Pay vs Performance Disclosure - USD ($)
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12 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Pay vs Performance Disclosure |
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Pay vs Performance Disclosure, Table |
2023 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 2023.
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.
| Year (a) | | | Summary Compensation Table Total for PEO(1) (b) | | | Compensation Actually Paid to PEO(1)(2) (c) | | | Average Summary Compensation Table Total for Non-PEO NEOs(1) (d) | | | Average Compensation Actually Paid to Non-PEO NEOs(1)(2) (e) | | | Value of Initial Fixed $100 Investment Based on: | | | Net Income (h) | | | Operating Income (i) | | | Total Shareholder Return(3) (f) | | | 2023 Peer Group Total Shareholder Return(4) (g) | | | 2022 Peer Group Total Shareholder Return | | | 2023 | | | $7,004,628 | | | $8,471,612 | | | $3,415,598 | | | $4,008,600 | | | $155.60 | | | $184.08 | | | $390.28 | | | $126,145 | | | $253,073 | | | 2022 | | | $2,585,857 | | | $2,406,439 | | | $1,505,057 | | | $1,419,644 | | | $101.97 | | | $155.90 | | | $262.29 | | | $133,021 | | | $195,338 | | | 2021 | | | $3,446,638 | | | $3,072,011 | | | $1,815,042 | | | $1,312,950 | | | $110.16 | | | $168.84 | | | $219.28 | | | $115,739 | | | $170,151 | | | 2020 | | | $2,151,151 | | | $2,241,376 | | | $1,303,961 | | | $1,236,365 | | | $125.72 | | | $122.63 | | | $142.42 | | | $104,983 | | | $163,949 | |
1
Mr. McCormick served as our PEO for the full year for each of 2023, 2022, 2021, and 2020. For each of 2023, 2022, 2021 and 2020 our non-PEO NEOs included Mr. Dodgen, Mr. Perisich and Mr. Moreno.
2
For each of 2023, 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
| | | | 2023 | | | Summary Compensation Table Total for PEO (column b) | | | $7,004,628 | | | - Summary Compensation Table “Stock Awards” column value | | | $(4,630,038) | | | + Year-end fair value of equity awards granted in the covered year that are outstanding and unvested at year-end | | | $5,591,402 | | | +/- Year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested at year-end | | | $494,460 | | | +/- 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 | | | $11,160 | | | Compensation Actually Paid to PEO (column c) | | | $8,471,612 | |
Average for Non-PEO NEOs
| | | | 2023 | | | Summary Compensation Table Average Total for NON-PEO NEOs (column d) | | | $3,415,598 | | | - Summary Compensation Table “Stock Awards” column value | | | $(1,133,028) | | | + Year-end fair value of equity awards granted in the covered year that are outstanding and unvested at year-end | | | $1,402,912 | | | +/- Year-over- year change in fair value of equity awards granted in prior years that are outstanding and unvested at year-end | | | $139,256 | | | + Vesting date fair value of equity awards granted and vested in the covered year | | | $181,938 | | | +/- 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 | | | $1,923 | | | Average Compensation Actually Paid to NON-PEO NEOs (column e) | | | $4,008,600 | |
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, for 2022 the returns shown represents the three-year return from January 1, 2020 to December 31, 2022 and for 2023 the return shown represents the four-year return from January 1, 2020 to December 31, 2023.
4
For purposes of this pay versus performance disclosure, our peer group consists of five companies which are: MasTec, Inc., MYR Group, Inc., Dycom Industries, Inc., Sterling Construction Company, Inc., and Granite Construction, Inc. This Peer Group is consistent with the peer group used in Item 5 of our 2023 Form 10-K. The Peer Group was modified in 2023 to replace Quanta Services, Inc. and Matrix Service Company with Dycom Industries, Inc. and MYR Group, Inc. as the overall composition of our business has changed and we believe this new peer group more closely resembles us from both an operations and market capitalization perspective.
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Company Selected Measure Name |
Operating Income
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Named Executive Officers, Footnote |
Mr. McCormick served as our PEO for the full year for each of 2023, 2022, 2021, and 2020. For each of 2023, 2022, 2021 and 2020 our non-PEO NEOs included Mr. Dodgen, Mr. Perisich and Mr. Moreno.
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Peer Group Issuers, Footnote |
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, for 2022 the returns shown represents the three-year return from January 1, 2020 to December 31, 2022 and for 2023 the return shown represents the four-year return from January 1, 2020 to December 31, 2023.
4
For purposes of this pay versus performance disclosure, our peer group consists of five companies which are: MasTec, Inc., MYR Group, Inc., Dycom Industries, Inc., Sterling Construction Company, Inc., and Granite Construction, Inc. This Peer Group is consistent with the peer group used in Item 5 of our 2023 Form 10-K. The Peer Group was modified in 2023 to replace Quanta Services, Inc. and Matrix Service Company with Dycom Industries, Inc. and MYR Group, Inc. as the overall composition of our business has changed and we believe this new peer group more closely resembles us from both an operations and market capitalization perspective.
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PEO Total Compensation Amount |
$ 7,004,628
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$ 2,585,857
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$ 3,446,638
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$ 2,151,151
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PEO Actually Paid Compensation Amount |
$ 8,471,612
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2,406,439
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3,072,011
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2,241,376
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Adjustment To PEO Compensation, Footnote |
For each of 2023, 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
| | | | 2023 | | | Summary Compensation Table Total for PEO (column b) | | | $7,004,628 | | | - Summary Compensation Table “Stock Awards” column value | | | $(4,630,038) | | | + Year-end fair value of equity awards granted in the covered year that are outstanding and unvested at year-end | | | $5,591,402 | | | +/- Year-over-year change in fair value of equity awards granted in prior years that are outstanding and unvested at year-end | | | $494,460 | | | +/- 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 | | | $11,160 | | | Compensation Actually Paid to PEO (column c) | | | $8,471,612 | |
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Non-PEO NEO Average Total Compensation Amount |
$ 3,415,598
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1,505,057
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1,815,042
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1,303,961
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Non-PEO NEO Average Compensation Actually Paid Amount |
$ 4,008,600
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1,419,644
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1,312,950
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1,236,365
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Adjustment to Non-PEO NEO Compensation Footnote |
For each of 2023, 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: Average for Non-PEO NEOs | | | | 2023 | | | Summary Compensation Table Average Total for NON-PEO NEOs (column d) | | | $3,415,598 | | | - Summary Compensation Table “Stock Awards” column value | | | $(1,133,028) | | | + Year-end fair value of equity awards granted in the covered year that are outstanding and unvested at year-end | | | $1,402,912 | | | +/- Year-over- year change in fair value of equity awards granted in prior years that are outstanding and unvested at year-end | | | $139,256 | | | + Vesting date fair value of equity awards granted and vested in the covered year | | | $181,938 | | | +/- 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 | | | $1,923 | | | Average Compensation Actually Paid to NON-PEO NEOs (column e) | | | $4,008,600 | |
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Compensation Actually Paid vs. Total Shareholder Return |
Relationship Between Compensation Actually Paid and Total Shareholder Return
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Compensation Actually Paid vs. Net Income |
Relationship Between Compensation Actually Paid and (i) Net Income and (ii) Operating Income
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Compensation Actually Paid vs. Company Selected Measure |
Relationship Between Compensation Actually Paid and (i) Net Income and (ii) Operating Income
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Total Shareholder Return Vs Peer Group |
Relationship Between Compensation Actually Paid and Total Shareholder Return
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Tabular List, Table |
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 2023 to our performance:
| | Net Income | | | | | Operating Income | | | | | Adjusted EBITDA | | | | | New Business Generated | | | | | Total Recordable Incident Rate | | |
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Total Shareholder Return Amount |
$ 155.6
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101.97
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110.16
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125.72
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Peer Group Total Shareholder Return Amount |
184.08
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155.9
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168.84
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122.63
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Net Income (Loss) |
$ 126,145
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$ 133,021
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$ 115,739
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$ 104,983
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Company Selected Measure Amount |
253,073
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195,338
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170,151
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163,949
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PEO Name |
Mr. McCormick
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Prior Peer Group Total Shareholder Return |
$ 390.28
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$ 262.29
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$ 219.28
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$ 142.42
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Measure:: 1 |
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Pay vs Performance Disclosure |
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Name |
Net Income
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Measure:: 2 |
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Pay vs Performance Disclosure |
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Name |
Operating Income
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Measure:: 3 |
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Pay vs Performance Disclosure |
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Name |
Adjusted EBITDA
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Measure:: 4 |
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Pay vs Performance Disclosure |
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Name |
New Business Generated
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Measure:: 5 |
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Pay vs Performance Disclosure |
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Name |
Total Recordable Incident Rate
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PEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) |
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Pay vs Performance Disclosure |
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Adjustment to Compensation, Amount |
$ (4,630,038)
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PEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] |
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Pay vs Performance Disclosure |
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Adjustment to Compensation, Amount |
5,591,402
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PEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] |
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Pay vs Performance Disclosure |
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Adjustment to Compensation, Amount |
494,460
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PEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] |
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Pay vs Performance Disclosure |
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Adjustment to Compensation, Amount |
11,160
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Non-PEO NEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) |
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Pay vs Performance Disclosure |
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Adjustment to Compensation, Amount |
(1,133,028)
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Non-PEO NEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] |
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Pay vs Performance Disclosure |
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Adjustment to Compensation, Amount |
1,402,912
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Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] |
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Pay vs Performance Disclosure |
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Adjustment to Compensation, Amount |
139,256
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Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] |
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Pay vs Performance Disclosure |
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Adjustment to Compensation, Amount |
1,923
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Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Current Year Awards Vested During Current Year [Member] |
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Pay vs Performance Disclosure |
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Adjustment to Compensation, Amount |
$ 181,938
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