SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

10. SHARE-BASED COMPENSATION

Restricted and Performance Stock Units

Under the Company's 2013 Stock Compensation Plan and 2023 Stock Compensation Plan, which was approved by our shareholders on April 27, 2023, the Company awards restricted stock units ("RSUs") and performance stock units ("PSUs") to our non-officer directors and certain senior management personnel. The awards typically vest over a two, three or five year period from the date of grant and are subject to forfeiture until performance and employment targets are achieved. Compensation expense is typically measured as the market price of the stock awards on the grant date, and is recognized over the specified vesting periods.

The following table presents the activity of RSUs and PSUs for the nine months ended September 30, 2023:


(dollars in thousands, except per share data)	Shares	Weighted Average Grant Date Fair Value		Fair Value of RSUs and PSUs That Vested During the Period
Non-vested RSUs and PSUs, beginning of period	352,465	$	23.40
Changes during the period:
Granted	115,992	22.76
Forfeited	(51,760)	25.07
Vested	(188,091)	20.89		$	3,893
Non-vested RSUs and PSUs, end of period	228,606	24.76