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STOCK-BASED COMPENSATION PLANS | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION PLANS AND STOCK OPTIONS | The Company operates the 2014 Omnibus Incentive Plan (the 2014 Plan) and the 2018 Omnibus Incentive Plan (the 2018 Plan), both of which were approved by its shareholders. The purpose of these plans is to promote the success and enhance the value of the Company by providing a means for attracting and retaining highly skilled employees, officers and directors of the Company and linking their personal interests with those of the Company’s shareholders. Under these plans, the Company currently has outstanding awards of restricted stock shares and restricted stock units. The Company reserved 900,000 shares of its common stock for issuance under the 2014 Plan in connection with the exercise of awards. As of March 31, 2023, 272,495 restricted stock shares and 431,069 restricted stock units have been granted under the 2014 Plan of which 1,552 restricted stock shares and 23,431 restricted stock units were unvested. The Company reserved 900,000 shares of common stock for issuance under the 2018 Plan in connection with the exercise of awards. As of March 31, 2023, 566,900 restricted stock units have been granted under the 2018 Plan of which 206,186 restricted stock units were unvested. The expense associated with all restricted stock grants (including restricted stock shares and restricted stock units) was $2.1 million for both the three months ended March 31, 2023 and March 31, 2022. Unrecognized compensation expense for these awards as of March 31, 2023 was $8.7 million and will be recognized over a weighted average period of 25 months.

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