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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation. For the three months ended March 31, 2024, the Company did not grant any RSAs of common stock to Officers or to members of the Board of Directors (Directors). Generally, an RSA share represents the right to receive a share of the Company’s common stock and is valued based on the fair market value of the Company’s common stock at the date of grant. RSAs granted to Officers vest over 36 months with the first year cliff vesting. In general, RSAs granted to the Directors vest at the end of 12 months. The RSAs are recognized as expense evenly over 36 months for the shares granted to Officers and 12 months for the shares granted to the Directors. As of March 31, 2024, there was approximately $1.3 million of total unrecognized compensation cost related to RSAs. The cost is expected to be recognized over a weighted average period of 1.6 years. A summary of the status of the outstanding RSAs as of March 31, 2024 is presented below:
| Number of RSA Shares |  | Weighted-Average Grant-Date Fair Value
RSAs at January 1, 2024 | 53,303 |  |  | $ | 55.48 |
Vested | (28,843) |  |  | 55.23 |
RSAs at March 31, 2024 | 24,460 |  |  | $ | 55.78 |
For the three months ended March 31, 2024, the Company did not grant any performance-based Restricted Stock Units (RSUs) to Officers. Generally, a RSU represents the right to receive a share of the Company’s common stock. Each award reflects a target number of shares of common stock that may be issued to the award recipient. Whether RSUs are earned at the end of the performance period will be determined based on the achievement of certain performance objectives set by the Organization and Compensation Committee of the Board of Directors in connection with the issuance of the RSUs. The performance objectives are based on the Company’s business plan covering the performance period. Depending on the results achieved during the 3-year performance period, the actual number of shares that a grant recipient receives at the end of the performance period may range from 0% to 200% of the target shares granted, provided that the grantee is continuously employed by the Company through the vesting date. If prior to the vesting date employment is terminated by reason of death, disability or normal retirement, then a pro rata portion of this award will vest. The RSUs are recognized as expense ratably over the 3-year performance period using a fair market value of the Company’s common stock at the date of grant and an estimated number of RSUs earned during the performance period. As of March 31, 2024, there was approximately $2.0 million of total unrecognized compensation cost related to RSUs. The cost is expected to be recognized over a weighted average period of 1.5 years. A summary of the status of outstanding RSUs as of March 31, 2024 is presented below:
| Number of RSU Shares |  | Weighted-Average Grant-Date Fair Value
RSUs at January 1, 2024 | 93,078 |  |  | $ | 55.41 |
Performance criteria adjustment | 13,735 |  |  | 53.96 |
Vested | (36,394) |  |  | 53.96 |
RSUs at March 31, 2024 | 70,419 |  |  | $ | 55.87 |
The Company has recorded compensation costs for the RSAs and RSUs which are included in administrative and general operating expenses in the amount of $0.7 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively.

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