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Restricted Stock and Stock Options | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Restricted Stock and Stock Options | 12. Restricted Stock and Stock Options 2012 Equity and Incentive Compensation Plan In 2012, the Company’s shareholders approved the AMERISAFE 2012 Equity and Incentive Compensation Plan (the 2012 Incentive Plan). The 2012 Incentive Plan is administered by the Compensation Committee of the Board and is designed to attract, retain and motivate non-employee directors, officers, key employees and consultants by providing incentives for superior performance. The 2012 Incentive Plan authorizes the grant of equity-based compensation in the form of option rights, appreciation rights, restricted shares, restricted stock units, cash incentive awards, performance shares and units, and other types of awards. In connection with the approval of the 2022 Equity and Incentive Compensation Plan (the 2022 Incentive Plan) by the Company’s shareholders, 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. In 2023, 32,928 shares of common stock were granted under the 2012 Incentive Plan, which will vest through 2027. In 2022, 40,959 shares of common stock and 1,062 shares of restricted stock were granted under the 2012 Incentive Plan which will vest through 2027. The following table summarizes information about the common and restricted stock activity under the 2012 Incentive Plan:
|  | Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Nonvested balance at January 1, 2021 |  |  | 15,314 |  |  |  | 60.23 |
Granted |  |  | 27,388 |  |  |  | 64.36 |
Vested |  |  | (29,881 | ) |  |  | 63.03 |
Forfeited |  |  | — |  |  |  | — |
Nonvested balance at December 31, 2021 |  |  | 12,821 |  |  |  | 62.52 |
Granted |  |  | 42,021 |  |  |  | 48.08 |
Vested |  |  | (44,311 | ) |  |  | 49.21 |
Forfeited |  |  | — |  |  |  | — |
Nonvested balance at December 31, 2022 |  |  | 10,531 |  |  |  | 60.92 |
Granted |  |  | 18,561 |  |  |  | 52.35 |
Vested |  |  | (21,887 | ) |  |  | 53.65 |
Forfeited |  |  | (5,900 | ) |  |  | 50.97 |
Nonvested balance at December 31, 2023 |  |  | 1,305 |  |  |  | 55.18 |
The Company recognized a forfeiture benefit of $43,000 in 2023 and compensation expense of $232,000 and $234,000 in 2022 and 2021, respectively, related to share-based grants. The Company recognized a forfeiture benefit of $223,000 and compensation expense of $1,608,000 and $1,741,000 in 2022 and 2021, respectively, related to long-term incentive awards under the 2012 Incentive Plan. The long-term incentive award is a liability award. 2022 Equity and Incentive Compensation Plan In 2022, the Company’s shareholders approved the AMERISAFE 2022 Equity and Incentive Compensation Plan (the 2022 Incentive Plan). The 2022 Incentive Plan is administered by the Compensation Committee of the Board and is designed to attract, retain and motivate non-employee directors, officers, key employees and consultants by providing incentives for superior performance. The 2022 Incentive Plan authorizes the grant of equity-based compensation in the form of option rights, appreciation rights, restricted shares, restricted stock units, cash incentive awards, performance shares and units, and other types of awards. A maximum of 500,000 shares of common stock may be issued or transferred upon the exercise of option rights or appreciation rights, as restricted shares and released from substantial risk of forfeiture, in payment of restricted stock units, in payment of performance shares or performance units that have been earned, as awards of shares of common stock, as other awards granted under the 2022 Incentive Plan, or in payment of dividend equivalents paid with respect to awards made under the plan subject to adjustment in the event of a merger, stock dividend, stock split or similar event, which may be original issue shares or treasury shares or a combination of the two. In 2023, 33,369 restricted stock units were granted under the 2022 Incentive Plan, which will vest through 2027. At December 31, 2023, there were 442,694 shares of common stock available for future awards under the 2022 Incentive Plan. The following table summarizes information about the restricted stock activity under the 2022 Incentive Plan:
|  | Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Nonvested balance at January 1, 2021 |  |  | — |  |  |  | — |
Granted |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Nonvested balance at December 31, 2021 |  |  | — |  |  |  | — |
Granted |  |  | 2,098 |  |  |  | 47.65 |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Nonvested balance at December 31, 2022 |  |  | 2,098 |  |  |  | 47.65 |
Granted |  |  | — |  |  |  | — |
Vested |  |  | (419 | ) |  |  | 47.65 |
Forfeited |  |  | — |  |  |  | — |
Nonvested balance at December 31, 2023 |  |  | 1,679 |  |  |  | 47.65 |
The following table summarizes information about the restricted stock unit activity under the 2022 Incentive Plan:
|  | Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Nonvested balance at January 1, 2021 |  |  | — |  |  |  | — |
Granted |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Nonvested balance at December 31, 2021 |  |  | — |  |  |  | — |
Granted |  |  | 22,826 |  |  |  | 48.19 |
Vested |  |  | — |  |  |  | — |
Forfeited |  |  | — |  |  |  | — |
Nonvested balance at December 31, 2022 |  |  | 22,826 |  |  |  | 48.19 |
Granted |  |  | 33,369 |  |  |  | 52.61 |
Vested |  |  | (7,989 | ) |  |  | 48.19 |
Forfeited |  |  | (987 | ) |  |  | 51.26 |
Nonvested balance at December 31, 2023 |  |  | 47,219 |  |  |  | 51.19 |
The Company recognized compensation expense of $559,000 and $137,000 in 2023 and 2022, respectively, related to share-based grants under the 2022 Incentive Plan. The Company recognized compensation expense of $780,000 in 2023 related to long-term incentive awards under the 2022 Incentive Plan. The long-term incentive award is a liability award. Non-Employee Director Restricted Stock Plan The AMERISAFE Non-Employee Director Restricted Stock Plan (the Restricted Stock Plan) is administered by the Compensation Committee of the Board and provides for the automatic grant of restricted stock awards to non-employee directors of the Company. Awards to non-employee directors are generally subject to terms including non-transferability, immediate vesting upon death or total disability of a director, forfeiture of unvested shares upon termination of service by a director and acceleration of vesting upon a change of control of the Company. The maximum number of shares of common stock that may be issued pursuant to restricted stock awards under the Restricted Stock Plan is 150,000 shares, subject to the authority of the Board to adjust this amount in the event of a merger, consolidation, reorganization, stock split, combination of shares, recapitalization or similar transaction affecting the common stock. At December 31, 2023, there were 21,622 shares of common stock available for future awards under the Restricted Stock Plan. Under the Restricted Stock Plan, each non-employee director is automatically granted a restricted stock award for a number of shares equal to $75,000 divided by the closing price of the Company’s common stock on the date of the annual meeting of shareholders at which the non-employee director is elected or is continuing as a member of the Board. Each restricted stock award vests on the date of the next annual meeting of shareholders following the date of grant, subject to the continued service of the non-employee director. As of December 31, 2023, there were 9,856 shares of restricted stock outstanding under the Non-Employee Director Restricted Stock Plan, all of which will vest on the date of the annual meeting of shareholders in 2024. The following table summarizes information about the restricted stock activity under the Non-Employee Director Restricted Stock Plan:
|  | Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Nonvested balance at January 1, 2021 |  |  | 5,068 |  |  |  | 69.03 |
Granted |  |  | 5,607 |  |  |  | 62.40 |
Vested |  |  | (5,068 | ) |  |  | 69.03 |
Forfeited |  |  | — |  |  |  | — |
Nonvested balance at December 31, 2021 |  |  | 5,607 |  |  |  | 62.40 |
Granted |  |  | 12,149 |  |  |  | 50.41 |
Vested |  |  | (5,868 | ) |  |  | 61.75 |
Forfeited |  |  | — |  |  |  | — |
Nonvested balance at December 31, 2022 |  |  | 11,888 |  |  |  | 50.47 |
Granted |  |  | 9,856 |  |  |  | 53.26 |
Vested |  |  | (10,402 | ) |  |  | 50.47 |
Forfeited |  |  | (1,486 | ) |  |  | 55.08 |
Nonvested balance at December 31, 2023 |  |  | 9,856 |  |  |  | 53.26 |
The Company recognized compensation expense of $484,000, $502,000, and $344,000 in 2023, 2022, and 2021, respectively, related to the Non-Employee Director Restricted Stock Plan.

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