As required by SEC rules, the following table provides information on total compensation and compensation “actually paid” to our principal executive officer (“PEO”) and to our other named executive officers (“NEOs”) for the fiscal years ended December 31, 2023 and December 31, 2022, and (i) the cumulative shareholder return on our common stock and (ii) our net income over the same time period. This information is presented based on methodology that has been prescribed by the SEC.
| Year | Summary Compensation Table Total for PEO(1) | Compensation Actually Paid to PEO(1)(2) | Average Summary Compensation Table Total for Non-PEO NEOs(3) | Average Compensation Actually Paid to Non-PEO NEOs(3)(4) | Value of Initial Fixed $100 Investment Based on Total Shareholder Return(5) | Net Income |
|---|
| 2023 | $852,129 | $852,129 | $332,452 | $350,383 | $96 | $15,691,000 |
| 2022 | $767,925(6) | $794,412 | $245,268 | $262,755 | $117 | $25,932,000 |
| (1) | During 2023 and 2022, F. Brad Denardo was our PEO. |
| (2) | The following table sets forth the adjustments made during each year represented in the table above to arrive at compensation “actually paid” to our PEO during each of the years in question: |
| Adjustments to determine compensation “actually paid” for PEO | 2023 | 2022 |
|---|
| Deduction for amounts reported for aggregate change in the actuarial present value of the accumulated benefit under all defined benefit and actuarial pension plans reported in the Summary Compensation Table | --- | --- |
|---|
| Increase for service cost, calculated as the actuarial present value of each benefit under all such plans attributable to services rendered during year | --- | $26,487 |
|---|
| Increase for prior service cost, calculated as the entire cost of benefits granted (or credit for benefits reduced) in a plan amendment (or initiation) during the year that are attributed by the benefit formula to services rendered in periods prior to the amendment | --- | --- |
|---|
| Total Adjustments | --- | $26,487 |
|---|
| (3) | During 2023 and 2022, our other NEOs consisted of Lora M. Jones, Paul M. Mylum, Lara E. Ramsey and David K. Skeens. |
| (4) | The following table sets forth the adjustments made during each year represented in the table above to arrive at average compensation “actually paid” to our other NEOs during each of the years in question: |
| Adjustments to determine compensation “actually paid” for non-PEO NEOs | 2023 | 2022 |
|---|
| Deduction for amounts reported for aggregate change in the actuarial present value of the accumulated benefit under all defined benefit and actuarial pension plans reported in the Summary Compensation Table | --- | --- |
|---|
| Increase for service cost, calculated as the actuarial present value of each benefit under all such plans attributable to services rendered during year | $17,932 | $17,487 |
|---|
| Increase for prior service cost, calculated as the entire cost of benefits granted (or credit for benefits reduced) in a plan amendment (or initiation) during the year that are attributed by the benefit formula to services rendered in periods prior to the amendment | --- | --- |
|---|
| Total Adjustments | $17,932 | $17,487 |
|---|
| (5) | Total shareholder return is calculated assuming a fixed investment of $100 in the Company’s common stock based on the closing price on December 31, 2021, the last trading day prior to January 1, 2022, assuming reinvestment of dividends, through and including the end of each fiscal year. The amount for 2022 represents the one year total shareholder return and the amount for 2023 represents the two year total shareholder return. |
| (6) | The amount of $767,925 was incorrectly reported as $813,972 in the Company’s 2023 proxy statement. |
