Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | PRIMORIS SERVICES CORPORATION |
Entity Central Index Key | 0001361538 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | 2022 PAY VERSUS PERFORMANCE DISCLOSURES The table below includes information related to compensation for the Company’s Principal Executive Officer (“PEO”) and Non-PEO Named Executive Officers, as well as financial performance, during 2020 through 2022. This disclosure has been prepared in accordance with Item 402(v) of Regulation S-K under the Exchange Act and does not necessarily reflect value actually realized by the executives or how our Compensation Committee evaluates compensation decisions in light of company or individual performance. For discussion of how our Compensation Committee seeks to align pay with performance when making compensation decisions, please review Compensation Discussion and Analysis beginning on page 50. Summary (1) (b) Compensation PEO (1)(2) (c) Average (1) (d) Average (1)(2) (e) Value of initial fixed 100$ Net Operating Year (a) Total (3) (f) Peer Group (4) (g) 2022 $2,585,857 $2,406,439 $1,505,057 $1,419,644 $101.97 $249.65 $133,021 $195,338 2021 3,446,638 3,072,011 1,815,042 1,312,950 110.16 209.89 115,739 170,151 2020 2,151,151 2,241,376 1,303,961 1,236,365 125.72 138.69 104,983 163,949 1 Mr McCormick served as our PEO for the full year for each of 2022, 2021, and 2020. For each of 2022, 2021 and 2020 our non-PEO NEOs included Mr. Dodgen, Mr. Moreno, and Mr. Perisich. 2 For each of 2022, 2021, and 2020, the values included in this column for the compensation actually paid to our PEO and the average compensation actually paid to our non-PEO NEOs reflected the following adjustments to the values included in column (b) and column (d), respectively: Mr. McCormick 2022 2021 2020 Summary Compensation Table Total for PEO (column b) $2,585,857 $3,446,638 $2,151,151 - Summary Compensation Table “Stock Awards” column value $(475,214) $(1,644,586) $(223,121) + Year-end fair value of equity awards granted in the covered year that are outstanding and unvested at year-end $395,381 $1,275,256 $313,346 +/- Year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested at year-end $(103,108) $(27,465) $— +/- Year-over-year change as of the vesting date in fair value of equity awards granted in any prior years which vested during the covered fiscal year $3,523 $22,168 $— Compensation Actually Paid to PEO (column c) $2,406,439 $3,072,011 $2,241,376 Average for Non-PEO NEOs 2022 2021 2020 Summary Compensation Table Average Total for NON-PEO NEOs (column d) 1,505,057 1,815,042 1,303,961 - Summary Compensation Table “Stock Awards” column value (253,723) (746,096) (311,289) + Year-end fair value of equity awards granted in the covered year that are outstanding and unvested at year-end $211,099 $285,862 $179,069 +/- Year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested at year-end $(45,676) $(44,952) $72,787 +/- Year-over-year change as of the vesting date in fair value of equity awards granted in any prior years which vested during the covered fiscal year $2,887 $3,094 $(8,163) Average Compensation Actually Paid to NON-PEO NEOs (column e) $1,419,644 $1,312,950 $1,236,365 Valuation assumptions used to calculate fair values did not materially differ from those used to calculate fair values at the time of grant as reflected in our Summary Compensation Table amounts. 3 Pursuant to SEC rules, total stockholder return (TSR) amounts reported assume an initial fixed investment of $100 and that all dividends were reinvested. The Company and peer group total stockholder return for 2020 represents the one-year return for January 1, 2020 to December 31, 2020; for 2021 the returns shown represents the two-year return from January 1, 2020 to December 31, 2021 and for 2022 the returns shown represents the three-year return from January 1, 2020 to December 31, 2022. 4 For purposes of this pay versus performance disclosure, our peer group consists of five companies which are: MasTec,Inc., Matrix Service Company, Quanta Services, Inc., Sterling Construction Company, Inc., and Granite Construction, Inc. This Peer Group is consistent with the peer group used in Item 5 of our 2022 Form 10-K. | ||
Company Selected Measure Name | Operating Income | ||
Named Executive Officers, Footnote [Text Block] | 1 Mr McCormick served as our PEO for the full year for each of 2022, 2021, and 2020. For each of 2022, 2021 and 2020 our non-PEO NEOs included Mr. Dodgen, Mr. Moreno, and Mr. Perisich. | ||
Peer Group Issuers, Footnote [Text Block] | 3 Pursuant to SEC rules, total stockholder return (TSR) amounts reported assume an initial fixed investment of $100 and that all dividends were reinvested. The Company and peer group total stockholder return for 2020 represents the one-year return for January 1, 2020 to December 31, 2020; for 2021 the returns shown represents the two-year return from January 1, 2020 to December 31, 2021 and for 2022 the returns shown represents the three-year return from January 1, 2020 to December 31, 2022. 4 For purposes of this pay versus performance disclosure, our peer group consists of five companies which are: MasTec,Inc., Matrix Service Company, Quanta Services, Inc., Sterling Construction Company, Inc., and Granite Construction, Inc. This Peer Group is consistent with the peer group used in Item 5 of our 2022 Form 10-K. | ||
PEO Total Compensation Amount | $ 2,585,857 | $ 3,446,638 | $ 2,151,151 |
PEO Actually Paid Compensation Amount | $ 2,406,439 | 3,072,011 | 2,241,376 |
Adjustment To PEO Compensation, Footnote [Text Block] | 2 For each of 2022, 2021, and 2020, the values included in this column for the compensation actually paid to our PEO and the average compensation actually paid to our non-PEO NEOs reflected the following adjustments to the values included in column (b) and column (d), respectively: Mr. McCormick 2022 2021 2020 Summary Compensation Table Total for PEO (column b) $2,585,857 $3,446,638 $2,151,151 - Summary Compensation Table “Stock Awards” column value $(475,214) $(1,644,586) $(223,121) + Year-end fair value of equity awards granted in the covered year that are outstanding and unvested at year-end $395,381 $1,275,256 $313,346 +/- Year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested at year-end $(103,108) $(27,465) $— +/- Year-over-year change as of the vesting date in fair value of equity awards granted in any prior years which vested during the covered fiscal year $3,523 $22,168 $— Compensation Actually Paid to PEO (column c) $2,406,439 $3,072,011 $2,241,376 | ||
Non-PEO NEO Average Total Compensation Amount | $ 1,505,057 | 1,815,042 | 1,303,961 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 1,419,644 | 1,312,950 | 1,236,365 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | 2 For each of 2022, 2021, and 2020, the values included in this column for the compensation actually paid to our PEO and the average compensation actually paid to our non-PEO NEOs reflected the following adjustments to the values included in column (b) and column (d), respectively: Mr. McCormick 2022 2021 2020 Summary Compensation Table Total for PEO (column b) $2,585,857 $3,446,638 $2,151,151 - Summary Compensation Table “Stock Awards” column value $(475,214) $(1,644,586) $(223,121) + Year-end fair value of equity awards granted in the covered year that are outstanding and unvested at year-end $395,381 $1,275,256 $313,346 +/- Year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested at year-end $(103,108) $(27,465) $— +/- Year-over-year change as of the vesting date in fair value of equity awards granted in any prior years which vested during the covered fiscal year $3,523 $22,168 $— Compensation Actually Paid to PEO (column c) $2,406,439 $3,072,011 $2,241,376 Average for Non-PEO NEOs 2022 2021 2020 Summary Compensation Table Average Total for NON-PEO NEOs (column d) 1,505,057 1,815,042 1,303,961 - Summary Compensation Table “Stock Awards” column value (253,723) (746,096) (311,289) + Year-end fair value of equity awards granted in the covered year that are outstanding and unvested at year-end $211,099 $285,862 $179,069 +/- Year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested at year-end $(45,676) $(44,952) $72,787 +/- Year-over-year change as of the vesting date in fair value of equity awards granted in any prior years which vested during the covered fiscal year $2,887 $3,094 $(8,163) Average Compensation Actually Paid to NON-PEO NEOs (column e) $1,419,644 $1,312,950 $1,236,365 Valuation assumptions used to calculate fair values did not materially differ from those used to calculate fair values at the time of grant as reflected in our Summary Compensation Table amounts. | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Relationship Between Compensation Actually Paid and Total Shareholder Return | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Relationship Between Compensation Actually Paid and (i) Net Income and (ii) Operating Income | ||
Tabular List [Table Text Block] | The following table lists the financial and non-financial performance measures that we believe represent the most important performance measures used to link compensation actually paid to our PEO and non-PEO NEOs for 2022 to our performance: Net Income Operating Income Adjusted EBITDA New Business Generated Total Recordable Incident Rate | ||
Total Shareholder Return Amount | $ 101.97 | 110.16 | 125.72 |
Peer Group Total Shareholder Return Amount | 249.65 | 209.89 | 138.69 |
Net Income (Loss) | $ 133,021 | $ 115,739 | $ 104,983 |
Company Selected Measure Amount | 195,338 | 170,151 | 163,949 |
PEO Name | Mr McCormick | Mr McCormick | Mr McCormick |
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Net Income | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Operating Income | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Adjusted EBITDA | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | New Business Generated | ||
Measure [Axis]: 5 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Total Recordable Incident Rate | ||
Mr McCormick [Member] | Stock Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (475,214) | $ (1,644,586) | $ (223,121) |
Mr McCormick [Member] | Year-end fair value of equity awards granted in the covered year that are outstanding and unvested at year-end [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 395,381 | 1,275,256 | 313,346 |
Mr McCormick [Member] | Year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested at year-end [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (103,108) | (27,465) | |
Mr McCormick [Member] | Year-over-year change as of the vesting date in fair value of equity awards granted in any prior years which vested during the covered fiscal year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 3,523 | 22,168 | |
Non-PEO NEO [Member] | Stock Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (253,723) | (746,096) | (311,289) |
Non-PEO NEO [Member] | Year-end fair value of equity awards granted in the covered year that are outstanding and unvested at year-end [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 211,099 | 285,862 | 179,069 |
Non-PEO NEO [Member] | Year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested at year-end [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (45,676) | (44,952) | 72,787 |
Non-PEO NEO [Member] | Year-over-year change as of the vesting date in fair value of equity awards granted in any prior years which vested during the covered fiscal year [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 2,887 | $ 3,094 | $ (8,163) |