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EMPLOYEE STOCK COMPENSATION | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
EMPLOYEE STOCK COMPENSATION | EMPLOYEE STOCK COMPENSATION 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 June 30, 2022, 2,169,018 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 June 30, |  | Six Months Ended June 30,
($ in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Restricted stock awards and units |  | $ | 1,482 |  |  | $ | 1,338 |  |  | $ | 2,767 |  |  | $ | 2,882 |
Related tax benefits |  | $ | 428 |  |  | $ | 394 |  |  | $ | 799 |  |  | $ | 849 |
Total stock-based compensation expense represents the cost of time-based and performance-based stock units and awards. At June 30, 2022, unrecognized compensation expense related to restricted stock awards and restricted stock units totaled $14.2 million and will be recognized over a weighted average remaining period of 3.0 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, stock price 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 and six months ended June 30, 2022:
|  | Three Months Ended June 30, 2022 |  | Six Months Ended June 30, 2022
|  | Number of Shares |  | Weighted Average Grant Date Fair Value Per Share |  | Number of Shares |  | Weighted Average Grant Date Fair Value Per Share
Outstanding at beginning of period |  | 784,791 |  |  | $ | 18.08 |  |  | 649,010 |  |  | $ | 17.17 |
Granted (1) |  | 750,615 |  |  | $ | 11.52 |  |  | 1,021,182 |  |  | $ | 13.65 |
Vested (2) |  | (122,738) |  |  | $ | 15.66 |  |  | (239,319) |  |  | $ | 16.34 |
Forfeited (3) |  | (9,608) |  |  | $ | 19.31 |  |  | (27,813) |  |  | $ | 17.28 |
Outstanding at end of period |  | 1,403,060 |  |  | $ | 14.77 |  |  | 1,403,060 |  |  | $ | 14.77 |
(1)There were 695,567 and 764,692 performance-based shares/units included in shares granted for the three and six months ended June 30, 2022. (2)There were 24,783 and 24,783 performance-based shares/units included in vested shares for the three and six months ended June 30, 2022. (3)The number of forfeited shares included aggregate performance-based shares/units of zero and 9,428 for the three and six months ended June 30, 2022. Stock Options There were no stock options granted during the three and six months ended June 30, 2022. There were no unvested stock options as of June 30, 2022 and December 31, 2021. The following tables represents stock option activity for the three months ended June 30, 2022:
|  | Three Months Ended June 30, 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 |  |  | 2.8 years |  | $ | 68 |
Exercisable at end of period |  | 14,904 |  |  | $ | 13.05 |  |  | 2.8 years |  | $ | 68 |
The following table represents stock option activity for the six months ended June 30, 2022:
|  | Six Months Ended June 30, 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 |  |  | 2.8 years |  | $ | 68 |
Exercisable at end of period |  | 14,904 |  |  | $ | 13.05 |  |  | 2.8 years |  | $ | 68 |
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) during the six months ended June 30, 2021. There are no further outstanding SARs.

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