0001628280-23-026582 | 10-Q | XBRL Viewer | Shenandoah Telecommunications Cova

Derivatives and Hedging (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Fair Value

The table below presents the fair value of the Swaps as well as their classification in the unaudited condensed consolidated balance sheets. The fair value of these instruments was estimated using an income approach and observable market inputs (Level 2):


(in thousands)	June 30, 2023
Balance sheet line item of derivative financial instruments:
Prepaid expenses and other	$	428
Deferred charges and other assets	2,438
Total derivatives designated as hedging instruments	$	2,866

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Our Credit Agreement, dated July 1, 2021 (the “Credit Agreement”) contains (i) a $100 million, five-year undrawn revolving credit facility (the “Revolver”), (ii) a $150 million five-year delayed draw amortizing term loan (“Term Loan A-1”) and (iii) a $150 million seven-year delayed draw amortizing term loan (“Term Loan A-2” and collectively with Term Loan A-1, the “Term Loans”). The following loans were outstanding under the Credit Agreement:


(in thousands)	June 30, 2023		December 31, 2022
Term loan A-1	$	62,500	$	37,500
Term loan A-2	62,500		37,500
Total debt	125,000		75,000
Less: unamortized loan fees	(149)		(46)
Total debt, net of unamortized loan fees	$	124,851	$	74,954

In May 2023, Shentel amended the Credit Agreement resulting in (a) a change of the floating index rate from the one-month term London Inter-Bank Offered Rate (“LIBOR”) to the one-month term Secured Overnight Financing Rate (“SOFR”), (b) an extension of the borrowing deadline under the Term Loans from June 30, 2023 to December 31, 2023, and (c) an extension of the first principal repayment date for the Term Loans from September 30, 2023 to March 31, 2024. Management evaluated the amendment and concluded that the amendment event represents a modification of the existing Credit Agreement; therefore, modification accounting was applied.

Both Term Loan A-1 and Term Loan A-2 bore interest at one-month LIBOR plus a margin of 1.50% until May 2023 and now bear interest at one-month term SOFR plus a margin of 1.50%. The margin of 1.50% is variable and determined by the Company’s net leverage ratio. The interest rate was 6.64% and 5.89% at June 30, 2023 and December 31, 2022, respectively. The Company’s cash payments for interest were $1.8 million during the three months ended June 30, 2023 and $3.1 million during the six months ended June 30, 2023. Shentel had no debt outstanding during the three and six months ended June 30, 2022; therefore, the Company made no interest payments during the three and six months ended June 30, 2022. Shentel is charged commitment fees on unutilized portions of its Revolver and Term Loans. The Company recorded $0.1 million and $0.2 million related to these fees for the three months ended June 30, 2023 and 2022, respectively, and $0.3 million and $0.4 million related to these fees for the six months ended June 30, 2023 and 2022, respectively, which is included in other income (expense), net in the unaudited condensed consolidated statements of comprehensive income (loss).

The Credit Agreement contains a borrowing deadline of December 31, 2023, after which the Company will not be able to borrow against the undrawn portion of the Term Loans.

The Credit Agreement includes various covenants, including total net leverage ratio and debt service coverage ratio financial covenants.

Shentel’s Term Loans require quarterly payments based on a percentage of the outstanding balance. Based on the outstanding balance as of June 30, 2023, Term Loan A-1 requires quarterly principal repayments of $0.4 million from March 31, 2024 through June 30, 2024; then increasing to $0.8 million quarterly from September 30, 2024 through March 31, 2026, with the remaining balance due June 30, 2026. Based on the outstanding balance as of June 30, 2023, Term Loan A-2 requires quarterly principal repayments of $0.2 million from March 31, 2024 through March 31, 2028, with the remaining balance due June 30, 2028.

The following table summarizes the expected payments of Shentel’s outstanding borrowings as of June 30, 2023:


(in thousands)	Amount
2023	$	—
2024	2,969
2025	3,750
2026	57,656
2027	625
2028	60,000
Total	$	125,000

The Credit Agreement is fully secured by a pledge and unconditional guarantee from the Company and all of its subsidiaries, except Shenandoah Telephone Company. This provides the lenders a security interest in substantially all of the assets of the Company.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Segment Reporting - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of income from continuing operations from segments to consolidated [Abstract]
Total consolidated operating income (loss)	$ 2,369	$ (3,137)	$ 5,097	$ (3,517)
Other income (expense), net	177	(589)	1,294	(759)
Income (loss) before income taxes	$ 2,546	$ (3,726)	$ 6,391	$ (4,276)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Basis of Presentation and Other Information	6 Months Ended
Basis of Presentation and Other Information	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Other Information	Basis of Presentation and Other Information Shenandoah Telecommunications Company and its subsidiaries (“Shentel”, “we”, “our”, “us”, or the “Company”) provide broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania and Kentucky, via fiber optic and hybrid fiber coaxial cable networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. The Company also provides voice and DSL telephone services to customers in Virginia’s Shenandoah County and portions of adjacent counties as a Rural Local Exchange Carrier (“RLEC”). These integrated networks are connected by a fiber network. All of these operations are contained within our Broadband reporting segment. Our Tower segment owns 222 cell towers and leases colocation space on those towers to wireless communications providers. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. All normal recurring adjustments considered necessary for a fair presentation have been included. Certain disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses and related disclosures. On an on-going basis we evaluate significant estimates and assumptions, including, but not limited to, revenue recognition, stock-based compensation, estimated useful lives of assets, impairment of goodwill and indefinite-lived intangible assets, intangible assets subject to amortization, the computation of income taxes and the fair value of interest rate swaps. Future events and their effects cannot be predicted with certainty; accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company’s operating environment changes. Management evaluates and updates assumptions and estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions. Adoption of New Accounting Standards There have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s unaudited condensed consolidated financial statements and note disclosures from those disclosed in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2022, that would be expected to impact the Company.

Debt - Narrative (Details) - USD ($)		3 Months Ended				6 Months Ended		18 Months Ended	48 Months Ended
Debt - Narrative (Details) - USD ($)	Jul. 01, 2021	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2026	Mar. 31, 2028
Debt Instrument [Line Items]
Basis spread on variable rate				5.89%		6.64%
Interest paid			$ 1,800,000		$ 0	$ 3,111,000	$ 0
Long-term line of credit					0		0
Line of credit facility, commitment fee amount			$ 100,000		$ 200,000	$ 300,000	$ 400,000
Term loan A-1
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Term of credit facility	5 years
Term loan A-1 \| Forecast
Debt Instrument [Line Items]
Quarterly principal payment period one		$ 400,000						$ 800,000
Term loan A-1 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate						1.50%
Term loan A-1 \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate						1.50%
Term loan A-2
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Term of credit facility	7 years
Term loan A-2 \| Forecast
Debt Instrument [Line Items]
Quarterly principal payment period one									$ 200,000
Term loan A-2 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate						1.50%
Term loan A-2 \| LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate						1.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Term of credit facility	5 years

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	$ 76,597	$ 76,597
Gross carrying amount	28,913	28,913
Accumulated amortization and other	(27,484)	(27,239)
Total	1,429	1,674
Total intangible assets, gross carrying amount	108,754	108,754
Intangible assets, net	81,270	81,515
Subscriber relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,425	28,425
Accumulated amortization and other	(27,140)	(26,910)
Total	1,285	1,515
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	488	488
Accumulated amortization and other	(344)	(329)
Total	144	159
Cable franchise rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	64,334	64,334
FCC Spectrum licenses
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	12,122	12,122
Railroad crossing rights
Finite-Lived Intangible Assets [Line Items]
Non-amortizing intangibles	141	141
Goodwill - Broadband
Finite-Lived Intangible Assets [Line Items]
Goodwill, gross	3,244	3,244
Goodwill	$ 3,244	$ 3,244

Segment Reporting - Selected Financial Data for Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
External revenue
Service revenue and other	$ 71,341	$ 66,021	$ 143,027	$ 130,435
Operating expenses
Cost of services	26,076	26,756	52,643	53,095
Selling, general and administrative	25,691	23,090	52,300	46,925
Restructuring expense	0	454	0	390
Impairment expense	836	4,068	1,020	4,407
Depreciation and amortization	16,369	14,790	31,967	29,135
Operating income (loss)	2,369	(3,137)	5,097	(3,517)
Operating Segments
Operating expenses
Selling, general and administrative	25,691	23,090	52,300	46,925
Restructuring expense		454		390
Impairment expense	836	4,068	1,020	4,407
Depreciation and amortization	16,369	14,790	31,967	29,135
Total operating expenses	68,972	69,158	137,930	133,952
Operating income (loss)	2,369	(3,137)	5,097	(3,517)
Operating Segments \| Broadband
External revenue
Service revenue and other	66,677	61,412	133,880	121,126
Operating expenses
Selling, general and administrative	15,924	13,958	31,495	27,430
Restructuring expense		443		460
Impairment expense	836	4,068	1,020	4,407
Depreciation and amortization	15,490	13,396	30,173	25,933
Total operating expenses	57,002	57,305	112,869	108,838
Operating income (loss)	9,675	4,107	21,011	12,288
Operating Segments \| Tower
External revenue
Service revenue and other	4,753	4,702	9,329	9,549
Operating expenses
Selling, general and administrative	349	406	799	724
Restructuring expense		0		0
Impairment expense	0	0	0	0
Depreciation and amortization	538	633	1,051	1,117
Total operating expenses	2,266	2,417	4,421	4,511
Operating income (loss)	2,487	2,285	4,908	5,038
Intersegment Eliminations
External revenue
Service revenue and other	0	43	0	47
Intersegment Eliminations \| Broadband
External revenue
Service revenue and other	51	49	106	99
Intersegment Eliminations \| Tower
External revenue
Service revenue and other	38	87	76	188
Intersegment Eliminations \| Corporate & Eliminations
External revenue
Service revenue and other	(89)	(93)	(182)	(240)
Corporate, Non-Segment
Operating expenses
Selling, general and administrative	9,418	8,726	20,006	18,771
Restructuring expense		11		(70)
Impairment expense	0	0	0	0
Depreciation and amortization	341	761	743	2,085
Total operating expenses	9,704	9,436	20,640	20,603
Operating income (loss)	(9,793)	(9,529)	(20,822)	(20,843)
Residential & SMB - Cable Markets \| Operating Segments
External revenue
Service revenue and other	44,403	43,843	89,159	87,336
Residential & SMB - Cable Markets \| Operating Segments \| Broadband
External revenue
Service revenue and other	44,403	43,843	89,159	87,336
Residential & SMB - Cable Markets \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Residential & SMB - Glo Fiber Markets \| Operating Segments
External revenue
Service revenue and other	8,164	4,056	15,167	7,476
Residential & SMB - Glo Fiber Markets \| Operating Segments \| Broadband
External revenue
Service revenue and other	8,164	4,056	15,167	7,476
Residential & SMB - Glo Fiber Markets \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Commercial Fiber \| Operating Segments
External revenue
Service revenue and other	10,253	9,340	21,951	18,402
Commercial Fiber \| Operating Segments \| Broadband
External revenue
Service revenue and other	10,253	9,340	21,951	18,402
Commercial Fiber \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Tower lease \| Operating Segments
External revenue
Service revenue and other	4,715	4,615	9,253	9,361
Tower lease \| Operating Segments \| Broadband
External revenue
Service revenue and other	0	0	0	0
Tower lease \| Operating Segments \| Tower
External revenue
Service revenue and other	4,715	4,615	9,253	9,361
RLEC & Other \| Operating Segments
External revenue
Service revenue and other	3,806	4,124	7,497	7,813
RLEC & Other \| Operating Segments \| Broadband
External revenue
Service revenue and other	3,806	4,124	7,497	7,813
RLEC & Other \| Operating Segments \| Tower
External revenue
Service revenue and other	0	0	0	0
Service revenue and other \| Operating Segments
External revenue
Service revenue and other	71,341	65,978	143,027	130,388
Service revenue and other \| Operating Segments \| Broadband
External revenue
Service revenue and other	66,626	61,363	133,774	121,027
Service revenue and other \| Operating Segments \| Tower
External revenue
Service revenue and other	4,715	4,615	9,253	9,361
Cost of services \| Operating Segments
Operating expenses
Cost of services	26,076	26,756	52,643	53,095
Cost of services \| Operating Segments \| Broadband
Operating expenses
Cost of services	24,752	25,440	50,181	50,608
Cost of services \| Operating Segments \| Tower
Operating expenses
Cost of services	1,379	1,378	2,571	2,670
Cost of services \| Corporate, Non-Segment
Operating expenses
Cost of services	$ (55)	$ (62)	$ (109)	$ (183)

Derivatives and Hedging - Schedule of Derivative Instruments (Fair Value) (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 2,866
Designated as Hedging Instrument \| Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	428
Designated as Hedging Instrument \| Deferred Charges and Other Assets, Net
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 2,438

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Reconciliation of Income Taxes

The effective tax rates for the three and six months ended June 30, 2023 and 2022, differ from the statutory U.S. federal income tax rate of 21% primarily due to the state income taxes, excess tax benefits and other discrete items.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Expected tax expense (benefit) at federal statutory	$	535	$	(783)	$	1,342	$	(898)
State income tax expense (benefit), net of federal tax effect	134		(181)		344		(213)
Excess tax deficiency from share-based compensation and other expense, net	87		463		849		663
Income tax expense (benefit)	$	756	$	(501)	$	2,535	$	(448)

Revenue from Contracts with Customers - Amortized and Capitalized Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Capitalized Contract Cost [Roll Forward]
Beginning Balance	$ 8,756	$ 8,303	$ 8,646	$ 8,147
Commission payments	793	1,309	1,684	1,647
Contract asset amortization	(807)	(1,185)	(1,588)	(1,367)
Ending Balance	$ 8,742	$ 8,427	$ 8,742	$ 8,427

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The Company files U.S. federal income tax returns and various state income tax returns. The Company is not subject to any state or federal income tax audits as of June 30, 2023. The Company’s income tax returns are generally open to examination from 2019 forward and the net operating losses acquired in the acquisition of nTelos are open to examination from 2002 forward.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Expected tax expense (benefit) at federal statutory	$	535	$	(783)	$	1,342	$	(898)
State income tax expense (benefit), net of federal tax effect	134		(181)		344		(213)
Excess tax deficiency from share-based compensation and other expense, net	87		463		849		663
Income tax expense (benefit)	$	756	$	(501)	$	2,535	$	(448)

The Company received $25.6 million in cash refunds for income taxes for the six months ended June 30, 2023. The Company made $0.1 million in cash payments for income taxes for the six months ended June 30, 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Maturities of Long-term Debt [Abstract]
2023	$ 0
2024	2,969
2025	3,750
2026	57,656
2027	625
2028	60,000
Total	$ 125,000	$ 75,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and intangible assets consist of the following:


	June 30, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		76,597		—		76,597

Finite-lived intangibles:
Subscriber relationships	28,425		(27,140)		1,285		28,425		(26,910)		1,515
Other intangibles	488		(344)		144		488		(329)		159
Total finite-lived intangibles	28,913		(27,484)		1,429		28,913		(27,239)		1,674
Total goodwill and intangible assets	$	108,754	$	(27,484)	$	81,270	$	108,754	$	(27,239)	$	81,515

Amortization expense was $0.1 million and $0.2 million during the three months ended June 30, 2023 and 2022, respectively, and $0.2 million and $0.4 million during the six months ended June 30, 2023 and 2022, respectively.

As described in Note 4, Property, Plant and Equipment, the Company entered into the Spectrum Purchase Agreement to sell FCC spectrum licenses associated with Beam. As a result of the expected sale, the Company concluded that the FCC spectrum licenses met the held for sale criteria; accordingly, $13.8 million of indefinite-lived licenses and $5.9 million of finite-lived licenses are presented as held for sale, along with the corresponding $3.8 million of operating lease liabilities related to the finite-lived licenses, as of June 30, 2023 and December 31, 2022. The Company evaluated the events described here and in Note 4, Property, Plant and Equipment and determined that these events do not represent a strategic shift in the Company’s business.

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Amortization of leased assets	$ 119	$ 119	$ 238	$ 238
Interest on lease liabilities	19	21	39	42
Operating lease cost	1,762	2,999	3,605	5,662
Lease cost	$ 1,901	$ 3,139	$ 3,883	$ 5,942

Stock Compensation and Earnings (Loss) per Share - Schedule of Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 2,878	$ 2,557	$ 6,730	$ 5,809
Capitalized stock compensation	(275)	(172)	(410)	(281)
Stock compensation expense, net	$ 2,603	$ 2,385	$ 6,320	$ 5,528

Other Assets and Accrued Liabilities - Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Accrued programming costs	$ 3,142	$ 3,306
Pension plan	0	3,341
Other current liabilities	9,624	11,259
Accrued liabilities and other	$ 12,766	$ 17,906

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment consist of the following:


($ in thousands)	Estimated Useful Lives	June 30, 2023		December 31, 2022
Land		$	3,722	$	3,722
Land improvements	10 years	3,483		3,483
Buildings and structures	10 - 45 years	96,175		93,461
Cable and fiber	15 - 30 years	682,218		593,771
Equipment and software	4 - 8 years	333,821		317,347
Plant in service		1,119,419		1,011,784
Plant under construction		163,610		144,534
Total property, plant and equipment		1,283,029		1,156,318
Less: accumulated depreciation and amortization		(496,583)		(468,765)
Property, plant and equipment, net		$	786,446	$	687,553

Property, plant and equipment, net increases were primarily attributable to capital expenditures in the Broadband segment due to expansion of Glo Fiber assets and market expansion. The Company’s accounts payable as of June 30, 2023 and December 31, 2022 included amounts associated with capital expenditures of approximately $38.9 million and $43.8 million, respectively. Depreciation and amortization expense was $16.2 million and $14.6 million during the three months ended June 30, 2023 and 2022, respectively, and $31.7 million and $28.7 million during the six months ended June 30, 2023 and 2022, respectively.

On August 23, 2022, the Company entered into a definitive asset purchase agreement (the “Spectrum Purchase Agreement”) with a wireless carrier pursuant to which the Company agreed to sell certain Federal Communications Commission (“FCC”) spectrum licenses and leases previously utilized in the Company’s Beam branded fixed wireless service for total consideration of approximately $21.1 million, composed of $17.3 million cash and approximately $3.8 million of liabilities to be assumed by the wireless carrier (the “Spectrum Transaction”). The Spectrum Transaction closed on July 6, 2023.

Leases - Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Operating Lease (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Cash paid for operating lease liabilities	$ 1,497	$ 1,511	$ 3,181	$ 3,103
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	$ 456	$ 430	$ 1,721	$ 2,070

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Components of Lease Costs

The components of lease costs were as follows:


	Classification	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2023		2022		2023		2022
Finance lease cost
Amortization of leased assets	Depreciation	$	119	$	119	$	238	$	238
Interest on lease liabilities	Interest expense	19		21		39		42
Operating lease cost	Operating expense1	1,762		2,999		3,605		5,662
Lease cost		$	1,901	$	3,139	$	3,883	$	5,942

_________________________________________

(1)Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility.

Other information related to operating and finance leases was as follows:


	June 30, 2023		December 31, 2022
Operating leases
Weighted average remaining lease term (years)	19.4		20.0
Weighted average discount rate	4.8	%	4.5	%
Finance leases
Weighted average remaining lease term (years)	12.8		13.9
Weighted average discount rate	5.2	%	5.2	%


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cash paid for operating lease liabilities	$	1,497	$	1,511	$	3,181	$	3,103
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	456		430		1,721		2,070

Schedule of Expected Maturity of Lease Liabilities, Operating

The following table summarizes the expected maturity of lease liabilities as of June 30, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	2,534	$	55	$	2,589
2024	5,750		178		5,928
2025	5,421		180		5,601
2026	4,601		153		4,754
2027	3,750		155		3,905
2028 and thereafter	64,996		1,359		66,355
Total lease payments	87,052		2,080		89,132
Less: Interest	(34,104)		(565)		(34,669)
Present value of lease liabilities	$	52,948	$	1,515	$	54,463

Schedule of Expected Maturity of Lease Liabilities, Financing

The following table summarizes the expected maturity of lease liabilities as of June 30, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	2,534	$	55	$	2,589
2024	5,750		178		5,928
2025	5,421		180		5,601
2026	4,601		153		4,754
2027	3,750		155		3,905
2028 and thereafter	64,996		1,359		66,355
Total lease payments	87,052		2,080		89,132
Less: Interest	(34,104)		(565)		(34,669)
Present value of lease liabilities	$	52,948	$	1,515	$	54,463

Schedule of Minimum Rental Receipts Under Lease Agreement Lessor, Operating Leases

Below is a summary of our minimum rental receipts under the lease agreements in place as of June 30, 2023:


(in thousands)	Operating Leases
2023	$	8,093
2024	15,110
2025	14,006
2026	10,941
2027	9,425
2028 and thereafter	22,794
Total	$	80,369

Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected tax expense (benefit) at federal statutory	$ 535	$ (783)	$ 1,342	$ (898)
State income tax expense (benefit), net of federal tax effect	134	(181)	344	(213)
Excess tax deficiency from share-based compensation and other expense, net	87	463	849	663
Income tax expense (benefit)	$ 756	$ (501)	$ 2,535	$ (448)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Contract Assets

The Company’s contract assets primarily include commissions incurred to acquire contracts with customers. The Company incurs commission expenses related to in-house and third-party vendors which are capitalized and amortized over the expected customer benefit period which is approximately six years. The Company’s current contract assets are included in prepaid expenses and other and the Company’s non-current contract assets are included in deferred charges and other assets in its unaudited condensed consolidated balance sheets. Amortization of capitalized commission expenses is recorded in selling, general and administrative expenses in the Company’s unaudited condensed consolidated statements of comprehensive income (loss).

The following tables present the activity of current and non-current contract assets:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Beginning Balance	$	8,756	$	8,303	$	8,646	$	8,147
Commission payments	793		1,309		1,684		1,647
Contract asset amortization	(807)		(1,185)		(1,588)		(1,367)
Ending Balance	$	8,742	$	8,427	$	8,742	$	8,427

Contract Liabilities

The Company’s contract liabilities include services that are billed in advance and recorded as deferred revenue, as well as installation fees that are charged upfront without transfer of commensurate goods or services to the customer. The Company’s current contract liabilities are included in advanced billings and customer deposits and the Company’s non-current contract liabilities are included in other liabilities in its unaudited condensed consolidated balance sheets. Shentel’s current contract liability balances were $9.4 million and $9.5 million as of June 30, 2023 and December 31, 2022, respectively, and Shentel’s non-current contract liability balances were $1.3 million and $1.9 million as of June 30, 2023 and December 31, 2022, respectively. Shentel expects its current contract liability balances to be recognized within revenues during the twelve-month periods following the respective balance sheet dates and its non-current contract liability balances to be recognized within revenues after the twelve-month periods following the respective balance sheet dates.

Refer to Note 14, Segment Reporting, for a summary of the Company’s revenue streams.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-Name Accounting Standards Codification
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+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 3,856	$ (3,828)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	31,967	29,135
Stock-based compensation expense, net of amount capitalized	6,320	5,528
Impairment expense	1,020	4,407
Deferred income taxes	2,491	(392)
Other, net	1,118	1,985
Changes in assets and liabilities:
Accounts receivable	4,499	4,430
Current income taxes	25,108	0
Operating lease assets and liabilities, net	408	414
Other assets	1,937	(1,902)
Accounts payable	(3,012)	127
Other deferrals and accruals	(5,912)	(1,180)
Net cash provided by operating activities	69,800	38,724
Cash flows from investing activities:
Capital expenditures	(136,158)	(88,706)
Proceeds from sale of assets and other	508	279
Net cash used in investing activities	(135,650)	(88,427)
Cash flows from financing activities:
Proceeds from credit facility borrowings	50,000	0
Payments for debt issuance costs	(300)	0
Taxes paid for equity award issuances	(1,317)	(835)
Payments for financing arrangements and other	(290)	(471)
Net cash provided by (used in) financing activities	48,093	(1,306)
Net decrease in cash and cash equivalents	(17,757)	(51,009)
Cash and cash equivalents, beginning of period	44,061	84,344
Cash and cash equivalents, end of period	26,304	33,335
Supplemental Disclosures of Cash Flow Information
Interest paid	3,111	0
Income tax refunds received, net	$ 25,481	$ 0

Leases - Other Information Related to Operating and Finance Leases (Details)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease, weighted average remaining lease term	19 years 4 months 24 days	20 years
Operating lease, weighted average discount rate, percent	4.80%	4.50%
Finance lease, weighted average remaining lease term	12 years 9 months 18 days	13 years 10 months 24 days
Finance lease, weighted average discount rate, percent	5.20%	5.20%

Government Grants	6 Months Ended
Government Grants	Jun. 30, 2023
Government Grants [Abstract]
Government Grants	Government GrantsDuring the six months ended June 30, 2023, Shentel was awarded an additional $16.1 million in new grants to strategically expand the Company’s broadband network in order to provide broadband services to unserved residences. The additional grants consisted of $9.4 million awarded under the Connect Maryland Network Infrastructure Grant Program in Maryland, $6.3 million awarded under the Virginia Telecommunications Initiative in Virginia, and $0.4 million under the Line Extension Advancement and Development program in West Virginia. The Company recognizes grant receivables at the time it becomes probable that the Company will be eligible to receive the grant, which is estimated to correspond with the date when specified build-out milestones are achieved. The Company has not recognized any material amounts under these programs as of June 30, 2023 and December 31, 2022.

Leases - Maturity of Lease Liability - Lessor (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 8,093
2024	15,110
2025	14,006
2026	10,941
2027	9,425
2028 and thereafter	22,794
Total	$ 80,369

Derivatives and Hedging - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivatives, Fair Value [Line Items]
Unrealized gain (loss) on derivatives, net	$ 2,100	$ 0	$ 2,100	$ 0
Tax on unrealized gain (loss) on derivatives	$ (700)		$ (700)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, variable interest rate	2.90%		2.90%
Payments for derivative instruments	$ 150,000		$ 150,000
Expected outstanding debt	50.00%		50.00%

Property, Plant and Equipment - Table (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,283,029	$ 1,156,318
Less: accumulated depreciation and amortization	(496,583)	(468,765)
Property, plant and equipment, net	786,446	687,553
Land
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 3,722	3,722
Land improvements
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Total property, plant and equipment	$ 3,483	3,483
Buildings and structures
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 96,175	93,461
Buildings and structures \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	10 years
Buildings and structures \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	45 years
Cable and fiber
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 682,218	593,771
Cable and fiber \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	15 years
Cable and fiber \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	30 years
Equipment and software
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 333,821	317,347
Equipment and software \| Minimum
Property, plant and equipment [Abstract]
Estimated Useful Lives	4 years
Equipment and software \| Maximum
Property, plant and equipment [Abstract]
Estimated Useful Lives	8 years
Plant in service
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 1,119,419	1,011,784
Plant under construction
Property, plant and equipment [Abstract]
Total property, plant and equipment	$ 163,610	$ 144,534

Basis of Presentation and Other Information (Policies)	6 Months Ended
Basis of Presentation and Other Information (Policies)	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards There have been no material developments related to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s unaudited condensed consolidated financial statements and note disclosures from those disclosed in the Company’s Annual Report on Form 10-K for its fiscal year ended December 31, 2022, that would be expected to impact the Company.
Investments	SERP Investments at Fair Value: The fair value of the SERP investments are based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy. Changes to the investments' fair value are presented in Other income (expense), while the reciprocal changes in the liability are presented in selling, general and administrative expense. Cost Method Investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $10.0 million at both June 30, 2023 and December 31, 2022, respectively. We recognized approximately $0.2 million and $0.1 million of patronage income in other income (expense) for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.3 million and $0.2 million during the six months ended June 30, 2023 and 2022, respectively. The Company expects that approximately 88% of the patronage distributions will be collected in cash and 12% in equity in 2023. Equity Method Investments: At December 31, 2022, the Company had a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). ValleyNet has ceased operations and is in the process of being dissolved. In April 2023, Shentel received a payment of $0.1 million, representing Shentel’s remaining capital in the partnership, and the investment balance was derecognized from Shentel’s unaudited condensed consolidated balance sheets. Prior to the commencement of dissolution proceedings, the Company and ValleyNet purchased capacity on one another’s fiber network, through related party transactions.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

Other Assets and Accrued Liabilities

6 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

Other Assets and Accrued Liabilities

Prepaid expenses and other, classified as current assets, included the following:


(in thousands)	June 30, 2023		December 31, 2022
Prepaid maintenance expenses	$	6,830	$	7,444
Broadband contract acquisition costs	3,026		2,809
Other	3,018		1,256
Prepaid expenses and other	$	12,874	$	11,509

Deferred charges and other assets, classified as long-term assets, included the following:


(in thousands)	June 30, 2023		December 31, 2022
Broadband contract acquisition costs	$	5,716	$	5,837
Interest rate swaps	2,438		—
Prepaid expenses and other	7,403		7,422
Deferred charges and other assets	$	15,557	$	13,259

Accrued liabilities and other, classified as current liabilities, included the following:


(in thousands)	June 30, 2023		December 31, 2022
Accrued programming costs	$	3,142	$	3,306
Pension plan	—		3,341
Other current liabilities	9,624		11,259
Accrued liabilities and other	$	12,766	$	17,906

Other liabilities, classified as long-term liabilities, included the following:


(in thousands)	June 30, 2023		December 31, 2022
Noncurrent portion of deferred lease revenue	$	18,788	$	18,679
Noncurrent portion of financing leases	1,414		1,500
Other	281		39
Other liabilities	$	20,483	$	20,218

In 2021, Shentel’s Board of Directors adopted a resolution to terminate its pension plan. The Company terminated the pension plan and all benefits were distributed in June 2023 through the combination of lump sum payments and the purchase of non-participating annuity contracts at the option of the pension plan participants. The Company made an additional $2.9 million contribution from its cash balance as a result of the settlement and recognized a settlement gain of $0.7 million in other income (expense).

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Service revenue and other [Member]	Service revenue and other [Member]	Service revenue and other [Member]	Service revenue and other [Member]
Service revenue and other	$ 71,341	$ 66,021	$ 143,027	$ 130,435
Operating expenses:
Cost of services exclusive of depreciation and amortization	26,076	26,756	52,643	53,095
Selling, general and administrative	25,691	23,090	52,300	46,925
Restructuring expense	0	454	0	390
Impairment expense	836	4,068	1,020	4,407
Depreciation and amortization	16,369	14,790	31,967	29,135
Total operating expenses	68,972	69,158	137,930	133,952
Operating income (loss)	2,369	(3,137)	5,097	(3,517)
Other income (expense):
Other income (expense), net	177	(589)	1,294	(759)
Income (loss) before income taxes	2,546	(3,726)	6,391	(4,276)
Income tax expense (benefit)	756	(501)	2,535	(448)
Net income (loss)	1,790	(3,225)	3,856	(3,828)
Other comprehensive income:
Unrealized income on interest rate hedge, net of tax	2,127	0	2,127	0
Comprehensive income (loss)	$ 3,917	$ (3,225)	$ 5,983	$ (3,828)
Net income (loss) per share, basic and diluted:
Basic net income (loss) per share (in dollars per share)	$ 0.04	$ (0.06)	$ 0.08	$ (0.08)
Diluted net income (loss) per share (in dollars per share)	$ 0.04	$ (0.06)	$ 0.08	$ (0.08)
Weighted average shares outstanding, basic (in shares)	50,366	50,157	50,330	50,133
Weighted average shares outstanding, diluted (in shares)	50,693	50,157	50,569	50,133

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 23, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Accounts payable		$ 41,238		$ 41,238		$ 49,173
Depreciation and amortization		16,200	$ 14,600	31,700	$ 28,700
Asset Purchase Agreement
Property, Plant and Equipment [Line Items]
Asset acquisition, consideration transferred	$ 21,100
Payments to acquire productive assets	17,300
Asset acquisition, consideration transferred, liabilities incurred	$ 3,800
Goodwill - Broadband
Property, Plant and Equipment [Line Items]
Accounts payable		$ 38,900		$ 38,900		$ 43,800

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Amortized and Capitalized Contract Cost

The following tables present the activity of current and non-current contract assets:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Beginning Balance	$	8,756	$	8,303	$	8,646	$	8,147
Commission payments	793		1,309		1,684		1,647
Contract asset amortization	(807)		(1,185)		(1,588)		(1,367)
Ending Balance	$	8,742	$	8,427	$	8,742	$	8,427

Other Assets and Accrued Liabilities - Long Term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Noncurrent portion of deferred lease revenue	$ 18,788	$ 18,679
Noncurrent portion of financing leases	1,414	1,500
Other	281	39
Other liabilities	$ 20,483	$ 20,218

Investments - Other Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments [Abstract]
SERP investments at fair value	$ 2,116	$ 1,889
Cost method investments	10,645	10,749
Equity method investments	255	333
Total investments	$ 13,016	$ 12,971

Investments - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Apr. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value		$ 2,116		$ 2,116		$ 1,889
CoBank
Schedule of Equity Method Investments [Line Items]
SERP investments at fair value		10,000		10,000		$ 10,000
Other nonoperating income (expense)		$ 200	$ 100	$ 300	$ 200
Percentage of patronage credit paid in cash		88.00%		88.00%
Percentage of patronage credit paid in share		12.00%		12.00%
Valley Network Partnership
Schedule of Equity Method Investments [Line Items]
Ownership interest, percentage		20.00%		20.00%		20.00%
Distribution of capital	$ 100

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following loans were outstanding under the Credit Agreement:


(in thousands)	June 30, 2023		December 31, 2022
Term loan A-1	$	62,500	$	37,500
Term loan A-2	62,500		37,500
Total debt	125,000		75,000
Less: unamortized loan fees	(149)		(46)
Total debt, net of unamortized loan fees	$	124,851	$	74,954

Maturities of Long-term Debt

The following table summarizes the expected payments of Shentel’s outstanding borrowings as of June 30, 2023:


(in thousands)	Amount
2023	$	—
2024	2,969
2025	3,750
2026	57,656
2027	625
2028	60,000
Total	$	125,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Stock Compensation and Earnings (Loss) per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anti-dilutive awards outstanding (fewer than)(in shares)	119,000	212,000	411,000	155,000
Compensation, nonvested awards, compensation cost not yet recognized	$ 13.2		$ 13.2
Compensation, nonvested awards, cost not yet recognized, period for recognition			2 years 6 months
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			385,000
Granted (in dollars per share)			$ 19.05
Vested in period (in shares)			190,000
Vested (in usd per share)			$ 25.01
Fair value of awards vested in period			$ 4.8
Cancelled (in shares)			8,000
Cancelled (in usd per share)			$ 21.64
Options outstanding (in shares)	837,000		837,000
Outstanding (in usd per share)	$ 21.64		$ 21.64
Relative Total Shareholder Return Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			134,000
Granted (in dollars per share)			$ 23.64
Vested in period (in shares)			30,000
Vested (in usd per share)			$ 56.32
Fair value of awards vested in period			$ 1.1
Options outstanding (in shares)	293,000		293,000
Outstanding (in usd per share)	$ 25.80		$ 25.80
Anti-dilutive awards outstanding (fewer than)(in shares)			13,000

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Resulting from Acquisition

Goodwill and intangible assets consist of the following:


	June 30, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		76,597		—		76,597

Finite-lived intangibles:
Subscriber relationships	28,425		(27,140)		1,285		28,425		(26,910)		1,515
Other intangibles	488		(344)		144		488		(329)		159
Total finite-lived intangibles	28,913		(27,484)		1,429		28,913		(27,239)		1,674
Total goodwill and intangible assets	$	108,754	$	(27,484)	$	81,270	$	108,754	$	(27,239)	$	81,515

Schedule of Finite-Lived Intangible Assets

Goodwill and intangible assets consist of the following:


	June 30, 2023						December 31, 2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization and Other		Net		Gross Carrying Amount		Accumulated Amortization and Other		Net
Goodwill - Broadband	$	3,244	$	—	$	3,244	$	3,244	$	—	$	3,244
Indefinite-lived intangibles:
Cable franchise rights	64,334		—		64,334		64,334		—		64,334
FCC Spectrum licenses	12,122		—		12,122		12,122		—		12,122
Railroad crossing rights	141		—		141		141		—		141
Total indefinite-lived intangibles	76,597		—		76,597		76,597		—		76,597

Finite-lived intangibles:
Subscriber relationships	28,425		(27,140)		1,285		28,425		(26,910)		1,515
Other intangibles	488		(344)		144		488		(329)		159
Total finite-lived intangibles	28,913		(27,484)		1,429		28,913		(27,239)		1,674
Total goodwill and intangible assets	$	108,754	$	(27,484)	$	81,270	$	108,754	$	(27,239)	$	81,515

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Selected Financial Data for Segments

Three Months Ended June 30, 2023:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	44,403	$	—	$	—	$	44,403
Residential & SMB - Glo Fiber Markets	8,164		—		—		8,164
Commercial Fiber	10,253		—		—		10,253
Tower lease	—		4,715		—		4,715
RLEC & Other	3,806		—		—		3,806
Service revenue and other	66,626		4,715		—		71,341
Intercompany revenue and other	51		38		(89)		—
Total revenue	66,677		4,753		(89)		71,341
Operating expenses
Cost of services	24,752		1,379		(55)		26,076
Selling, general and administrative	15,924		349		9,418		25,691
Impairment expense	836		—		—		836
Depreciation and amortization	15,490		538		341		16,369
Total operating expenses	57,002		2,266		9,704		68,972
Operating income (loss)	$	9,675	$	2,487	$	(9,793)	$	2,369

Three Months Ended June 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	43,843	$	—	$	—	$	43,843
Residential & SMB - Glo Fiber Markets	4,056		—		—		4,056
Commercial Fiber	9,340		—		—		9,340
Tower lease	—		4,615		—		4,615
RLEC & Other	4,124		—		—		4,124
Service revenue and other	61,363		4,615		—		65,978
Intercompany revenue and other	49		87		(93)		43
Total revenue	61,412		4,702		(93)		66,021
Operating expenses
Cost of services	25,440		1,378		(62)		26,756
Selling, general and administrative	13,958		406		8,726		23,090
Restructuring expense	443		—		11		454
Impairment expense	4,068		—		—		4,068
Depreciation and amortization	13,396		633		761		14,790
Total operating expenses	57,305		2,417		9,436		69,158
Operating income (loss)	$	4,107	$	2,285	$	(9,529)	$	(3,137)

Six Months Ended June 30, 2023:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	89,159	$	—	$	—	$	89,159
Residential & SMB - Glo Fiber Markets	15,167		—		—		15,167
Commercial Fiber	21,951		—		—		21,951
Tower lease	—		9,253		—		9,253
RLEC & Other	7,497		—		—		7,497
Service revenue and other	133,774		9,253		—		143,027
Intercompany revenue and other	106		76		(182)		—
Total revenue	133,880		9,329		(182)		143,027
Operating expenses
Cost of services	50,181		2,571		(109)		52,643
Selling, general and administrative	31,495		799		20,006		52,300
Impairment expense	1,020		—		—		1,020
Depreciation and amortization	30,173		1,051		743		31,967
Total operating expenses	112,869		4,421		20,640		137,930
Operating income (loss)	$	21,011	$	4,908	$	(20,822)	$	5,097

Six Months Ended June 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	87,336	$	—	$	—	$	87,336
Residential & SMB - Glo Fiber Markets	7,476		—		—		7,476
Commercial Fiber	18,402		—		—		18,402
Tower lease	—		9,361		—		9,361
RLEC & Other	7,813		—		—		7,813
Service revenue and other	121,027		9,361		—		130,388
Intercompany revenue and other	99		188		(240)		47
Total revenue	121,126		9,549		(240)		130,435
Operating expenses
Cost of services	50,608		2,670		(183)		53,095
Selling, general and administrative	27,430		724		18,771		46,925
Restructuring expense	460		—		(70)		390
Impairment expense	4,407		—		—		4,407
Depreciation and amortization	25,933		1,117		2,085		29,135
Total operating expenses	108,838		4,511		20,603		133,952
Operating income (loss)	$	12,288	$	5,038	$	(20,843)	$	(3,517)

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

A reconciliation of the total of the reportable segments’ operating income (loss) to unaudited condensed consolidated income (loss) before income taxes is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Total consolidated operating income (loss)	$	2,369	$	(3,137)	$	5,097	$	(3,517)
Other income (expense), net	177		(589)		1,294		(759)
Income (loss) before income taxes	$	2,546	$	(3,726)	$	6,391	$	(4,276)

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 26,304	$ 44,061
Accounts receivable, net of allowance for doubtful accounts of $726 and $776, respectively	15,344	20,615
Income taxes receivable	4,647	29,755
Prepaid expenses and other	12,874	11,509
Current assets held for sale	19,742	22,622
Total current assets	78,911	128,562
Investments	13,016	12,971
Property, plant and equipment, net	786,446	687,553
Goodwill and intangible assets, net	81,270	81,515
Operating lease right-of-use assets	52,258	53,859
Deferred charges and other assets	15,557	13,259
Total assets	1,027,458	977,719
Current liabilities:
Current maturities of long-term debt, net of unamortized loan fees	1,056	648
Accounts payable	41,238	49,173
Advanced billings and customer deposits	12,359	12,425
Accrued compensation	7,532	9,616
Current operating lease liabilities	3,076	2,829
Accrued liabilities and other	12,766	17,906
Current liabilities held for sale	3,804	3,824
Total current liabilities	81,831	96,421
Long-term debt, less current maturities, net of unamortized loan fees	123,795	74,306
Other long-term liabilities:
Deferred income taxes	87,830	84,600
Asset retirement obligations	10,187	9,932
Benefit plan obligations	4,035	3,758
Non-current operating lease liabilities	49,872	50,477
Other liabilities	20,483	20,218
Total other long-term liabilities	172,407	168,985
Commitments and contingencies (Note 13)
Shareholders’ equity:
Common stock, no par value, authorized 96,000; 50,264 and 50,110 issued and outstanding at June 30, 2023 and December 31, 2022, respectively	0	0
Additional paid in capital	62,888	57,453
Retained earnings	584,410	580,554
Accumulated other comprehensive income, net of taxes	2,127	0
Total shareholders’ equity	649,425	638,007
Total liabilities and shareholders’ equity	$ 1,027,458	$ 977,719

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

The Company leases various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business.

The components of lease costs were as follows:


	Classification	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2023		2022		2023		2022
Finance lease cost
Amortization of leased assets	Depreciation	$	119	$	119	$	238	$	238
Interest on lease liabilities	Interest expense	19		21		39		42
Operating lease cost	Operating expense1	1,762		2,999		3,605		5,662
Lease cost		$	1,901	$	3,139	$	3,883	$	5,942

_________________________________________

(1)Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility.

The following table summarizes the expected maturity of lease liabilities as of June 30, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	2,534	$	55	$	2,589
2024	5,750		178		5,928
2025	5,421		180		5,601
2026	4,601		153		4,754
2027	3,750		155		3,905
2028 and thereafter	64,996		1,359		66,355
Total lease payments	87,052		2,080		89,132
Less: Interest	(34,104)		(565)		(34,669)
Present value of lease liabilities	$	52,948	$	1,515	$	54,463

Other information related to operating and finance leases was as follows:


	June 30, 2023		December 31, 2022
Operating leases
Weighted average remaining lease term (years)	19.4		20.0
Weighted average discount rate	4.8	%	4.5	%
Finance leases
Weighted average remaining lease term (years)	12.8		13.9
Weighted average discount rate	5.2	%	5.2	%


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cash paid for operating lease liabilities	$	1,497	$	1,511	$	3,181	$	3,103
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	456		430		1,721		2,070

The Company recognized $4.7 million and $4.4 million of operating lease revenue for the three months ended June 30, 2023 and 2022, respectively, and $9.2 million and $9.8 million of operating lease revenue for the six months ended June 30, 2023 and 2022, respectively, related to the cell site colocation space and dedicated fiber optic strands that we lease to our customers, which is included in Service revenue and other in the unaudited condensed consolidated statements of comprehensive income (loss). Substantially all of our lease revenue relates to fixed lease payments.

Below is a summary of our minimum rental receipts under the lease agreements in place as of June 30, 2023:


(in thousands)	Operating Leases
2023	$	8,093
2024	15,110
2025	14,006
2026	10,941
2027	9,425
2028 and thereafter	22,794
Total	$	80,369

Leases

The Company leases various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business.

The components of lease costs were as follows:


	Classification	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2023		2022		2023		2022
Finance lease cost
Amortization of leased assets	Depreciation	$	119	$	119	$	238	$	238
Interest on lease liabilities	Interest expense	19		21		39		42
Operating lease cost	Operating expense1	1,762		2,999		3,605		5,662
Lease cost		$	1,901	$	3,139	$	3,883	$	5,942

_________________________________________

(1)Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility.

The following table summarizes the expected maturity of lease liabilities as of June 30, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	2,534	$	55	$	2,589
2024	5,750		178		5,928
2025	5,421		180		5,601
2026	4,601		153		4,754
2027	3,750		155		3,905
2028 and thereafter	64,996		1,359		66,355
Total lease payments	87,052		2,080		89,132
Less: Interest	(34,104)		(565)		(34,669)
Present value of lease liabilities	$	52,948	$	1,515	$	54,463

Other information related to operating and finance leases was as follows:


	June 30, 2023		December 31, 2022
Operating leases
Weighted average remaining lease term (years)	19.4		20.0
Weighted average discount rate	4.8	%	4.5	%
Finance leases
Weighted average remaining lease term (years)	12.8		13.9
Weighted average discount rate	5.2	%	5.2	%


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cash paid for operating lease liabilities	$	1,497	$	1,511	$	3,181	$	3,103
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	456		430		1,721		2,070

Below is a summary of our minimum rental receipts under the lease agreements in place as of June 30, 2023:


(in thousands)	Operating Leases
2023	$	8,093
2024	15,110
2025	14,006
2026	10,941
2027	9,425
2028 and thereafter	22,794
Total	$	80,369

Leases

The Company leases various broadband network and telecommunications sites, fiber optic cable routes, warehouses, retail stores, and office facilities for use in our business.

The components of lease costs were as follows:


	Classification	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)		2023		2022		2023		2022
Finance lease cost
Amortization of leased assets	Depreciation	$	119	$	119	$	238	$	238
Interest on lease liabilities	Interest expense	19		21		39		42
Operating lease cost	Operating expense1	1,762		2,999		3,605		5,662
Lease cost		$	1,901	$	3,139	$	3,883	$	5,942

_________________________________________

(1)Operating lease expense is presented in cost of service or selling, general and administrative expense based on the use of the relevant facility.

The following table summarizes the expected maturity of lease liabilities as of June 30, 2023:


(in thousands)	Operating Leases		Finance Leases		Total
2023	$	2,534	$	55	$	2,589
2024	5,750		178		5,928
2025	5,421		180		5,601
2026	4,601		153		4,754
2027	3,750		155		3,905
2028 and thereafter	64,996		1,359		66,355
Total lease payments	87,052		2,080		89,132
Less: Interest	(34,104)		(565)		(34,669)
Present value of lease liabilities	$	52,948	$	1,515	$	54,463

Other information related to operating and finance leases was as follows:


	June 30, 2023		December 31, 2022
Operating leases
Weighted average remaining lease term (years)	19.4		20.0
Weighted average discount rate	4.8	%	4.5	%
Finance leases
Weighted average remaining lease term (years)	12.8		13.9
Weighted average discount rate	5.2	%	5.2	%


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Cash paid for operating lease liabilities	$	1,497	$	1,511	$	3,181	$	3,103
Operating lease right-of-use assets obtained in exchange for new lease liabilities (includes new leases or modification of existing leases)	456		430		1,721		2,070

Below is a summary of our minimum rental receipts under the lease agreements in place as of June 30, 2023:


(in thousands)	Operating Leases
2023	$	8,093
2024	15,110
2025	14,006
2026	10,941
2027	9,425
2028 and thereafter	22,794
Total	$	80,369

Leases - Maturity of Lease Liability - Lessee (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Operating Leases
2023	$ 2,534
2024	5,750
2025	5,421
2026	4,601
2027	3,750
2028 and thereafter	64,996
Total lease payments	87,052
Less: Interest	(34,104)
Present value of lease liabilities	52,948
Finance Leases
2023	55
2024	178
2025	180
2026	153
2027	155
2028 and thereafter	1,359
Total lease payments	2,080
Less: Interest	(565)
Present value of lease liabilities	1,515
Total
2023	2,589
2024	5,928
2025	5,601
2026	4,754
2027	3,905
2028 and thereafter	66,355
Total lease payments	89,132
Less: Interest	(34,669)
Present value of lease liabilities	$ 54,463

Debt - Credit Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 125,000	$ 75,000
Less: unamortized loan fees	(149)	(46)
Total debt, net of unamortized loan fees	124,851	74,954
Term loan A-1
Debt Instrument [Line Items]
Total debt	62,500	37,500
Term loan A-2
Debt Instrument [Line Items]
Total debt	$ 62,500	$ 37,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Government Grants (Details) $ in Millions	6 Months Ended
Government Grants (Details) $ in Millions	Jun. 30, 2023 USD ($)
Other Income [Line Items]
Increase (decrease) in grants receivable	$ 16.1
Maryland
Other Income [Line Items]
Increase (decrease) in grants receivable	9.4
West Virginia
Other Income [Line Items]
Increase (decrease) in grants receivable	0.4
VIRGINIA
Other Income [Line Items]
Increase (decrease) in grants receivable	$ 6.3

Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting Shentel has presented Residential & SMB - Cable Markets and Residential & SMB - Glo Fiber Markets separately for the three and six months ended June 30, 2023. These revenues were previously reported in one line under the description “Residential & SMB”. Shentel has amended the presentation for the three and six months ended June 30, 2022 for comparability.

Three Months Ended June 30, 2023:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	44,403	$	—	$	—	$	44,403
Residential & SMB - Glo Fiber Markets	8,164		—		—		8,164
Commercial Fiber	10,253		—		—		10,253
Tower lease	—		4,715		—		4,715
RLEC & Other	3,806		—		—		3,806
Service revenue and other	66,626		4,715		—		71,341
Intercompany revenue and other	51		38		(89)		—
Total revenue	66,677		4,753		(89)		71,341
Operating expenses
Cost of services	24,752		1,379		(55)		26,076
Selling, general and administrative	15,924		349		9,418		25,691
Impairment expense	836		—		—		836
Depreciation and amortization	15,490		538		341		16,369
Total operating expenses	57,002		2,266		9,704		68,972
Operating income (loss)	$	9,675	$	2,487	$	(9,793)	$	2,369

Three Months Ended June 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	43,843	$	—	$	—	$	43,843
Residential & SMB - Glo Fiber Markets	4,056		—		—		4,056
Commercial Fiber	9,340		—		—		9,340
Tower lease	—		4,615		—		4,615
RLEC & Other	4,124		—		—		4,124
Service revenue and other	61,363		4,615		—		65,978
Intercompany revenue and other	49		87		(93)		43
Total revenue	61,412		4,702		(93)		66,021
Operating expenses
Cost of services	25,440		1,378		(62)		26,756
Selling, general and administrative	13,958		406		8,726		23,090
Restructuring expense	443		—		11		454
Impairment expense	4,068		—		—		4,068
Depreciation and amortization	13,396		633		761		14,790
Total operating expenses	57,305		2,417		9,436		69,158
Operating income (loss)	$	4,107	$	2,285	$	(9,529)	$	(3,137)

Six Months Ended June 30, 2023:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	89,159	$	—	$	—	$	89,159
Residential & SMB - Glo Fiber Markets	15,167		—		—		15,167
Commercial Fiber	21,951		—		—		21,951
Tower lease	—		9,253		—		9,253
RLEC & Other	7,497		—		—		7,497
Service revenue and other	133,774		9,253		—		143,027
Intercompany revenue and other	106		76		(182)		—
Total revenue	133,880		9,329		(182)		143,027
Operating expenses
Cost of services	50,181		2,571		(109)		52,643
Selling, general and administrative	31,495		799		20,006		52,300
Impairment expense	1,020		—		—		1,020
Depreciation and amortization	30,173		1,051		743		31,967
Total operating expenses	112,869		4,421		20,640		137,930
Operating income (loss)	$	21,011	$	4,908	$	(20,822)	$	5,097

Six Months Ended June 30, 2022:


(in thousands)	Broadband		Tower		Corporate & Eliminations		Consolidated
External revenue
Residential & SMB - Cable Markets	$	87,336	$	—	$	—	$	87,336
Residential & SMB - Glo Fiber Markets	7,476		—		—		7,476
Commercial Fiber	18,402		—		—		18,402
Tower lease	—		9,361		—		9,361
RLEC & Other	7,813		—		—		7,813
Service revenue and other	121,027		9,361		—		130,388
Intercompany revenue and other	99		188		(240)		47
Total revenue	121,126		9,549		(240)		130,435
Operating expenses
Cost of services	50,608		2,670		(183)		53,095
Selling, general and administrative	27,430		724		18,771		46,925
Restructuring expense	460		—		(70)		390
Impairment expense	4,407		—		—		4,407
Depreciation and amortization	25,933		1,117		2,085		29,135
Total operating expenses	108,838		4,511		20,603		133,952
Operating income (loss)	$	12,288	$	5,038	$	(20,843)	$	(3,517)

A reconciliation of the total of the reportable segments’ operating income (loss) to unaudited condensed consolidated income (loss) before income taxes is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Total consolidated operating income (loss)	$	2,369	$	(3,137)	$	5,097	$	(3,517)
Other income (expense), net	177		(589)		1,294		(759)
Income (loss) before income taxes	$	2,546	$	(3,726)	$	6,391	$	(4,276)

The Company’s chief operating decision maker (CODM) does not currently review total assets by segment since the assets are centrally managed and some of the assets are shared by the segments. Accordingly, total assets by segment are not provided.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax refunds received, net	$ 25.6
Income tax refunds received, net		$ 0.1

Other Assets and Accrued Liabilities - Long-Term Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Broadband contract acquisition costs	$ 5,716	$ 5,837
Interest rate swaps	2,438	0
Prepaid expenses and other	7,403	7,422
Deferred charges and other assets	$ 15,557	$ 13,259

Other Assets and Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Assets

Prepaid expenses and other, classified as current assets, included the following:


(in thousands)	June 30, 2023		December 31, 2022
Prepaid maintenance expenses	$	6,830	$	7,444
Broadband contract acquisition costs	3,026		2,809
Other	3,018		1,256
Prepaid expenses and other	$	12,874	$	11,509

Schedule of Other Assets, Noncurrent

Deferred charges and other assets, classified as long-term assets, included the following:


(in thousands)	June 30, 2023		December 31, 2022
Broadband contract acquisition costs	$	5,716	$	5,837
Interest rate swaps	2,438		—
Prepaid expenses and other	7,403		7,422
Deferred charges and other assets	$	15,557	$	13,259

Summary of Accrued Liabilities and Other

Accrued liabilities and other, classified as current liabilities, included the following:


(in thousands)	June 30, 2023		December 31, 2022
Accrued programming costs	$	3,142	$	3,306
Pension plan	—		3,341
Other current liabilities	9,624		11,259
Accrued liabilities and other	$	12,766	$	17,906

Schedule of Other Noncurrent Liabilities

Other liabilities, classified as long-term liabilities, included the following:


(in thousands)	June 30, 2023		December 31, 2022
Noncurrent portion of deferred lease revenue	$	18,788	$	18,679
Noncurrent portion of financing leases	1,414		1,500
Other	281		39
Other liabilities	$	20,483	$	20,218

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 0.1	$ 0.2	$ 0.2	$ 0.4
Spectrum Purchase Agreements \| Disposal Group, Held-for-sale, Not Discontinued Operations
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived license					$ 13.8
Finite-lived license					5.9
Operating lease liabilities	$ 3.8		$ 3.8		$ 3.8

Derivatives and Hedging

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

During the second quarter of 2023, Shentel entered into pay fixed (2.90%), receive variable (one-month term SOFR) interest rate swaps totaling $150.0 million of notional principal (the “Swaps”). The Swaps contain monthly payment terms beginning in May 2024, which extend through their maturity dates in June 2026. The Swaps are designated as a cash flow hedge, representing 50% of the Company’s expected outstanding debt (including expected future borrowings under the Term Loans). The Company uses the Swaps to manage its exposure to interest rate risk for its long-term variable-rate Term Loans.


(in thousands)	June 30, 2023
Balance sheet line item of derivative financial instruments:
Prepaid expenses and other	$	428
Deferred charges and other assets	2,438
Total derivatives designated as hedging instruments	$	2,866

The hedge was determined to be highly effective and therefore all change in the fair value of the swaps was recognized through other comprehensive income. The Company recognized $2.1 million of unrealized gains, net of deferred taxes totaling $0.7 million, for the three and six months ended June 30, 2023. Since the Company did not have outstanding interest rate swaps in the prior year period, there were no gains or losses recorded for the three or six months ended June 30, 2022. Shentel expects to begin reclassifying amounts related to the Swaps from accumulated other comprehensive income to interest expense in May 2024, when the payment period of the Swaps, and thus the period containing the hedged transactions, begins.

Other Assets and Accrued Liabilities - Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Prepaid maintenance expenses	$ 6,830	$ 7,444
Broadband contract acquisition costs	3,026	2,809
Other	3,018	1,256
Prepaid expenses and other	$ 12,874	$ 11,509

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Weighted-average customer benefit period	6 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 9.5
Performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 9.4
Performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations		$ 1.9
Performance obligation period		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1.3
Performance obligation period	1 year

Investments

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Investments

Investments consist of the following:


(in thousands)	June 30, 2023		December 31, 2022
SERP investments at fair value	$	2,116	$	1,889
Cost method investments	10,645		10,749
Equity method investments	255		333
Total investments	$	13,016	$	12,971

SERP Investments at Fair Value: The fair value of the SERP investments are based on unadjusted quoted prices in active markets and are classified as Level 1 of the fair value hierarchy. Changes to the investments' fair value are presented in Other income (expense), while the reciprocal changes in the liability are presented in selling, general and administrative expense.

Cost Method Investments: Shentel’s investment in CoBank’s Class A common stock, derived from the CoBank patronage program, represented substantially all of the Company’s cost method investments with a balance of $10.0 million at both June 30, 2023 and December 31, 2022, respectively. We recognized approximately $0.2 million and $0.1 million of patronage income in other income (expense) for the three months ended June 30, 2023 and 2022, respectively, and approximately $0.3 million and $0.2 million during the six months ended June 30, 2023 and 2022, respectively. The Company expects that approximately 88% of the patronage distributions will be collected in cash and 12% in equity in 2023.

Equity Method Investments: At December 31, 2022, the Company had a 20.0% ownership interest in Valley Network Partnership (“ValleyNet”). ValleyNet has ceased operations and is in the process of being dissolved. In April 2023, Shentel received a payment of $0.1 million, representing Shentel’s remaining capital in the partnership, and the investment balance was derecognized from Shentel’s unaudited condensed consolidated balance sheets. Prior to the commencement of dissolution proceedings, the Company and ValleyNet purchased capacity on one another’s fiber network, through related party transactions.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 1,790	$ (3,225)	$ 3,856	$ (3,828)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

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-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation and Other Information (Details)	6 Months Ended
Basis of Presentation and Other Information (Details)	Jun. 30, 2023 cell_site
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of cell towers built	222

Stock Compensation and Earnings (Loss) per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Net income (loss)	$ 1,790	$ (3,225)	$ 3,856	$ (3,828)
Basic weighted average shares outstanding (in shares)	50,366	50,157	50,330	50,133
Basic net income (loss) per share (in dollars per share)	$ 0.04	$ (0.06)	$ 0.08	$ (0.08)
Effect from dilutive shares and options outstanding (in shares)	327	0	239	0
Diluted weighted average shares outstanding (in shares)	50,693	50,157	50,569	50,133
Diluted net income (loss) per share (in dollars per share)	$ 0.04	$ (0.06)	$ 0.08	$ (0.08)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe are committed to make payments to satisfy our lease liabilities. The scheduled payments under those obligations are summarized in Note 7, Leases. We also have outstanding unconditional purchase commitments to procure marketing services and IT software licenses through 2026.From time to time the Company is involved in various litigation matters arising out of the normal course of business. The Company consults with legal counsel on those issues related to litigation and seeks input from other experts and advisors with respect to such matters. Estimating the probable losses or a range of probable losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve discretionary amounts, present novel legal theories, are in the early stages of the proceedings, or are subject to appeal. Whether any losses, damages or remedies ultimately resulting from such matters could reasonably have a material effect on the Company’s business, financial condition, results of operations, or cash flows will depend on a number of variables, including, for example, the timing and amount of such losses or damages (if any) and the structure and type of any such remedies. The Company’s management does not presently expect any litigation matters to have a material adverse impact on the Company’s financial position, results of operations and cash flows

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consist of the following:


($ in thousands)	Estimated Useful Lives	June 30, 2023		December 31, 2022
Land		$	3,722	$	3,722
Land improvements	10 years	3,483		3,483
Buildings and structures	10 - 45 years	96,175		93,461
Cable and fiber	15 - 30 years	682,218		593,771
Equipment and software	4 - 8 years	333,821		317,347
Plant in service		1,119,419		1,011,784
Plant under construction		163,610		144,534
Total property, plant and equipment		1,283,029		1,156,318
Less: accumulated depreciation and amortization		(496,583)		(468,765)
Property, plant and equipment, net		$	786,446	$	687,553

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Shares of Common Stock	Additional Paid in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021		49,965
Beginning balance at Dec. 31, 2021	$ 642,275		$ 49,351	$ 592,924	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3,828)			(3,828)
Stock based compensation (in shares)		151
Stock-based compensation	5,809		5,809
Common stock issued (in shares)		1
Common stock issued	16		16
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(40)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(902)		(902)
Ending balance (in shares) at Jun. 30, 2022		50,077
Ending balance at Jun. 30, 2022	643,370		54,274	589,096	0
Beginning balance (in shares) at Mar. 31, 2022		50,049
Beginning balance at Mar. 31, 2022	644,329		52,008	592,321	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3,225)			(3,225)
Stock based compensation (in shares)		41
Stock-based compensation	2,557		2,557
Common stock issued	8		8
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(13)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(299)		(299)
Ending balance (in shares) at Jun. 30, 2022		50,077
Ending balance at Jun. 30, 2022	$ 643,370		54,274	589,096	0
Beginning balance (in shares) at Dec. 31, 2022	50,110	50,110
Beginning balance at Dec. 31, 2022	$ 638,007		57,453	580,554	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,856			3,856
Stock based compensation (in shares)		220
Stock-based compensation	6,730		6,730
Common stock issued (in shares)		1
Common stock issued	22		22
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(67)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(1,317)		(1,317)
Other comprehensive income, net of tax	$ 2,127				2,127
Ending balance (in shares) at Jun. 30, 2023	50,264	50,264
Ending balance at Jun. 30, 2023	$ 649,425		62,888	584,410	2,127
Beginning balance (in shares) at Mar. 31, 2023		50,247
Beginning balance at Mar. 31, 2023	642,780		60,160	582,620	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,790			1,790
Stock based compensation (in shares)		24
Stock-based compensation	2,878		2,878
Common stock issued	11		11
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards (in shares)		(7)
Shares surrendered for settlement of employee taxes upon issuance of vested equity awards	(161)		(161)
Other comprehensive income, net of tax	$ 2,127				2,127
Ending balance (in shares) at Jun. 30, 2023	50,264	50,264
Ending balance at Jun. 30, 2023	$ 649,425		$ 62,888	$ 584,410	$ 2,127

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments [Abstract]

Schedule of Other Investments

Investments consist of the following:


(in thousands)	June 30, 2023		December 31, 2022
SERP investments at fair value	$	2,116	$	1,889
Cost method investments	10,645		10,749
Equity method investments	255		333
Total investments	$	13,016	$	12,971

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	000-09881
Entity Registrant Name	SHENANDOAH TELECOMMUNICATIONS COMPANY
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1162807
Entity Address, Address Line One	500 Shentel Way
Entity Address, City or Town	Edinburg
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22824
City Area Code	540
Local Phone Number	984-4141
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	SHEN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		50,263,953
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000354963
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 726	$ 776
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	96,000	96,000
Common stock, shares issued (in shares)	50,264	50,110
Common stock, shares, outstanding (in shares)	50,264	50,110

Stock Compensation and Earnings (Loss) per Share (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of stock compensation expense

Stock-based compensation expense was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Stock compensation expense	2,878		2,557		6,730		5,809
Capitalized stock compensation	(275)		(172)		(410)		(281)
Stock compensation expense, net	$	2,603	$	2,385	$	6,320	$	5,528

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table indicates the computation of basic and diluted earnings (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Calculation of net income (loss) per share:
Net income (loss)	$	1,790	$	(3,225)	$	3,856	$	(3,828)
Basic weighted average shares outstanding	50,366		50,157		50,330		50,133
Basic net income (loss) per share	$	0.04	$	(0.06)	$	0.08	$	(0.08)

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	50,366		50,157		50,330		50,133
Effect from dilutive shares and options outstanding	327		—		239		—
Diluted weighted average shares outstanding	50,693		50,157		50,569		50,133
Diluted net income (loss) per share	$	0.04	$	(0.06)	$	0.08	$	(0.08)

Other Assets and Accrued Liabilities - Narrative (Details) $ in Millions	1 Months Ended
	Jun. 30, 2023 USD ($)
Other Liabilities Disclosure [Abstract]
Employer contributions	$ 2.9
Other comprehensive income (loss), defined benefit plan, settlement and curtailment gain (loss), after tax	$ 0.7

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Sublease income	$ 4.7	$ 4.4	$ 9.2	$ 9.8

Stock Compensation and Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Compensation and Earnings (Loss) per Share

The Company granted approximately 385,000 restricted stock units (“RSUs”) at a weighted average grant price of $19.05 to employees and directors during the six months ended June 30, 2023. Approximately 190,000 RSUs with a weighted average grant price of $25.01 vested and 8,000 RSUs with a weighted average grant price of $21.64 were forfeited during the six months ended June 30, 2023. The total fair value of RSUs vested was $4.8 million during the six months ended June 30, 2023. Approximately 837,000 RSUs with a weighted average grant price of $21.64 remained outstanding as of June 30, 2023.

The Company granted approximately 134,000 Relative Total Shareholder Return RSUs (“RTSRs”) awards at a weighted average grant price of $23.64 to employees during the six months ended June 30, 2023. Approximately 30,000 RTSRs with a weighted average grant price of $56.32 vested and no RTSRs were forfeited during the six months ended June 30, 2023. The total fair value of RTSRs vested was $1.1 million during the six months ended June 30, 2023. Approximately 293,000 RTSRs with a weighted average grant price of $25.80 remained outstanding as of June 30, 2023. The amount of RTSRs issued are determined on the vesting date based upon the Company’s stock performance compared to a group of peer companies. The vested amounts above exclude the vesting date adjustment and issuance of RTSRs based on actual performance, which totaled approximately 13,000 RTSRs, resulting in lower shares issued upon vesting of the RTSRs than originally granted.

Stock-based compensation expense was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Stock compensation expense	2,878		2,557		6,730		5,809
Capitalized stock compensation	(275)		(172)		(410)		(281)
Stock compensation expense, net	$	2,603	$	2,385	$	6,320	$	5,528

As of June 30, 2023, there was $13.2 million of total unrecognized compensation cost related to non-vested incentive awards which is expected to be recognized over weighted average period of 2.5 years.

We utilize the treasury stock method to calculate the impact on diluted earnings (loss) per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings (loss) per share:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2023		2022		2023		2022
Calculation of net income (loss) per share:
Net income (loss)	$	1,790	$	(3,225)	$	3,856	$	(3,828)
Basic weighted average shares outstanding	50,366		50,157		50,330		50,133
Basic net income (loss) per share	$	0.04	$	(0.06)	$	0.08	$	(0.08)

Effect of stock-based compensation awards outstanding:
Basic weighted average shares outstanding	50,366		50,157		50,330		50,133
Effect from dilutive shares and options outstanding	327		—		239		—
Diluted weighted average shares outstanding	50,693		50,157		50,569		50,133
Diluted net income (loss) per share	$	0.04	$	(0.06)	$	0.08	$	(0.08)

There were approximately 119,000 and 411,000 anti-dilutive equity awards outstanding during the three and six months ended June 30, 2023, respectively. There were approximately 212,000 and 155,000 potentially dilutive equity awards for the three and six months ended June 30, 2022; however, these securities were excluded from the calculation of diluted weighted average shares outstanding due to the fact that they were anti-dilutive as a result of the Company’s net loss for the periods.