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STOCK-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2021
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | 6. STOCK-BASED COMPENSATION In April 2014, the Company reserved 8,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of 10 years expiring in April 2024. This plan provides for the issuance of various forms of stock incentives, including, among others incentive and non-qualified stock options and restricted shares. As of March 31, 2021, there were 3,089,330 shares available for grant. Stock-based employee compensation expense was as follows for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended
​ | ​ | March 31,
(in thousands) |  | 2021 | ​ | 2020
Pre-tax expense | ​ | $ | 1,539 | ​ | $ | 2,097
After tax expense | ​ | $ | 1,154 | ​ | $ | 1,583
​ Restricted Stock The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average
​ |  | Shares |  | Grant-Date Fair Value
Non-vested shares at December 31, 2020 | ​ | 2,235,179 | ​ | $ | 6.81
Granted |  | 1,010,700 |  | ​ | 3.87
Vested |  | (429,748) |  | ​ | 15.02
Forfeited |  | (87,250) |  | ​ | 6.93
Non-vested shares at March 31, 2021 |  | 2,728,881 | ​ | $ | 7.91
​ The total fair value of shares vested was $1,732,000 during the three months ended March 31, 2021 and $2,461,000 during the three months ended March 31, 2020. Excess tax benefits or deficits realized from tax compensation deductions in excess of, or lower than compensation expense are recorded as either a beneficial or detrimental discrete tax adjustment. This was a detrimental adjustment of $1,160,000 for the three months ended March 31, 2021 and a detrimental adjustment of $1,631,000 for the three months ended March 31, 2020. As of March 31, 2021, total unrecognized compensation cost related to non-vested restricted shares was $43,264,000 which is expected to be recognized over a weighted-average period of 4.6 years.

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