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Stock-Based Compensation Plans | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The components of stock compensation expense were as follows:
| Year Ended December 31,
| 2022 |  | 2021
| (in thousands)
2007 Stock Incentive Plan | $ | — |  |  | $ | 1,659 |
2021 Stock Incentive Plan | 13,401 |  |  | 14,678 |
Employee Stock Purchase Plan | 150 |  |  | 241 |
Total Stock Compensation Expense | $ | 13,551 |  |  | $ | 16,578 |
The significant stock compensation plans are described below. The 2007 Stock Incentive Plan (the “2007 Plan”) was adopted in May 2007. Under this 2007 Plan, a total of 2,800,000 shares were authorized for stock-based compensation available in the form of either restricted stock awards (“RSAs”) or stock options. The RSAs are subject to service-based vesting, typically between one and four years, in which a specific period of continued employment must pass before an award vests. The expense associated with these awards is recognized on a straight-line basis over the respective vesting period, with forfeitures accounted for as they occur. For any vesting tranche of an award, the cumulative amount of compensation cost recognized is equal to the portion of the grant date fair value of the award tranche that is actually vested at that date. As of December 31, 2022, there were no stock options outstanding under the 2007 Plan. The 2018 Stock Incentive Plan (the “2018 Plan”) was adopted in May 2018. Under this 2018 Plan total of 800,000 shares were authorized for stock-based compensation, plus the number of shares remaining under the 2007 Plan and any future forfeited awards under the 2007 Plan, in the form of RSAs. In November 2021, the 2018 Plan was amended and restated as the 2021 Stock Incentive Plan (the “2021 Plan”) to increase the number of shares reserved for issuance under the 2021 Plan by 1,000,000 shares. The RSAs are subject to either service-based vesting, which is typically between one and four years, in which a specific period of continued employment must pass before an award vests, or performance-based vesting, which is typically over one year. The expense associated with these awards is recognized on a straight-line basis over the respective vesting period, with forfeitures accounted for as they occur. For any vesting tranche of an award, the cumulative amount of compensation cost recognized is equal to the portion of the grant date fair value of the award tranche that is actually vested at that date. As of December 31, 2022, the Company has granted 1,256,700 RSAs under the 2021 Plan and has 637,896 shares available for future issuance. The fair value of the restricted stock awards equaled the stock price at the grant date. The following table summarizes restricted stock activity under the 2007 and 2021 Plans for the years ended December 31, 2022 and 2021:
| Number Outstanding |  | Weighted Average Grant Date Fair Value
Balance as of December 31, 2020 | 581,715 |  |  | $ | 31.34 |
Shares granted | 327,550 |  |  | 42.40 |
Shares forfeited | — |  |  | — |
Shares vested | (348,657) |  |  | 28.66 |
Balance as of December 31, 2021 | 560,608 |  |  | $ | 36.30 |
Shares granted | 330,400 |  |  | 32.44 |
Shares forfeited | — |  |  | — |
Shares vested | (395,060) |  |  | 38.09 |
Balance as of December 31, 2022 | 495,948 |  |  | $ | 32.30 |
At December 31, 2022, the stock compensation expense related to the RSAs that will be recognized over the average remaining vesting period of approximately one year totaled $13.5 million. At December 31, 2022, the intrinsic value of unvested RSAs was $29.3 million. Under the Employee Stock Purchase Plan (“ESPP”), as amended and restated effective November 10, 2021, 425,000 shares of common stock have been reserved for issuance. Full-time employees may designate no more than 10% of their base cash compensation to be deducted each pay period for the purchase of common stock under the Purchase Plan. Participants may purchase no more than 1,000 shares or $25,000 of common stock in any one calendar year. Each January 31 and July 31 shares of common stock are purchased with the employees’ payroll deductions from the immediately preceding six months at a price per share of 85% of the lesser of the market price of the common stock on the purchase date or the market price of the common stock on the date of entry into an offering period. In 2022 and 2021, 19,789 and 18,211 shares of common stock, respectively, were issued under the ESPP. The Company issues new shares through its transfer agent upon employee stock purchase.

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