Pay vs Performance Disclosure - USD ($) | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Pay vs Performance Disclosure | | | | |
Pay vs Performance Disclosure, Table | 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 sets forth the actual compensation paid to our NEOs in relation to certain financial performance measures of the Company. For more information, refer to the “Compensation Discussion and Analysis” section of this proxy statement. Value of $100 Initial Fixed Investment Year Summary Compensation Table Total for PEO (1) $ Compensation Actually Paid to PEO (2) $ Average Summary Compensation Table Total for Non-PEO NEOs (3) $ Average Compensation Actually Paid to Non-PEO NEOs (4) $ Company Total Shareholder Return (5) $ Total Average Shareholder Return of S&P Small-Cap 600 & S&P Small-Cap Chemicals Indices (6) $ Net Income ($ millions) (7) $ Adjusted EBITDA ($ millions) (8) $ 2023 7,585,239 23,334,808 1,207,890 2,558,056 137.14 93.89 104 332.3 2022 4,690,597 7,141,073 840,821 940,221 124.63 82.20 106 312.3 2021 5,899,282 4,780,304 824,244 567,016 151.95 114.18 135 268.4 2020 2,882,368 2,731,917 622,172 584,761 132.45 123.36 18.0 200.0 (1) The dollar amounts reported in this column are the amounts of total compensation reported for Mr. Painter, our principal executive officer (PEO), for each corresponding year in the “Total” column of the Summary Compensation Table in this proxy statement. (2) The dollar amounts reported in this column represent the amount of “compensation actually paid” to Mr. Painter, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Painter during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following equity award adjustments were made to Mr. Painter’s total compensation for each applicable year to determine the compensation actually paid. The assumptions used for determining the fair values shown in this table do not differ materially from those used to determine the fair values disclosed as of the grant date of such awards. Year PEO Year End Fair Value of Equity Awards $ PEO Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards $ PEO Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year $ PEO Total Equity Award Adjustments $ 2023 8,113,199 4,249,492 3,386,878 15,749,569 2022 3,571,870 1,486,773 136,924 5,195,567 2021 2,988,714 (511,568) 6,925 2,484,070 2020 2,015,610 (260,568) (85,125) 1,669,917 (3) The dollar amounts reported in this column represent the average of the amounts reported for the Company’s NEOs as a group excluding Mr. Painter in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs excluding Mr. Painter included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, Messrs. Glajch, Riveros and Quinoes and Dr. Niewiem; for 2022, Messrs. Glajch, Hrivnak, Riveros, Quinones and Dr. Niewiem; and for (ii) for 2021, Messrs. Hrivnak, Riveros, Quinones, Crenshaw and Dr. Niewiem. (4) The dollar amounts reported in this column represent the average amount of “compensation actually paid” to the NEOs as a group excluding Mr. Painter, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group excluding Mr. Painter during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following equity award adjustments were made to the average total compensation for the NEOs as a group excluding Mr. Painter for each year to determine the compensation actually paid, using the same methodology described above in Note 2. The assumptions used for determining the fair values shown in this table do not differ materially from those used to determine the fair values disclosed as of the grant date of such awards. Year non-PEO Year End Fair Value of Equity Awards ($) non-PEO Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards ($) non-PEO Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) non-PEO Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) non-PEO Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($) non-PEO Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($) non-PEO Total Equity Award Adjustments ($) 2023 865,598 343,716 0 140,851 0 0 1,350,165 2022 336,751 49,259 0 (3,579) 0 0 382,430 2021 132,268 (18,720) 0 5,446 (61,384) 0 57,610 2020 162,505 (23,939) 0 (29,213) 0 0 109,353 (5) Cumulative TSR, as reported in this column, is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. (6) Represents the total average shareholder return of the S&P Small-Cap 600 Index and S&P Small-Cap Chemicals Index. The peer group used for this purpose is consistent with the peer group indicated in the Performance Graph in our Annual Report and Form 10-K for the year ended December 31,2023 filed with the SEC on February 13, 2024. (7) The dollar amounts reported in this column represent the amount of net income reflected in our audited financial statements for the applicable year as reported in our respective Annual Reports on Form 10-K. (8) “Adjusted EBITDA” is defined as income from operations before depreciation and amortization, share-based compensation, and non-recurring items (such as, restructuring expenses, consulting fees related to Company strategy, legal settlement gain, etc.) plus earnings in affiliated companies, net of tax. | | | |
Company Selected Measure Name | Adjusted EBITDA | | | |
Named Executive Officers, Footnote | (1) The dollar amounts reported in this column are the amounts of total compensation reported for Mr. Painter, our principal executive officer (PEO), for each corresponding year in the “Total” column of the Summary Compensation Table in this proxy statement. (3) The dollar amounts reported in this column represent the average of the amounts reported for the Company’s NEOs as a group excluding Mr. Painter in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs excluding Mr. Painter included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, Messrs. Glajch, Riveros and Quinoes and Dr. Niewiem; for 2022, Messrs. Glajch, Hrivnak, Riveros, Quinones and Dr. Niewiem; and for (ii) for 2021, Messrs. Hrivnak, Riveros, Quinones, Crenshaw and Dr. Niewiem. | | | |
Peer Group Issuers, Footnote | (6) Represents the total average shareholder return of the S&P Small-Cap 600 Index and S&P Small-Cap Chemicals Index. The peer group used for this purpose is consistent with the peer group indicated in the Performance Graph in our Annual Report and Form 10-K for the year ended December 31,2023 filed with the SEC on February 13, 2024. | | | |
PEO Total Compensation Amount | $ 7,585,239 | $ 4,690,597 | $ 5,899,282 | $ 2,882,368 |
PEO Actually Paid Compensation Amount | $ 23,334,808 | 7,141,073 | 4,780,304 | 2,731,917 |
Adjustment To PEO Compensation, Footnote | (2) The dollar amounts reported in this column represent the amount of “compensation actually paid” to Mr. Painter, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Painter during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following equity award adjustments were made to Mr. Painter’s total compensation for each applicable year to determine the compensation actually paid. The assumptions used for determining the fair values shown in this table do not differ materially from those used to determine the fair values disclosed as of the grant date of such awards. Year PEO Year End Fair Value of Equity Awards $ PEO Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards $ PEO Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year $ PEO Total Equity Award Adjustments $ 2023 8,113,199 4,249,492 3,386,878 15,749,569 2022 3,571,870 1,486,773 136,924 5,195,567 2021 2,988,714 (511,568) 6,925 2,484,070 2020 2,015,610 (260,568) (85,125) 1,669,917 | | | |
Non-PEO NEO Average Total Compensation Amount | $ 1,207,890 | 840,821 | 824,244 | 622,172 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,558,056 | 940,221 | 567,016 | 584,761 |
Adjustment to Non-PEO NEO Compensation Footnote | (4) The dollar amounts reported in this column represent the average amount of “compensation actually paid” to the NEOs as a group excluding Mr. Painter, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group excluding Mr. Painter during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following equity award adjustments were made to the average total compensation for the NEOs as a group excluding Mr. Painter for each year to determine the compensation actually paid, using the same methodology described above in Note 2. The assumptions used for determining the fair values shown in this table do not differ materially from those used to determine the fair values disclosed as of the grant date of such awards. Year non-PEO Year End Fair Value of Equity Awards ($) non-PEO Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards ($) non-PEO Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) non-PEO Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) non-PEO Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($) non-PEO Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($) non-PEO Total Equity Award Adjustments ($) 2023 865,598 343,716 0 140,851 0 0 1,350,165 2022 336,751 49,259 0 (3,579) 0 0 382,430 2021 132,268 (18,720) 0 5,446 (61,384) 0 57,610 2020 162,505 (23,939) 0 (29,213) 0 0 109,353 | | | |
Compensation Actually Paid vs. Total Shareholder Return | The following chart illustrates the relationship between the Compensation Actually Paid (CAP) for our PEO and the average CAP for our Non-PEO NEOs for each of the last three financial years against Company TSR and the Peer Group TSR over the last four financial years: | | | |
Compensation Actually Paid vs. Net Income | The following chart illustrates the CAP for our PEO and the average CAP for our Non-PEO NEOs for each of the last four financial years against our net income and Adjusted EBITDA for each of those years: | | | |
Compensation Actually Paid vs. Company Selected Measure | The following chart illustrates the CAP for our PEO and the average CAP for our Non-PEO NEOs for each of the last four financial years against our net income and Adjusted EBITDA for each of those years: | | | |
Total Shareholder Return Vs Peer Group | The following chart illustrates the relationship between the Compensation Actually Paid (CAP) for our PEO and the average CAP for our Non-PEO NEOs for each of the last three financial years against Company TSR and the Peer Group TSR over the last four financial years: | | | |
Tabular List, Table | Following is an unranked list of our 2023 financial performance measures our Compensation Committee considered most important in linking the short- and long-term compensation actually paid to our NEOs with Company performance: • Adjusted EBITDA • Return on Capital Employed (ROCE) • Relative Total Shareholder Return (rTSR) In addition to the financial performance measures listed above, for 2023, our Compensation Committee determined the following non-financial measures as key performance measures of our short- and long-term incentive plans to further align the interests of our senior management team with the interests of our stockholders: • Safety performance • Sustainability ratings • Employee engagement scores • Key Project execution | | | |
Total Shareholder Return Amount | $ 137.14 | 124.63 | 151.95 | 132.45 |
Peer Group Total Shareholder Return Amount | 93.89 | 82.2 | 114.18 | 123.36 |
Net Income (Loss) | $ 104,000,000 | $ 106,000,000 | $ 135,000,000 | $ 18,000,000 |
Company Selected Measure Amount | 332,300,000 | 312,300,000 | 268,400,000 | 200,000,000 |
PEO Name | Mr. Painter | Mr. Painter | Mr. Painter | Mr. Painter |
Additional 402(v) Disclosure | Valuation Methodology The table below contains ranges of assumptions used in the valuation of outstanding equity awards for the relevant fiscal year. For more information, please see the notes to our financial statements in our Annual Report on Form 10-K and the footnotes to the Summary Compensation Table of this proxy statement. Fiscal Year 2023 Restricted Stock Units Stock Price $19.40 - $28.28 Performance Share Units Financial Metric Multiplier 100%-200% TSR Realized Performance (Percentile) 48.86% - 64.91% Volatility 36.26% - 41.12% Risk-Free Interest Rate 4.13% - 4.67% | | | |
Stock Price Minimum | $ 19.4 | | | |
Stock Price Maximum | $ 28.28 | | | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Financial Metric Multiplier, Minimum | 100% | | | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Financial Metric Multiplier, Maximum | 200% | | | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Total Shareholder Return Realized Performance, Minimum | 48.86% | | | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Total Shareholder Return Realized Performance, Maximum | 64.91% | | | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 36.26% | | | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 41.12% | | | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 4.13% | | | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 4.67% | | | |
Measure:: 1 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Adjusted EBITDA | | | |
Non-GAAP Measure Description | (8) “Adjusted EBITDA” is defined as income from operations before depreciation and amortization, share-based compensation, and non-recurring items (such as, restructuring expenses, consulting fees related to Company strategy, legal settlement gain, etc.) plus earnings in affiliated companies, net of tax. | | | |
Measure:: 2 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Return on Capital Employed (ROCE) | | | |
Measure:: 3 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Relative Total Shareholder Return (rTSR) | | | |
Measure:: 4 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Safety performance | | | |
Measure:: 5 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Sustainability ratings | | | |
Measure:: 6 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Employee engagement scores | | | |
Measure:: 7 | | | | |
Pay vs Performance Disclosure | | | | |
Name | Key Project execution | | | |
PEO | Equity Award Adjustments [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | $ 15,749,569 | $ 5,195,567 | $ 2,484,070 | $ 1,669,917 |
PEO | Year End Fair Value of Equity Awards [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 8,113,199 | 3,571,870 | 2,988,714 | 2,015,610 |
PEO | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 4,249,492 | 1,486,773 | (511,568) | (260,568) |
PEO | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 3,386,878 | 136,924 | 6,925 | (85,125) |
Non-PEO NEO | Equity Award Adjustments [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 1,350,165 | 382,430 | 57,610 | 109,353 |
Non-PEO NEO | Year End Fair Value of Equity Awards [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 865,598 | 336,751 | 132,268 | 162,505 |
Non-PEO NEO | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 343,716 | 49,259 | (18,720) | (23,939) |
Non-PEO NEO | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 140,851 | (3,579) | 5,446 | (29,213) |
Non-PEO NEO | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 0 | 0 | 0 | 0 |
Non-PEO NEO | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | 0 | 0 | (61,384) | 0 |
Non-PEO NEO | Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation [Member] | | | | |
Pay vs Performance Disclosure | | | | |
Adjustment to Compensation, Amount | $ 0 | $ 0 | $ 0 | $ 0 |