EMPLOYEE STOCK COMPENSATION

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

On May 31, 2018, our stockholders approved the Company's 2018 Omnibus Stock Incentive Plan (“2018 Omnibus Plan”). The 2018 Omnibus Plan provides that the maximum number of shares available for awards is 4,417,882. As of March 31, 2022, 2,910,126 shares were available for future awards.

Stock-based Compensation Expense

The following table presents total stock-based compensation expense and the related tax benefits for the periods indicated:


	Three Months Ended March 31,
($ in thousands)	2022		2021

Restricted stock awards and units	$	1,285	$	1,544



Related tax benefits	$	371	$	455

Total stock-based compensation expense represents the cost of time-based and performance-based stock units and awards. At March 31, 2022, unrecognized compensation expense related to restricted stock awards and restricted stock units totaled $9.1 million and will be recognized over a weighted average remaining period of 2.6 years.

Restricted Stock Awards and Restricted Stock Units

We have granted restricted stock awards and restricted stock units to certain employees, officers, and directors. The restricted stock awards and units are valued at the closing price of our stock on the measurement date. The restricted stock awards and units fully vest after a specified period (generally ranging from one to five years) of continued service from the date of grant plus, in some cases, the satisfaction of performance conditions. These performance targets include conditions relating to our

profitability and regulatory standing. The actual amounts of stock released upon vesting will be determined by the Compensation Committee of our Board of Directors upon the Committee's certification of the satisfaction of the target level of performance. We recognize an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted stock, generally upon vesting or, in the case of restricted stock units, when settled.

The following table presents unvested restricted stock awards and restricted stock units activity for the three months ended March 31, 2022:


	Three Months Ended March 31, 2022
	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Outstanding at beginning of period	649,010	$	17.17
Granted (1)	270,567	$	19.56
Vested (2)	(116,581)	$	17.06
Forfeited (3)	(18,205)	$	16.19
Outstanding at end of period	784,791	$	18.08

(1)There were 69,125 performance-based shares/units included in shares granted for the three months ended March 31, 2022.

(2)There were zero performance-based shares/units included in vested shares for the three months ended March 31, 2022.

(3)The number of forfeited shares included aggregate performance-based shares/units of 9,428 for the three months ended March 31, 2022.

Stock Options

There were no stock options granted during the three months ended March 31, 2022. The following table represents stock option activity for the three months ended March 31, 2022:


	Three Months Ended March 31, 2022
($ in thousands except per share data)	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contract Term	Aggregated Intrinsic Value
Outstanding at beginning of period	14,904	$	13.05


Exercised	—	$	—


Outstanding at end of period	14,904	$	13.05	3.0 years	$	94
Exercisable at end of period	14,904	$	13.05	3.0 years	$	94

There were no unvested stock options as of March 31, 2022 and December 31, 2021.

Stock Appreciation Rights

In the first quarter of 2021, all of our then outstanding stock appreciation rights (“SARs”) were fully exercised resulting in the issuance of 305,772 shares of voting common stock. In connection with the exercise of the SARs, we recognized a tax benefit of $2.1 million (refer to Note 8 - Income Taxes). There are no further outstanding SARs.