The Company grants restricted shares of common stock and PSUs to key employees and directors as part of their compensation. Grants are made pursuant to the Company's 2019 Long-term Incentive Plan (the "2019 Plan"), which was approved by the Company's shareholders on May 31, 2019. Future authorized equity awards available under the 2019 Plan as of December 31, 2022 were 4,592,055 shares of common stock.

Stock-based compensation expense is included in general and administrative expenses. During the years ended December 31, 2022, 2021 and 2020 the Company had $6.6 million, $6.8 million and $6.5 million, respectively, in stock-based compensation expense.

The fair value of restricted stock grants is amortized over the vesting period, generally one year to three years, using the straight-line method. The fair value of each restricted share on the date of grant is equal to the market price of a share of the Company's stock.


	Number of Restricted Shares	Weighted Average Grant Price
Outstanding at January 1, 2022	952,971	$5.74
Granted	627,791	$17.70
Vested	(549,363)	$5.67
Forfeitures	(65,341)	$8.85
Outstanding at December 31, 2022	966,058	$13.34


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per share data)
Fair value of vested restricted stock	$	11,080	$	3,070	$	2,852
Grant date weighted average fair value	$	17.70	$	6.05	$	5.38
Compensation expense recognized for restricted stock grants	$	4,171	$	3,406	$	3,247
Unrecognized compensation expense related to unvested shares	$	10,301
Expected recognition period	2.3 years

The Company issues PSUs as part of its long-term equity incentive compensation. PSU awards can result in the issuance of common stock to the holder if certain performance criteria are met during a performance period. The performance periods consist of three years. The performance criteria for the PSUs are based on the Company's annualized total stockholder return ("TSR") for the performance period as compared with the TSR of certain peer companies for the performance period. The costs associated with PSUs are recognized as general and administrative expense over the performance periods of the awards.

The fair value of PSUs was measured at the grant date using the Geometric Brownian Motion Model ("GBM Model"). Significant assumptions used in this simulation include the Company's expected volatility and a risk-free interest rate based on U.S. Treasury yield curve rates with maturities consistent with the vesting periods, as well as the volatilities for each of the Company's peers. Assumptions regarding volatility included the historical volatility of each company's stock and the implied volatilities of publicly traded stock options.


	Year Ended December 31,
	2022		2021		2020
Risk free interest rate	3.6	%	0.3	%	0.3	%
Range of implied volatility:
Minimum	50	%	37	%	39	%
Maximum	83	%	83	%	198	%


	Number of PSUs	Weighted Average Grant Price
Outstanding at January 1, 2022	1,049,910	$8.11
Granted	237,407	$25.92
Earned	(596,893)	$7.85
Forfeitures	(137,870)	$10.95
Outstanding at December 31, 2022	552,554	$15.11


	Year Ended December 31,
	2022		2021		2020
	(In thousands, except per unit data)
Number of PSUs granted	237		221		232
Grant date fair value	$	6,023	$	1,891	$	1,943
Grant date fair value per unit	$	25.92	$	8.56	$	8.37
Compensation expense recognized for PSUs	$	2,439	$	3,392	$	3,217
Unrecognized compensation expense related to unvested shares	$	5,520
Expected recognition period	2.3 years

The fair value of PSUs is amortized over the vesting period of three years, using the straight-line method. The final number of shares of common stock issued may vary depending upon the performance multiplier, and can result in the issuance of zero to 1,105,108 shares of common stock based on the achieved performance ranges from zero to two hundred percent.