v3.25.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2024
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 the regulations of the Securities and Exchange Commission implementing Section 14(i) of the Exchange Act, disclosure relating to the relationship of our executive pay versus performance is set forth below.

 

 

 

 

 

 

 

 

Average
Summary
Compensation

 

 

Average
Compensation

 

 

Value of Initial Fixed $100
Investment Based On:

 

 

 

 

 

 

 

Year

 

Summary
Compensation
Table Total
for Principal
Executive Officer
("PEO") 1

 

 

Compensation
Actually
Paid to
PEO 2

 

 

Table Total
for Non-PEO
Named Executive
Officers
("Non-PEO NEOs") 3

 

 

Actually
Paid to
Non-PEO
NEOs 4

 

 

Total
Shareholder
Return 5

 

 

Peer Group
Total Share-
holder
Return 6

 

 

Net Income
(thousands) 7

 

 

EPS
(diluted) 8

 

(a)

 

(b)

 

 

(c)

 

 

(d)

 

 

(e)

 

 

(f)

 

 

(g)

 

 

(h)

 

 

(i)

 

2024

 

$

719,107

 

 

$

785,223

 

 

$

975,190

 

 

$

1,183,331

 

 

$

103

 

 

$

149

 

 

$

6,129

 

 

$

0.14

 

2023

 

$

821,250

 

 

$

818,521

 

 

$

873,114

 

 

$

777,903

 

 

$

119

 

 

$

169

 

 

$

53,595

 

 

$

1.19

 

2022

 

$

657,101

 

 

$

(10,016,269

)

 

$

803,540

 

 

$

(189,505

)

 

$

115

 

 

$

133

 

 

$

25,446

 

 

$

0.57

 

2021

 

$

464,212

 

 

$

7,549,094

 

 

$

918,714

 

 

$

1,254,491

 

 

$

272

 

 

$

159

 

 

$

56,625

 

 

$

1.26

 

2020

 

$

143,495

 

 

$

18,060,019

 

 

$

578,776

 

 

$

1,183,531

 

 

$

197

 

 

$

125

 

 

$

17,910

 

 

$

0.41

 

 

1.
The dollar amounts reported in column (b) are the amounts of total compensation reported for Dr. Vinciarelli (our Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Summary Compensation Table for Fiscal 2024.”
2.
The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Dr. Vinciarelli, 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 Dr. Vinciarelli during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Dr. Vinciarelli’s total compensation for each year to determine the compensation actually paid:

 

Year

 

Reported
Summary
Compensation
Table Total for
PEO

 

 

Reported Value
of Equity
Awards(a)

 

 

Equity
Award
Adjustments(b)

 

 

Reported
Change in the
Actuarial
Present Value of
Pension Benefits

 

Pension Benefit
Adjustments

 

Compensation
Actually Paid to
PEO

 

2024

 

$

719,107

 

 

$

(198,319

)

 

$

264,435

 

 

NA

 

NA

 

$

785,223

 

2023

 

$

821,250

 

 

$

(318,988

)

 

$

316,259

 

 

NA

 

NA

 

$

818,521

 

2022

 

$

657,101

 

 

$

(172,142

)

 

$

(10,501,218

)

 

NA

 

NA

 

$

(10,016,269

)

2021

 

$

464,212

 

 

 

—

 

 

$

7,084,882

 

 

NA

 

NA

 

$

7,549,094

 

2020

 

$

143,495

 

 

 

—

 

 

$

17,916,524

 

 

NA

 

NA

 

$

18,060,019

 

 

(a)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:

 

Year

 

Year End Fair
Value of
Equity
Awards
Granted
During
Applicable
Year

 

 

Change in
Fair Value as
of Year-End
of any Prior-
Year Awards
that remain
Outstanding
and Unvested
as of
Year-End

 

 

Fair Value as
of Vesting
Date of
Equity
Awards
Granted
and Vested in
the Year

 

 

Change in
Fair Value as
of the Vesting
Date
of any Prior-
Year Awards
that Vested
During the
Year

 

 

Fair Value at
the End of the
Prior Year of
Equity
Awards that
Failed to Meet
Vesting
Conditions in
the Year

 

 

Value of
Dividends or
other Earnings
Paid on Stock
or Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation

 

 

Total
Equity
Award
Adjustments

 

2024

 

$

320,774

 

 

$

(30,918

)

 

 

—

 

 

$

(25,421

)

 

 

—

 

 

 

—

 

 

$

264,435

 

2023

 

$

366,853

 

 

$

(49,498

)

 

 

—

 

 

$

(1,096

)

 

 

—

 

 

 

—

 

 

$

316,259

 

2022

 

$

143,261

 

 

 

—

 

 

 

—

 

 

$

(10,644,480

)

 

 

—

 

 

 

—

 

 

$

(10,501,218

)

2021

 

 

—

 

 

$

5,432,919

 

 

 

—

 

 

$

1,651,962

 

 

 

—

 

 

 

—

 

 

$

7,084,882

 

2020

 

 

—

 

 

$

14,085,122

 

 

 

—

 

 

$

3,831,402

 

 

 

—

 

 

 

—

 

 

$

17,916,524

 

 

3.
The dollar amounts reported in column (d) represent the average of the amounts reported for the Corporation’s Non-PEO NEOs. The names of each of the Non-PEO NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, 2023, and 2022, James F. Schmidt, Philip D. Davies, Michael S. McNamara and Claudio Tuozzolo; (ii) for 2021, James F. Schmidt, James A. Simms, Richard J. Nagel Jr., Philip D. Davies, Michael S. McNamara and Claudio Tuozzolo; and (iii) for 2020, James A. Simms, Philip D. Davies, Michael S. McNamara and Claudio Tuozzolo.
4.
The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the Non-PEO NEOs as a group, 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 Non-PEO NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the Non-PEO NEOs as a group for each year to determine the compensation actually paid, using the same methodology described above in footnote 2:

 

Year

 

Average
Reported
Summary
Compensation
Table Total for
Non-PEO NEOs

 

 

Average
Reported
Value of
Equity Awards

 

 

Average Equity
Award
Adjustments(a)

 

 

Average
Reported
Change in the
Actuarial
Present Value of
Pension Benefits

 

Average Pension
Benefit
Adjustments (b)

 

Average
Compensation
Actually Paid to
Non-PEO NEOs

 

2024

 

$

975,190

 

 

$

(507,540

)

 

$

715,681

 

 

NA

 

NA

 

$

1,183,331

 

2023

 

$

873,114

 

 

$

(422,810

)

 

$

327,599

 

 

NA

 

NA

 

$

777,903

 

2022

 

$

803,540

 

 

$

(306,693

)

 

$

(686,352

)

 

NA

 

NA

 

$

(189,505

)

2021

 

$

918,714

 

 

$

(411,411

)

 

$

747,188

 

 

NA

 

NA

 

$

1,254,491

 

2020

 

$

578,776

 

 

$

(162,259

)

 

$

767,014

 

 

NA

 

NA

 

$

1,183,531

 

 

(a)
The amounts deducted or added in calculating the total average equity award adjustments are as follows:

 

Year

 

Average
Year End
Fair Value
of Equity
Awards
Granted
During
Applicable
Year

 

 

Average
Change in Fair
Value as of
Year-End of
any Prior-Year
Awards that
remain
Outstanding
and Unvested
as of Year-End

 

 

Average
Fair Value
as of
Vesting
Date of
Equity
Awards
Granted and
Vested in
the Year

 

 

Average
Change in
Fair Value as
of the
Vesting Date
of any Prior-
Year Awards
that Vested
during the
Year

 

 

Average
Fair Value
at the End
of the
Prior Year
of Equity
Awards
that Failed
to Meet
Vesting
Conditions
in the Year

 

 

Average
Value of
Dividends or
other Earnings
Paid on Stock
or Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation

 

 

Total
Average
Equity
Award
Adjustments

 

2024

 

$

832,272

 

 

$

(19,699

)

 

 

—

 

 

$

(96,892

)

 

 

—

 

 

 

—

 

 

$

715,681

 

2023

 

$

445,212

 

 

$

(142,205

)

 

 

—

 

 

$

24,592

 

 

 

—

 

 

 

—

 

 

$

327,599

 

2022

 

$

266,136

 

 

$

(701,359

)

 

 

—

 

 

$

(251,128

)

 

 

—

 

 

 

—

 

 

$

(686,352

)

2021

 

$

477,342

 

 

$

196,342

 

 

 

—

 

 

$

73,504

 

 

 

—

 

 

 

—

 

 

$

747,188

 

2020

 

$

251,286

 

 

$

416,846

 

 

 

—

 

 

$

98,882

 

 

 

—

 

 

 

—

 

 

$

767,014

 

 

 

5.
Cumulative Total Shareholder Return (TSR) is calculated on a $100 investment from the beginning of fiscal year 2020 by the share price appreciation calculated by dividing the difference between the Corporation’s share price at the end and the beginning of the measurement period by the Corporation’s share price at the beginning of the measurement period.
6.
Represents the weighted peer group Cumulative TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the Standard & Poor’s SmallCap 600 Index (“S&P SmallCap 600 Index”), a value-weighted index of 600 listed companies with market capitalizations between $750,000,000 and $4,600,000,000, comprising the same issuers the Corporation used in its Annual Report on Form 10-K for the year ended December 31, 2024 for purposes of Item 201(e)(1)(ii) of Regulation S-K.

 

7.
The dollar amounts reported represent the amount of net income reflected in the Corporation’s audited financial statements for the applicable year.
8.
The dollar amounts reported represent the amount of diluted earnings per share (“EPS”) reflected in the Corporation’s audited financial statements for the applicable year.
       
Company Selected Measure Name EPS        
Named Executive Officers, Footnote
3.
The dollar amounts reported in column (d) represent the average of the amounts reported for the Corporation’s Non-PEO NEOs. The names of each of the Non-PEO NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, 2023, and 2022, James F. Schmidt, Philip D. Davies, Michael S. McNamara and Claudio Tuozzolo; (ii) for 2021, James F. Schmidt, James A. Simms, Richard J. Nagel Jr., Philip D. Davies, Michael S. McNamara and Claudio Tuozzolo; and (iii) for 2020, James A. Simms, Philip D. Davies, Michael S. McNamara and Claudio Tuozzolo.
       
Peer Group Issuers, Footnote
6.
Represents the weighted peer group Cumulative TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the Standard & Poor’s SmallCap 600 Index (“S&P SmallCap 600 Index”), a value-weighted index of 600 listed companies with market capitalizations between $750,000,000 and $4,600,000,000, comprising the same issuers the Corporation used in its Annual Report on Form 10-K for the year ended December 31, 2024 for purposes of Item 201(e)(1)(ii) of Regulation S-K.
        
PEO Total Compensation Amount $ 719,107 $ 821,250 $ 657,101 $ 464,212 $ 143,495
PEO Actually Paid Compensation Amount $ 785,223 818,521 (10,016,269) 7,549,094 18,060,019
Adjustment To PEO Compensation, Footnote

Year

 

Reported
Summary
Compensation
Table Total for
PEO

 

 

Reported Value
of Equity
Awards(a)

 

 

Equity
Award
Adjustments(b)

 

 

Reported
Change in the
Actuarial
Present Value of
Pension Benefits

 

Pension Benefit
Adjustments

 

Compensation
Actually Paid to
PEO

 

2024

 

$

719,107

 

 

$

(198,319

)

 

$

264,435

 

 

NA

 

NA

 

$

785,223

 

2023

 

$

821,250

 

 

$

(318,988

)

 

$

316,259

 

 

NA

 

NA

 

$

818,521

 

2022

 

$

657,101

 

 

$

(172,142

)

 

$

(10,501,218

)

 

NA

 

NA

 

$

(10,016,269

)

2021

 

$

464,212

 

 

 

—

 

 

$

7,084,882

 

 

NA

 

NA

 

$

7,549,094

 

2020

 

$

143,495

 

 

 

—

 

 

$

17,916,524

 

 

NA

 

NA

 

$

18,060,019

 

Year

 

Year End Fair
Value of
Equity
Awards
Granted
During
Applicable
Year

 

 

Change in
Fair Value as
of Year-End
of any Prior-
Year Awards
that remain
Outstanding
and Unvested
as of
Year-End

 

 

Fair Value as
of Vesting
Date of
Equity
Awards
Granted
and Vested in
the Year

 

 

Change in
Fair Value as
of the Vesting
Date
of any Prior-
Year Awards
that Vested
During the
Year

 

 

Fair Value at
the End of the
Prior Year of
Equity
Awards that
Failed to Meet
Vesting
Conditions in
the Year

 

 

Value of
Dividends or
other Earnings
Paid on Stock
or Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation

 

 

Total
Equity
Award
Adjustments

 

2024

 

$

320,774

 

 

$

(30,918

)

 

 

—

 

 

$

(25,421

)

 

 

—

 

 

 

—

 

 

$

264,435

 

2023

 

$

366,853

 

 

$

(49,498

)

 

 

—

 

 

$

(1,096

)

 

 

—

 

 

 

—

 

 

$

316,259

 

2022

 

$

143,261

 

 

 

—

 

 

 

—

 

 

$

(10,644,480

)

 

 

—

 

 

 

—

 

 

$

(10,501,218

)

2021

 

 

—

 

 

$

5,432,919

 

 

 

—

 

 

$

1,651,962

 

 

 

—

 

 

 

—

 

 

$

7,084,882

 

2020

 

 

—

 

 

$

14,085,122

 

 

 

—

 

 

$

3,831,402

 

 

 

—

 

 

 

—

 

 

$

17,916,524

 
       
Non-PEO NEO Average Total Compensation Amount $ 975,190 873,114 803,540 918,714 578,776
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,183,331 777,903 (189,505) 1,254,491 1,183,531
Adjustment to Non-PEO NEO Compensation Footnote

Year

 

Average
Reported
Summary
Compensation
Table Total for
Non-PEO NEOs

 

 

Average
Reported
Value of
Equity Awards

 

 

Average Equity
Award
Adjustments(a)

 

 

Average
Reported
Change in the
Actuarial
Present Value of
Pension Benefits

 

Average Pension
Benefit
Adjustments (b)

 

Average
Compensation
Actually Paid to
Non-PEO NEOs

 

2024

 

$

975,190

 

 

$

(507,540

)

 

$

715,681

 

 

NA

 

NA

 

$

1,183,331

 

2023

 

$

873,114

 

 

$

(422,810

)

 

$

327,599

 

 

NA

 

NA

 

$

777,903

 

2022

 

$

803,540

 

 

$

(306,693

)

 

$

(686,352

)

 

NA

 

NA

 

$

(189,505

)

2021

 

$

918,714

 

 

$

(411,411

)

 

$

747,188

 

 

NA

 

NA

 

$

1,254,491

 

2020

 

$

578,776

 

 

$

(162,259

)

 

$

767,014

 

 

NA

 

NA

 

$

1,183,531

 
(a)
The amounts deducted or added in calculating the total average equity award adjustments are as follows:

 

Year

 

Average
Year End
Fair Value
of Equity
Awards
Granted
During
Applicable
Year

 

 

Average
Change in Fair
Value as of
Year-End of
any Prior-Year
Awards that
remain
Outstanding
and Unvested
as of Year-End

 

 

Average
Fair Value
as of
Vesting
Date of
Equity
Awards
Granted and
Vested in
the Year

 

 

Average
Change in
Fair Value as
of the
Vesting Date
of any Prior-
Year Awards
that Vested
during the
Year

 

 

Average
Fair Value
at the End
of the
Prior Year
of Equity
Awards
that Failed
to Meet
Vesting
Conditions
in the Year

 

 

Average
Value of
Dividends or
other Earnings
Paid on Stock
or Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation

 

 

Total
Average
Equity
Award
Adjustments

 

2024

 

$

832,272

 

 

$

(19,699

)

 

 

—

 

 

$

(96,892

)

 

 

—

 

 

 

—

 

 

$

715,681

 

2023

 

$

445,212

 

 

$

(142,205

)

 

 

—

 

 

$

24,592

 

 

 

—

 

 

 

—

 

 

$

327,599

 

2022

 

$

266,136

 

 

$

(701,359

)

 

 

—

 

 

$

(251,128

)

 

 

—

 

 

 

—

 

 

$

(686,352

)

2021

 

$

477,342

 

 

$

196,342

 

 

 

—

 

 

$

73,504

 

 

 

—

 

 

 

—

 

 

$

747,188

 

2020

 

$

251,286

 

 

$

416,846

 

 

 

—

 

 

$

98,882

 

 

 

—

 

 

 

—

 

 

$

767,014

 

 

        
Compensation Actually Paid vs. Total Shareholder Return

img48791277_4.jpg

        
Compensation Actually Paid vs. Net Income

img48791277_5.jpg

        
Compensation Actually Paid vs. Company Selected Measure

img48791277_3.jpg

        
Total Shareholder Return Vs Peer Group

img48791277_4.jpg

        
Tabular List, Table

The following table lists diluted EPS and three additional financial performance measures that represent important performance measures for our long-term financial success and that are therefore relevant to discretionary compensation decisions through which we seek to motivate and reward superior performance.

 

Diluted EPS

Revenue Growth

Gross Margin Percentage

Operating Profit Percentage
       
Total Shareholder Return Amount $ 103 119 115 272 197
Peer Group Total Shareholder Return Amount 149 169 133 159 125
Net Income (Loss) $ 6,129,000 $ 53,595,000 $ 25,446,000 $ 56,625,000 $ 17,910,000
Company Selected Measure Amount 0.14 1.19 0.57 1.26 0.41
PEO Name Dr. Vinciarelli        
Measure:: 1          
Pay vs Performance Disclosure          
Name Diluted EPS        
Measure:: 2          
Pay vs Performance Disclosure          
Name Revenue Growth        
Measure:: 3          
Pay vs Performance Disclosure          
Name Gross Margin Percentage        
Measure:: 4          
Pay vs Performance Disclosure          
Name Operating Profit Percentage        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (198,319) $ (318,988) $ (172,142)    
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 264,435 316,259 (10,501,218) $ 7,084,882 $ 17,916,524
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 320,774 366,853 143,261    
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (30,918) (49,498)   5,432,919 14,085,122
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (25,421) (1,096) (10,644,480) 1,651,962 3,831,402
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (507,540) (422,810) (306,693) (411,411) (162,259)
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 715,681 327,599 (686,352) 747,188 767,014
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 832,272 445,212 266,136 477,342 251,286
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (19,699) (142,205) (701,359) 196,342 416,846
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (96,892) $ 24,592 $ (251,128) $ 73,504 $ 98,882