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Restricted Stock, Restricted Stock Units, and Stock Options | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Restricted Stock, Restricted Stock Units, and Stock Options | Note 2. Restricted Stock, Restricted Stock Units, and Stock Options As of September 30, 2023, the Company has three equity incentive plans: the AMERISAFE Non-Employee Director Restricted Stock Plan (the Restricted Stock Plan), the AMERISAFE 2012 Equity and Incentive Compensation Plan (the 2012 Incentive Plan) and the 2022 Equity and Incentive Compensation Plan (the 2022 Incentive Plan). In connection with the approval of the 2022 Incentive Plan by the Company’s shareholders at the annual meeting of shareholders in June 2022, no further grants will be made under the 2012 Incentive Plan. All grants made under the 2012 Incentive Plan will continue in effect, subject to the terms and conditions of the 2012 Incentive Plan. See Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding the Company’s incentive plans. During the nine months ended September 30, 2023, the Company issued 18,561 shares of common stock pursuant to vested performance awards. During the nine months ended September 30, 2023, the Company awarded 24,296 restricted stock units to officers and 9,856 shares of restricted common stock to non-employee directors. The market value of these shares totaled $2.8 million. During the nine months ended September 30, 2022, the Company issued 40,959 shares of common stock pursuant to vested performance awards. During the nine months ended September 30, 2022, the Company awarded 22,826 restricted stock units to officers and 15,309 shares of restricted common stock were awarded to officers and non-employee directors. The market value of these shares totaled $3.8 million. The Company had no stock options outstanding as of September 30, 2023. The Company recognized share-based compensation expense of $0.5 million in the quarter ended September 30, 2023 and $0.7 million in the same period in 2022. The Company recognized share-based compensation expense of $1.1 million in the nine months ended September 30, 2023 and $1.5 million in the same period in 2022.

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