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EMPLOYEE STOCK COMPENSATION
 6 Months Ended
Jun. 30, 2023
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, 2023, there were 1,901,039 shares 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)2023202220232022
Restricted stock awards and units$1,726 $1,482 $3,181 $2,767 
Related tax benefits$499 $428 $920 $799 

Total stock-based compensation expense represents the cost of service-based restricted stock units, performance-based restricted stock units and performance-based restricted stock units with market conditions. At June 30, 2023, unrecognized compensation expense totaled $12.8 million and will be recognized over a weighted average remaining period of 2.5 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 measured based on grant-date fair value, which generally reflect the closing price of our stock on the date of grant. For awards containing market conditions, we engage a third party to perform a valuation analysis using a Monte Carlo simulation model to determine grant-date fair value. 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 and/or market conditions. Such targets include conditions relating to our profitability, our total shareholder return (TSR), stock price and regulatory standing. The actual amounts of stock released upon vesting will be determined by the Compensation, Nominating and Corporate Governance 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, 2023:

Three Months Ended
June 30, 2023		Six Months Ended
June 30, 2023
Number of SharesWeighted Average Grant Date Fair Value Per ShareNumber of SharesWeighted
Average Grant
Date Fair Value
Per Share
Outstanding at beginning of period1,450,539 $14.85 1,403,245 $14.68 
Granted (1)
80,395 $10.20 374,200 $16.07 
Vested (2)
(51,294)$17.94 (283,077)$17.39 
Forfeited (3)
(129,430)$20.32 (144,158)$13.55 
Outstanding at end of period1,350,210 $14.61 1,350,210 $14.61 
(1)There were zero and 79,784 performance-based shares/units included in shares granted for the three and six months ended June 30, 2023.
(2)There were zero and 66,699 performance-based shares/units included in vested shares for the three and six months ended June 30, 2023.
(3)The number of forfeited shares included aggregate performance-based shares/units of 113,650 and 124,882 for the three and six months ended June 30, 2023.
Stock Options
We have issued stock options to certain employees, officers, and directors. Stock options are issued at the closing market price immediately before the grant date and generally have a three to five year vesting period and contractual terms of seven to ten years. We recognize an income tax deduction upon exercise of a stock option to the extent taxable income is recognized by the option holder. In the case of a non-qualified stock option, the option holder recognizes taxable income based on the fair
market value of the shares acquired at the time of exercise less the exercise price. There were no stock options granted and no unvested stock options as of June 30, 2023 and December 31, 2022. The following tables represents stock option activity for the three and six months ended June 30, 2023:
Three Months Ended June 30, 2023
Six Months Ended
June 30, 2023
($ in thousands, except per share data)Number
of Shares		Weighted-Average Exercise Price Per ShareNumber
of Shares		Weighted-Average Exercise Price Per ShareWeighted-Average Remaining Contract TermAggregate Intrinsic Value
Outstanding at beginning of period14,904 $13.05 14,904 $13.05 
Exercised— $— — $— 
Outstanding at end of period14,904 $13.05 14,904 $13.05 1.8 years$2 
Exercisable at end of period14,904 $13.05 14,904 $13.05 1.8 years$2