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| | | | | A-1 | | | |
| | | | | B-1 | | |
| Operating margin was 13.3%. | | |||||
| Revenue was $169.3 million. | | |||||
| Net income margin was 11.5%. | | |||||
| EBITDA margin was 21.7%.(1) | | |||||
| Earnings per diluted share were $11.02. | | |||||
| • Cash flows from operating activities were $20.0 million. | | |||||
| • Dividends were increased for the 20th consecutive year. | | |||||
| • Returned $17.0 million to stockholders through dividends and stock repurchases. | | |||||
| • Total assets were $260.8 million at year end. | |
Item | | | Voting Recommendation of the Board | | | Page References | |
Election of one Class II director | | | FOR THE NOMINEE | | | 9 | |
Approval of an amendment of the Company’s Certificate of Incorporation to provide for exculpation of officers as permitted by Delaware law | | | FOR | | | 40 | |
Ratification of the appointment of Grant Thornton LLP as the Company’s independent registered public accounting firm for the year 2024 | | | FOR | | | 41 | |
Approval, on an advisory basis, of executive officer compensation | | | FOR | | | 43 | |
Governance Practice | | | Description | | | Page References | |
Director Independence | | | All of our directors, except our Chairman of the Board, are independent | | | 10 | |
Separate Chairman | | | We separate the roles of Chairman of the Board and Chief Executive Officer | | | 10 | |
Director Attendance | | | Each director attended more than | | | 13 | |
Director Resignation Policy | | | We have a resignation policy if a director fails to garner a majority of votes cast in his or her election | | | 12 | |
Executive Session | | | Our independent directors meet regularly in executive session without management and non-independent directors present | | | 10 | |
Independent Compensation Consultant | | | We have a fully independent compensation consultant to provide various services, including those related to executive officer and non-employee director compensation | | | |
| | | As of January 31, 2024 | | | As of January 31, 2023 | | ||||||||||||||||||
| | | Female | | | Male | | | Female | | | Male | | ||||||||||||
Number of Directors | | | 6 | | | 5 | | ||||||||||||||||||
Directors | | | | | 1 | | | | | | 5 | | | | | | 0 | | | | | | 5 | | |
Number of Directors who identify in Either of the Categories Below: | | ||||||||||||||||||||||||
African American or Black | | | | | 0 | | | | | | 1 | | | | | | 0 | | | | | | 1 | | |
White | | | | | 1 | | | | | | 4 | | | | | | 0 | | | | | | 4 | | |
| Medical Device/Pharma Experience | | | Human Resources/Compensation | | | International Business Experience | |
| Financial and Accounting | | | Regulatory and Compliance | | | Risk Management/Oversight | |
| Manufacturing | | | Innovation | | | Strategy | |
| | | | Corporate Governance | | | | |
Components of Compensation | | | Form of Compensation | | | Page References | |
Base Salary | | | Annual Cash Salary | | | 29 | |
Annual Cash Incentives | | | Annual cash incentive based on Company and individual performance | | | 29 | |
Long-Term Equity Incentives | | | Stock Options, Restricted Stock, Stock Units, Dividend Equivalents, and Other Stock-Based Awards | | | 29 | |
Additional Executive Compensation Principles | | | Description | | | Page References | |
Stock Ownership | | | | | 26 | | |
Anti-Hedging, Anti-Pledging, and Clawback Policies | | | We have anti-hedging and anti-pledging policies and a clawback policy covering cash- and equity-based incentive compensation. | | | 26 | |
No Single-Trigger Change in Control Agreements | | | | | 25 | | |
At-Will Employment | | | | | 32 | | |
| | | | 24 | | ||
No Gross-Ups for §280G Excise Taxes Related to Change in Control Agreements | | | | | 32 | |
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 | |
| | | As of January 31, 2024 | | | As of January 31, 2023 | | ||||||||||||||||||
| | | Female | | | Male | | | Female | | | Male | | ||||||||||||
Number of Directors | | | 6 | | | 5 | | ||||||||||||||||||
Directors | | | | | 1 | | | | | | 5 | | | | | | 0 | | | | | | 5 | | |
Number of Directors who identify in Either of the Categories Below: | | ||||||||||||||||||||||||
African American or Black | | | | | 0 | | | | | | 1 | | | | | | 0 | | | | | | 1 | | |
White | | | | | 1 | | | | | | 4 | | | | | | 0 | | | | | | 4 | | |
| | | | Preston G. Athey | | | Jeannette Bankes | | | Emile A Battat | | | Ronald L. Spalding | | | John P. Stupp, Jr. | |
| Medical Device/Pharma Experience | | | — | | | ✓ | | | ✓ | | | ✓ | | | — | |
| Financial and Accounting | | | ✓ | | | — | | | ✓ | | | — | | | ✓ | |
| Manufacturing | | | — | | | ✓ | | | — | | | — | | | ✓ | |
| HR/Compensation | | | — | | | ✓ | | | — | | | — | | | ✓ | |
| Regulatory and Compliance | | | — | | | ✓ | | | — | | | — | | | ✓ | |
| Innovation | | | — | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
| International Business Experience | | | — | | | ✓ | | | ✓ | | | ✓ | | | — | |
| Risk Management/Oversight | | | ✓ | | | ✓ | | | — | | | — | | | ✓ | |
| Strategy | | | — | | | ✓ | | | ✓ | | | ✓ | | | ✓ | |
| Corporate Governance | | | ✓ | | | — | | | ✓ | | | ✓ | | | ✓ | |
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 | | | | 76,500 | | | | | 62,450(3) | | | — | | | | 138,950 | | | | | | 80,000 | | | | | 62,029(3) | | | — | | | | 142,029 | | | ||||||||||||||
Jeannette Bankes(4) | | | | 18,293 | | | | | 82,667 | | | — | | | | 100,960 | | | ||||||||||||||||||||||||||||||||
Hugh J. Morgan, Jr. | | | | 69,500 | | | | | 108,000 | | | — | | | | 177,500 | | | | | | 66,000 | | | | | 124,000 | | | — | | | | 190,000 | | | ||||||||||||||
Maria Sainz(4) | | | | 66,000 | | | | | 108,000 | | | — | | | | 174,000 | | | ||||||||||||||||||||||||||||||||
Ronald N. Spaulding | | | | 80,000 | | | | | 108,000 | | | — | | | | 188,000 | | | | | | 80,000 | | | | | 124,000 | | | | | — | | | | | 204,000 | | | |||||||||||
John P. Stupp, Jr. | | | | 80,000 | | | | | 108,000 | | | | | 3,981(5) | | | | | 191,981 | | | | | | 80,000(5) | | | | | 124,000 | | | | | 3,857(6) | | | | | 207,857 | | |
| | 2022 | | 2021 | | Change | | | 2023 | | 2022 | | Change | | ||||||||||||||||||||||||
Revenues | | | $ | 183,506,000 | | | | $ | 165,009,000 | | | | | 11.2% | | | | | $ | 169,326,000 | | | | $ | 183,506,000 | | | | | (7.7)% | | | ||||||
Operating Income | | | $ | 39,687,000 | | | | $ | 36,042,000 | | | | | 10.1% | | | | | $ | 22,579,000 | | | | $ | 39,687,000 | | | | | (43.1)% | | | ||||||
Net Income | | | $ | 35,008,000 | | | | $ | 33,055,000 | | | | | 5.9% | | | | | $ | 19,411,000 | | | | $ | 35,008,000 | | | | | (44.6)% | | | ||||||
Income per Diluted Share | | | $ | 19.56 | | | | $ | 18.18 | | | | | 7.6% | | | | | $ | 11.02 | | | | $ | 19.56 | | | | | (43.7)% | | | ||||||
Operating Income as a Percentage of Year End Stockholders’ Equity | | | | 16.6% | | | | | 14.8% | | | | | 1.8% | | | | | | 9.3% | | | | | 16.6% | | | | | (7.3)% | | |
Named Executive Officer | | | 2023 Base Salary($) | | | 2023 Target Bonus Opportunity (as a Percentage of Base Salary) | | | 2023 Target Bonus Opportunity($) | | |||||||||
David A. Battat | | | | | 720,000 | | | | | | 100% | | | | | | 720,000 | | |
Cindy Ferguson | | | | | 300,000 | | | | | | 60% | | | | | | 180,000 | | |
Performance Measure | | | Weighting | | | Threshold (50% of Target Payout) ($ millions) | | | Target (100% of Target Payout ($ millions) | | | Maximum (150% of Target Payout) ($ millions) | | | 2023 Results ($ millions) | | | Funding Level | | | Total Payout Factor | | |||||||||||||||||||||
Operating Income(1) | | | | | 60% | | | | | | 35.81 | | | | | | 42.13 | | | | | | 48.45 | | | | | | 22.58 | | | | | | 0% | | | | | | 0% | | |
Revenue(2) | | | | | 20% | | | | | | 171.18 | | | | | | 201.387 | | | | | | 231.6 | | | | | | 169.326 | | | | | | 0% | | | | | | 0% | | |
Strategic Objectives | | | | | 20% | | | | See description below | | | | | 125% | | | | | | 25% | | | |||||||||||||||||||||
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 25% | | |
2023 Annual Incentive Plan | | | Target ($) | | | Total Payout Factor | | | Amount Earned ($) | | |||||||||
David A. Battat | | | | | 720,000 | | | | | | 25% | | | | | | 180,000 | | |
Cindy Ferguson | | | | | 180,000 | | | | | | 25% | | | | | | 45,000 | | |
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 ($)(2) | | Non-Equity Incentive Plan Compensation ($)(3) | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | All Other Compensation ($) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
David A. Battat | | | | 2022 | | | | | 620,000 | | | — | | — | | | | 900,000 | | | — | | | | 21,376(4) | | | | | 1,541,376 | | | | | | 2023 | | | | | 718,077 | | | — | | — | | | | 180,000 | | | — | | | | 26,387(4) | | | | | 924,464 | | | ||||||||||||||||||||||||||||||||||
President and Chief | | | | 2021 | | | | | 620,000 | | | | | 400,000 | | | — | | | | 900,000 | | | — | | | | 16,585 | | | | | 1,936.585 | | | | | | 2022 | | | | | 620,000 | | | — | | — | | | | 900,000 | | | — | | | | 21,376 | | | | | 1,541,376 | | | |||||||||||||||||||||||||||||||
Executive Officer | | | | 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 | | | ||||||||||||||||||||||||||||
Jeffery Strickland(6) | | | | 2022 | | | | | 300,000 | | | — | | — | | — | | | | 27,086 | | | | | 43,480(7) | | | | | 370,566 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cindy Ferguson(5) | | | | 2023 | | | | | 283,904 | | | — | | | | 445,920 | | | | | 45,000 | | | — | | | | 34,347(6) | | | | | 809,171 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vice President and | | | | 2021 | | | | | 300,000 | | | | | 200,000 | | | — | | | | 450,000 | | | | | 18,795 | | | | | 36,383 | | | | | 1,005,178 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||
Chief Financial Officer, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secretary, and Treasurer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jeffery Strickland(7) | | | | 2023 | | | | | 92,308 | | | — | | — | | — | | | | 210,196 | | | | | 600,593(8) | | | | | 903,097 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Former Vice President and | | | | 2022 | | | | | 300,000 | | | — | | — | | — | | | | 27,086 | | | | | 43,480 | | | | | 370,566 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer, | | | | 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 | | | ||||||||||||||||||||||
Secretary and Treasurer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emile A Battat | | | | 2022 | | | | | 600,000 | | | — | | — | | | | 291,588 | | | — | | | | 14,534(8) | | | | | 906,122 | | | | | | 2023 | | | | | 600,000 | | | — | | — | | — | | — | | | | 32,564(9) | | | | | 632,564 | | | |||||||||||||||||||||||||||||||||||||
Chairman | | | | 2021 | | | | | 600,000 | | | — | | — | | | | 29,881 | | | — | | | | 36,667 | | | | | 666,548 | | | | | | 2022 | | | | | 600,000 | | | — | | — | | | | 291,588 | | | — | | | | 14,534 | | | | | 906,122 | | | ||||||||||||||||||||||||||||||||||
| | | | 2020 | | | | | 600,000 | | | — | | | | 1,000,000 | | | — | | | | 4,203 | | | | | 18,088 | | | | | 1,622,291 | | | | | | 2021 | | | | | 600,000 | | | — | | — | | | | 29,881 | | | — | | | | 36,667 | | | | | 666,548 | | |
Non-Equity Incentive Plan Awards | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($) | ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Stock Awards | | |||||||||||||||
Name | | | Number of Stock That Have | | | Market Value | | ||||||||||||
David A. Battat | | | | | | | | | | | | ||||||||
Cindy Ferguson | | | | | 1,075(4) | | | | | | 407,207 | | | ||||||
Jeffery Strickland | | | | | | ||||||||||||||
Emile A Battat | | | | | | | | | | | |
| | Option Awards | | Stock Awards | | | Option Awards | | Stock Awards | | ||||||||||||||||||||||||||||||||||
Name | | Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($) | | 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(#)(1) | | Value Realized on Vesting($)(2) | | ||||||||||||||||||||||||||
David A. Battat | | | | 4,000 | | | | | 434,640 | | | | | 911 | | | | | 586,958 | | | | — | | — | | | | 311 | | | | | 183,891 | | | ||||||||
Cindy Ferguson | | — | | — | | — | | — | | |||||||||||||||||||||||||||||||||||
Jeffery Strickland | | — | | — | | | | 1,019 | | | | | 644,091 | | | | — | | — | | | | 603 | | | | | 380,986 | | | ||||||||||||||
Emile A Battat | | | | 4,000 | | | | | 730,440 | | | | | 891 | | | | | 627,860 | | | | — | | — | | | | 311 | | | | | 183,891 | | |
Name | | Executive Contributions In Last FY ($)(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($)(4) | | ||||||||||||||||||||||||||||||||||
David A. Battat | | — | | — | | — | | — | | — | | | — | | — | | — | | — | | — | | ||||||||||||||||||||||||||||||||||
Cindy Ferguson | | — | | — | | — | | — | | — | | |||||||||||||||||||||||||||||||||||||||||||||
Jeffery Strickland | | | | 579,033 | | | | | 7,000 | | | | | 27,086 | | | — | | | | 1,974,135 | | | | | | 128,942 | | | | | 2,840 | | | | | 210,196 | | | — | | | | 2,316,113 | | | ||||||||||
Emile A Battat | | — | | — | | — | | — | | — | | | — | | — | | — | | — | | — | |
Name | | Type of Payment or Benefit | | Termination for Just Cause or Without Good Reason ($) | | 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 ($) | | | Type of Payment or Benefit | | Termination for Just Cause or Without Good Reason($) | | 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 | | | — | | | | Severance Payment(1) | | | | 94,000 | | | | | 594,000 | | | | | 3,483,334 | | | — | | ||||||||||||||
| Equity Awards(2) | | — | | | | 521,771 | | | | | 521,771 | | | | | 521,771 | | | | Equity Award(2) | | — | | | | 235,516 | | | | | 235,516 | | | | | 235,516 | | | |||||||||||||||||
| NQDC Plan Account Balance | | — | | — | | — | | — | | | NQDC Plan Balance | | — | | — | | — | | — | | |||||||||||||||||||||||||||||||||||
| Health Benefits | | — | | — | | | | 10,118 | | | — | | | Health Benefits | | — | | — | | | | 10,881 | | | — | | |||||||||||||||||||||||||||||
| Total | | | | 94,000 | | | | | 615,771 | | | | | 4,432,555 | | | | | 521,771 | | | | Total | | | | 94,000 | | | | | 829,516 | | | | | 3,729,731 | | | | | 235,516 | | | |||||||||||
Cindy Ferguson | | | Severance Payment(3) | | | | 5,769 | | | | | 305,769 | | | | | 289,673 | | | — | | |||||||||||||||||||||||||||||||||||
| Equity Awards(2) | | — | | — | | | | 407,207 | | | | | 407,207 | | | ||||||||||||||||||||||||||||||||||||||||
| NQDC Plan Balance | | — | | — | | — | | — | | ||||||||||||||||||||||||||||||||||||||||||||||
| Health Benefits | | — | | — | | — | | — | | ||||||||||||||||||||||||||||||||||||||||||||||
| Total | | | | 5,769 | | | | | 305,769 | | | | | 696,880 | | | | | 407,207 | | | ||||||||||||||||||||||||||||||||||
Jeffery Strickland | | | Severance Payment(3) | | | | 5,769 | | | | | 5,769 | | | | | 305,769 | | | — | | | | Severance Payment | | — | | | | 697,115(4) | | | — | | — | | ||||||||||||||||||||
| Equity Awards(2) | | — | | | | 260,894 | | | | | 336,498 | | | | | 336,498 | | | | Equity Awards | | — | | | | 379,772(5) | | | — | | — | | |||||||||||||||||||||||
| NQDC Plan Account(4) Balance | | | | 1,974,135 | | | | | 1,974,135 | | | | | 1,974,135 | | | — | | | NQDC Plan Balance | | — | | | | 2,316,113(6) | | | — | | — | | |||||||||||||||||||||||
| Health Benefits | | — | | — | | — | | — | | | Health Benefits | | — | | — | | — | | — | | |||||||||||||||||||||||||||||||||||
| Total | | | | 1,979,904 | | | | | 2,240,798 | | | | | 2,616,402 | | | | | 336,498 | | | | Total | | — | | | | 3,393,000 | | | — | | — | | ||||||||||||||||||||
Emile A Battat | | | Severance Payment(1) | | | | 451,756 | | | | | 1,061,716 | | | | | 1,671,676 | | | — | | | | Severance Payment(1) | | | | 160,168 | | | | | 1,367,324 | | | | | 1,574,481 | | | — | | ||||||||||||||
| Equity Awards(2) | | — | | | | 521,771 | | | | | 521,771 | | | | | 521,771 | | | | Equity Awards(2) | | — | | | | 235,516 | | | | | 235,516 | | | | | 235,516 | | | |||||||||||||||||
| NQDC Plan Account Balance | | — | | — | | — | | — | | | NQDC Plan Balance | | — | | | | — | | | | | — | | | — | | |||||||||||||||||||||||||||||
| Health Benefits | | — | | | | 21,223 | | | | | 21,223 | | | — | | | Health Benefits | | — | | | | 23,598 | | | | | 23,598 | | | — | | |||||||||||||||||||||||
| Total | | | | 451,756 | | | | | 1,604,710 | | | | | 2,214,670 | | | | | 521,771 | | | | Total | | | | 160,168 | | | | | 1,626,438 | | | | | 1,833,595 | | | | | 235,516 | | |
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 td00 Investment Based On: | | | GAAP Net Income ($ millions) | | GAAP Operating Income ($ millions) | | | 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 td00 Investment Based On: | | | GAAP Net Income ($ millions) | | GAAP Operating Income ($ millions) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Company Total Stockholder Return | | Peer Group(c) Total Stockholder Return | | | Company Total Stockholder Return ($) | | Peer Group(c) Total Stockholder Return ($) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | | | | 924,464 | | | | | 814,688 | | | | | 711,544 | | | | | 661,185 | | | | | 53.16 | | | | | 102.41 | | | | | 19.4 | | | | | 22.6 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | | | $ | 1,541,376 | | | | $ | 1,201,240 | | | | $ | 638,344 | | | | $ | 413,722 | | | | $ | 77.01 | | | | $ | 98.36 | | | | $ | 35.0 | | | | $ | 39.7 | | | | | | 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 | | | | | | 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 | | | | | | 2,065,635 | | | | | 1,405,164 | | | | | 1,396,176 | | | | | 1,011,839 | | | | | 86.36 | | | | | 109.66 | | | | | 32.1 | | | | | 35.7 | | |
Year | | | CEO (or Principal | | | Non-CEO NEOs | |
2023 | | | David A. Battat | | | Emile A. Battat, Jeffery Strickland and Cindy Ferguson | |
2022 | | | David A. Battat | | | Emile | |
2021 | | | David A. Battat | | | Emile | |
2020 | | | David A. Battat | | | Emile | |
| | | 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 | | |
| | | CEO | | | Non-CEO NEO Average | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2023 | | | 2022 | | | 2021 | | | 2020 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | ||||||||||||||||||||||||
Summary Compensation Table Total ($) | | | | | 924,464 | | | | | | 1,541,376 | | | | | | 1,936,585 | | | | | | 2,065,635 | | | | | | 711,544 | | | | | | 638,344 | | | | | | 835,863 | | | | | | 1,396,176 | | |
Less: Reported Fair Value of Equity Awards ($)(1) | | | — | | | — | | | — | | | | | 1,000,000 | | | | | | 148,639 | | | | — | | | — | | | | | 750,000 | | | |||||||||||||||
Add: Year-End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year ($)(2) | | | — | | | — | | | — | | | | | 992,794 | | | | | | 121,223 | | | | — | | | — | | | | $ | 744,597 | | | |||||||||||||||
Add: Year Over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($)(2) | | | | | 1,932 | | | | | | (205,231) | | | | | | (94,665) | | | | | | (201,459) | | | | | | 14,292 | | | | | | (113,864) | | | | | | (22,091) | | | | | | (102,712) | | |
Add: Year Over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years ($)(2) | | | | | (111,708) | | | | | | (134,905) | | | | | | 154,821 | | | | | | (451,805) | | | | | | (37,236) | | | | | | (110,758) | | | | | | 126,267 | | | | | | (276,222) | | |
Compensation Actually Paid ($) | | | | | 814,688 | | | | | | 1,201,240 | | | | | | 1,996,742 | | | | | | 1,405,164 | | | | | | 661,185 | | | | | | 413,722 | | | | | | 940,039 | | | | | | 1,011,839 | | |
Name of Beneficial Owner | | Number of Shares Beneficially Owned(1) | | Percent of Class(1) | | | Number of Shares Beneficially Owned | | Percent of Class(1) | | ||||||||||||||||
Preston G. Athey | | | | 756 | | | | | * | | | | | | 1,368 | | | | | * | | | ||||
Jeanette Bankes | | | | 186 | | | | | * | | | |||||||||||||||
David A. Battat(2) | | | | 94,600(3) | | | | | 5.37% | | | | | | 94,900(3) | | | | | 5.39% | | | ||||
Emile A. Battat(4) | | | | 150,616(5) | | | | | 8.56% | | | | | | 150,616(5) | | | | | 8.56% | | | ||||
Cindy Ferguson | | | | 118 | | | | | * | | | |||||||||||||||
Hugh J. Morgan, Jr. | | | | 10,124 | | | | | * | | | | | | 10,348 | | | | | * | | | ||||
Ronald N. Spaulding | | | | 2,454(6) | | | | | * | | | | | | 2,678(6) | | | | | * | | | ||||
Jeffery Strickland | | | | 1,105(8) | | | | | * | | | | | | 749(8) | | | | | * | | | ||||
John P. Stupp, Jr. | | | | 141,170(7) | | | | | 8,02% | | | | | | 141,394(7) | | | | | 8.03% | | | ||||
BlackRock, Inc.(9) | | | | 113,355 | | | | | 6.44% | | | | | | 115,446 | | | | | 6.56% | | | ||||
Kayne Anderson Rudnick Investment Management, LLC(10) | | | | 190,681 | | | | | 10.83% | | | | | | 194,800 | | | | | 11.07% | | | ||||
Neuberger Berman Group LLC(11) | | | | 194,910 | | | | | 11.07% | | | | | | 183,012 | | | | | 10.40% | | | ||||
T. Rowe Price Investment Management, Inc.(12) | | | | 115,570 | | | | | 6.56% | | | | | | 115,477 | | | | | 6.56% | | | ||||
All directors and current executive officers as a group (7 persons)(13) | | | | 399,720 | | | | | 22.70% | | | |||||||||||||||
All directors and current executive officers as a group (8 persons)(13) | | | | 401,308 | | | | | 22.82% | | |
Reconciliation To GAAP Information ($ in thousands) | | | Year Ended 12/31/2022 | | | | Year Ended 12/31/2023 | | ||||||||||||||||||
| Amount | | Margin | | | Amount | | Margin | | |||||||||||||||||
Net Income (GAAP) | | | $ | 35,008 | | | | | 19.1% | | | | | $ | 19,411 | | | | | 11.5% | | | ||||
Interest and Dividend Income | | | | (988) | | | | | | | | | | | (806) | | | | | | | | ||||
Interest Expense | | | | 149 | | | | | | | | |||||||||||||||
Provision for Income Taxes | | | | 5,609 | | | | | | | | | | | 2,964 | | | | | | | | ||||
Depreciation and amortization | | | | 13,812 | | | | | | | | |||||||||||||||
Depreciation and Amortization | | | | 15,098 | | | | | | | | |||||||||||||||
EBITDA (Non-GAAP) | | | | 53,441 | | | | | 29.1% | | | | | | 36,816 | | | | | 21.7% | | | ||||
Revenue (GAAP) | | | $ | 183,506 | | | | | | | | | | $ | 169,326 | | | | | | | |