | — | | | — | | | | | 9,979 | | | | — | | |||||||||||
| Unreimbursed Business Expenses | | | | | 94,000 | | | | | | 94,000 | | | | | | 94,000 | | | | — | | |||||
| Accrued Vacation Pay | | | — | | | — | | | — | | | — | | ||||||||||||||
| Total | | | | | 94,000 | | | | | | 970,571 | | | | | | 4,777,290 | | | | | | 1,633,311 | | | ||
Jeffery Strickland | | | Severance Payment | | | — | | | — | | | | | 300,000 | | | | — | | |||||||||
| Equity Awards(1) | | | — | | | | | 803,163 | | | | | | 1,132,239 | | | | | | 1,132,239 | | | |||||
| NQDC Plan Account Balance(2) | | | | | 1,361,017 | | | | | | 1,361,017 | | | | | | 1,361,017 | | | | — | | |||||
| Health Benefits | | | — | | | — | | | — | | | — | | ||||||||||||||
| Unreimbursed Business Expenses | | | — | | | — | | | — | | | — | | ||||||||||||||
| Accrued Vacation Pay | | | | | 5,769 | | | | | | 5,769 | | | | | | 5,769 | | | | — | | |||||
| Total | | | | | 1,366,786 | | | | | | 2,169,949 | | | | | | 2,799,025 | | | | | | 1,132,239 | | | ||
Emile A Battat | | | Severance Payment | | | | | 29,881 | | | | | | 641,442 | | | | | | 1,253,003 | | | | — | | |||
| Equity Awards(1) | | | — | | | | | 1,767,113 | | | | | | 1,767,113 | | | | | | 1,767,113 | | | |||||
| NQDC Plan Account Balance | | | — | | | — | | | — | | | — | | ||||||||||||||
| Health Benefits | | | — | | | | | 20,931 | | | | | | 20,931 | | | | — | | ||||||||
| Unreimbursed Business Expenses | | | | | 160,168 | | | | | | 160,168 | | | | | | 160,168 | | | | — | | |||||
| Accrued Vacation Pay | | | — | | | — | | | — | | | — | | ||||||||||||||
| Total | | | | | 190,049 | | | | | | 2,589,654 | | | | | | 3,201,215 | | | | | | 1,767,113 | | |
Name | | | Type of Payment or Benefit | | | Termination for Just Cause or Without Good Reason ($) | | | Termination Without Just Cause, For Good reason, or upon Retirement, Death, or Disability ($) | | | Termination Without Just Cause or For Good Reason in Connection with a Change in Control ($) | | | Change in Control ($) | | ||||||||||||
David A. Battat | | | Severance Payment(1) | | | | | 94,000 | | | | | | 94,000 | | | | | | 3,900,666 | | | | — | | |||
| Equity Awards(2) | | | — | | | | | 521,771 | | | | | | 521,771 | | | | | | 521,771 | | | |||||
| NQDC Plan Account Balance | | | — | | | — | | | — | | | — | | ||||||||||||||
| Health Benefits | | | — | | | — | | | | | 10,118 | | | | — | | |||||||||||
| Total | | | | | 94,000 | | | | | | 615,771 | | | | | | 4,432,555 | | | | | | 521,771 | | | ||
Jeffery Strickland | | | Severance Payment(3) | | | | | 5,769 | | | | | | 5,769 | | | | | | 305,769 | | | | — | | |||
| Equity Awards(2) | | | — | | | | | 260,894 | | | | | | 336,498 | | | | | | 336,498 | | | |||||
| NQDC Plan Account(4) Balance | | | | | 1,974,135 | | | | | | 1,974,135 | | | | | | 1,974,135 | | | | — | | |||||
| Health Benefits | | | — | | | — | | | — | | | — | | ||||||||||||||
| Total | | | | | 1,979,904 | | | | | | 2,240,798 | | | | | | 2,616,402 | | | | | | 336,498 | | | ||
Emile A Battat | | | Severance Payment(1) | | | | | 451,756 | | | | | | 1,061,716 | | | | | | 1,671,676 | | | | — | | |||
| Equity Awards(2) | | | — | | | | | 521,771 | | | | | | 521,771 | | | | | | 521,771 | | | |||||
| NQDC Plan Account Balance | | | — | | | — | | | — | | | — | | ||||||||||||||
| Health Benefits | | | — | | | | | 21,223 | | | | | | 21,223 | | | | — | | ||||||||
| Total | | | | | 451,756 | | | | | | 1,604,710 | | | | | | 2,214,670 | | | | | | 521,771 | | |
Year | | | Summary Compensation Table CEO Total Compensation(a) | | | Compensation Actually Paid to CEO(a)(b) | | | Average Summary Compensation Table Total for Other NEOs(a) | | | Average Compensation Actually Paid to Other NEOs(a)(b) | | | Value of Initial $100 Investment Based On: | | | GAAP Net Income ($ millions) | | | GAAP Operating Income ($ millions) | | |||||||||||||||||||||||||||
| Company Total Stockholder Return | | | Peer Group(c) Total Stockholder Return | | ||||||||||||||||||||||||||||||||||||||||||||
2022 | | | | $ | 1,541,376 | | | | | $ | 1,201,240 | | | | | $ | 638,344 | | | | | $ | 413,722 | | | | | $ | 77.01 | | | | | $ | 98.36 | | | | | $ | 35.0 | | | | | $ | 39.7 | | |
2021 | | | | $ | 1,936,585 | | | | | $ | 1,996,742 | | | | | $ | 835,863 | | | | | $ | 940,039 | | | | | $ | 95.81 | | | | | $ | 115.30 | | | | | $ | 33.1 | | | | | $ | 36.0 | | |
2020 | | | | $ | 2,065,635 | | | | | $ | 1,405,164 | | | | | $ | 1,396,176 | | | | | $ | 1,011,839 | | | | | $ | 86.36 | | | | | $ | 109.66 | | | | | $ | 32.1 | | | | | $ | 35.7 | | |
Year | | | CEO (or Principal Executive Officer) | | | Non-CEO NEOs | |
2022 | | | David A. Battat | | | Emile A Battat, Jeffery Strickland | |
2021 | | | David A. Battat | | | Emile A Battat, Jeffery Strickland | |
2020 | | | David A. Battat | | | Emile A Battat, Jeffery Strickland | |
| | | CEO | | | Non-CEO NEO Average | | ||||||||||||||||||||||||||||||
| 2022 | | | 2021 | | | 2020 | | | 2022 | | | 2021 | | | 2020 | | ||||||||||||||||||||
Summary Compensation Table Total | | | | $ | 1,541,376 | | | | | $ | 1,936,585 | | | | | $ | 2,065,635 | | | | | $ | 638,344 | | | | | $ | 835,863 | | | | | $ | 1,396,176 | | |
Less: Reported Fair Value of Equity Awards(1) | | | — | | | — | | | | $ | 1,000,000 | | | | — | | | — | | | | $ | 750,000 | | | ||||||||||||
Add: Year-End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year(2) | | | — | | | — | | | | $ | 992,794 | | | | — | | | — | | | | $ | 744,597 | | | ||||||||||||
Add: Year Over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year(2) | | | | $ | (205,231) | | | | | $ | (94,665) | | | | | $ | (201,459) | | | | | $ | (113,864) | | | | | $ | (22,091) | | | | | $ | (102,712) | | |
Add: Year Over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years(2) | | | | $ | (134,905) | | | | | $ | 154,821 | | | | | $ | (451,805) | | | | | $ | (110,758) | | | | | $ | 126,267 | | | | | $ | (276,222) | | |
Compensation Actually Paid | | | | $ | 1,201,240 | | | | | $ | 1,996,742 | | | | | $ | 1,405,164 | | | | | $ | 413,722 | | | | | $ | 940,039 | | | | | $ | 1,011,839 | | |
Name of Beneficial Owner | | Number of Shares Beneficially Owned(1) | | Percent of Class(1) | | | Number of Shares Beneficially Owned(1) | | Percent of Class(1) | | ||||||||||||||||
Preston G. Athey | | | | 656 | | | | | * | | | | | | 756 | | | | | * | | | ||||
David A. Battat(2) | | | | 98,191(3) | | | | | 5.46% | | | | | | 94,600(3) | | | | | 5.37% | | | ||||
Emile A Battat(4) | | | | 153,802(5) | | | | | 8.55% | | | |||||||||||||||
Emile A. Battat(4) | | | | 150,616(5) | | | | | 8.56% | | | |||||||||||||||
Hugh J. Morgan, Jr. | | | | 9,952 | | | | | * | | | | | | 10,124 | | | | | * | | | ||||
Maria Sainz | | | | 112 | | | | | * | | | |||||||||||||||
Ronald N. Spaulding | | | | 2,282(6) | | | | | * | | | | | | 2,454(6) | | | | | * | | | ||||
Jeffery Strickland | | | | 1,105(8) | | | | | * | | | |||||||||||||||
John P. Stupp, Jr. | | | | 140,998(7) | | | | | 7.85% | | | | | | 141,170(7) | | | | | 8,02% | | | ||||
Jeffery Strickland | | | | 2,402(8) | | | | | * | | | |||||||||||||||
BlackRock, Inc.(9) | | | | 114,537 | | | | | 6.38% | | | | | | 113,355 | | | | | 6.44% | | | ||||
Kayne Anderson Rudnick Investment Management, LLC(10) | | | | 190,555 | | | | | 10.62% | | | | | | 190,681 | | | | | 10.83% | | | ||||
Neuberger Berman Group LLC(11) | | | | 208,151 | | | | | 11.60% | | | | | | 194,910 | | | | | 11.07% | | | ||||
T. Rowe Price Associates, Inc.(12) | | | | 145,019 | | | | | 8.09% | | | |||||||||||||||
All directors and executive officers as a group (8 persons)(13) | | | | 408,395 | | | | | 22.65% | | | |||||||||||||||
T. Rowe Price Investment Management, Inc.(12) | | | | 115,570 | | | | | 6.56% | | | |||||||||||||||
All directors and current executive officers as a group (7 persons)(13) | | | | 399,720 | | | | | 22.70% | | |
Reconciliation To GAAP Information ($ in thousands) | | | Year Ended 12/31/2022 | | |||||||||
| Amount | | | Margin | | ||||||||
Net Income (GAAP) | | | | $ | 35,008 | | | | | | 19.1% | | |
Interest and Dividend Income | | | | | (988) | | | | | | | | |
Provision for Income Taxes | | | | | 5,609 | | | | | | | | |
Depreciation and amortization | | | | | 13,812 | | | | | | | | |
EBITDA (Non-GAAP) | | | | | 53,441 | | | | | | 29.1% | | |
Revenue (GAAP) | | | | $ | 183,506 | | | | | | | | |