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Equity Compensation Plans | 9 Months Ended
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Sep. 30, 2021
Equity Compensation Plans |
Equity Compensation Plans | Note 9 – Equity Compensation Plans ​ The Company’s 2019 Equity Incentive Plan, which authorized 600,000 shares for issuance under the plan, was approved at the May 2019 annual stockholders’ meeting. Following approval of such plan, no further awards will be granted under any other prior Company equity compensation plan. At the May 2021 annual stockholders’ meeting, the Company obtained stockholder approval to amend and restate the 2019 Equity Incentive Plan to increase the number of shares of common stock authorized for issuance under the plan by 1,200,000 shares, from 600,000 shares to 1,800,000 shares (the “2019 Plan”). ​ The 2019 Plan authorizes the granting of qualified stock options, non-qualified stock options, restricted stock, restricted stock units, and stock appreciation rights (“SARs”). Awards may be granted to selected directors, officers, employees or eligible service providers under the 2019 Plan at the discretion of the Compensation Committee of the Company’s Board of Directors. ​ As of September 30, 2021, 1,418,520 shares remained available for issuance under the 2019 Plan. ​ Under the 2019 Plan, unless otherwise provided in an award agreement, upon the occurrence of a change in control, all stock options and SARs then held by the participant will become fully exercisable immediately if, and all stock awards and cash incentive awards will become fully earned and vested immediately if, (i) the 2019 Plan is not an obligation of the successor entity following a change in control or (ii) the 2019 Plan is an obligation of the successor entity following a change in control and the participant incurs a termination of service without cause or for good reason following the change in control. Notwithstanding the immediately preceding sentence, if the vesting of an award is conditioned upon the achievement of performance measures, then such vesting will generally be subject to the following: if, at the time of the change in control, the performance measures are less than 50% attained (pro rata based upon the time of the period through the change in control), the award will become vested and exercisable on a fractional basis with the numerator being equal to the percentage of attainment and the denominator being 50%; and if, at the time of the change in control, the performance measures are at least 50% attained (pro rata based upon the time of the period through the change in control), the award will become fully earned and vested immediately upon the change in control. Generally, restricted stock and restricted stock units granted under the Plans vest three years from the grant date, but the Compensation Committee of the Company’s Board of Directors has discretionary authority to change some terms including the amount of time until the vest date. ​ Awards of restricted stock under the Plans generally entitle holders to voting and dividend rights upon grant and are subject to forfeiture until certain restrictions have lapsed including employment for a specific period. Awards of restricted stock units under the Plans are also subject to forfeiture until certain restrictions have lapsed including employment for a specific period, but do not entitle holders to voting rights until the restricted period ends and shares are transferred in connection with the units. ​ There were 224,464 and 137,944 restricted stock units issued under the 2019 Plan during the nine months ended September 30, 2021 and September 30, 2020, respectively. Compensation expense is recognized over the vesting period of the restricted stock units based on the market value of the award on the issue date. Total compensation cost that has been recorded for the Plan was $1.2 million in the first nine months of 2021 and $1.6 million for the first nine months ended of 2020. ​ A summary of changes in the Company’s unvested restricted awards for the nine months ended September 30, 2021, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2021
​ | ​ | ​ | ​ | Weighted
​ | ​ | Restricted | ​ | Average
​ | ​ | Stock Shares | ​ | Grant Date
​ |  | and Units |  | Fair Value
Unvested at January 1 | ​ | 532,609 | ​ | $ | 13.15
Granted | ​ | 224,464 | ​ | ​ | 11.38
Vested | ​ | (191,653) | ​ | ​ | 13.95
Forfeited | ​ | (42,111) | ​ | ​ | 14.15
Unvested at September 30 | ​ | 523,309 | ​ | $ | 12.01
​ | ​ | ​ | ​ | ​ | ​
​ Total unrecognized compensation cost of restricted awards was $3.1 million as of September 30, 2021, which is expected to be recognized over a weighted-average period of 1.88 years.

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