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STOCK COMPENSATION PLAN | 6 Months Ended
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Jun. 30, 2024
STOCK COMPENSATION PLAN |
STOCK COMPENSATION PLAN | NOTE 8 — STOCK COMPENSATION PLAN Equity Incentive Plan At June 30, 2024, the Company maintained three stock compensation plans, the 2022 Equity Incentive Plan (the “2022 EIP”), the 2019 Equity Incentive Plan (the “2019 EIP”) and the 2009 Equity Incentive Plan (the “2009 EIP”). The 2019 EIP expired on May 31, 2022 but has outstanding restricted stock awards subject to vesting schedules. The 2009 EIP has also expired but had outstanding stock options that were exercised in 2023. The 2022 EIP was approved on May 31, 2022 by the stockholders of the Company. On May 29, 2024, the stockholders of the Company approved the amendment and restatement of the 2022 EIP increasing the number of shares of common stock that may be issued under the plan by 358,000. Under the 2022 EIP as amended, the remaining maximum number of shares of stock that may be delivered to participants in the form of restricted stock, restricted stock units and stock options, including ISOs and non-qualified stock options is 288,095 at June 30, 2024, subject to adjustment as set forth in the 2022 EIP, plus any awards that are forfeited under the 2019 EIP after March 15, 2022. Stock Options At June 30, 2024, no stock options were outstanding. There was no compensation cost related to stock options during the three and six months ended June 30, 2024. There was no unrecognized compensation cost related to stock options at June 30, 2024 and December 31, 2023. Restricted Stock Awards and Restricted Stock Units The Company issued restricted stock awards and restricted stock units under the 2022 EIP, 2019 EIP and the 2009 EIP (collectively, “restricted stock grants”) to certain key personnel. Each restricted stock grant vests based on the vesting schedule outlined in the restricted stock grant agreement. Restricted stock grants are subject to forfeiture if the holder is not employed by the Company on the vesting date. In the first quarter of 2024 and 2023, 168,469 and 170,998 restricted stock grants were issued to certain key personnel, respectively. One-third of these shares vest each year for three years beginning on March 1, 2025 and March 1, 2024, respectively. Total compensation cost that has been charged against income for restricted stock grants was $1.8 million and $3.4 million for the three and six months ended June 30, 2024, respectively. Total compensation cost that has been charged against income for restricted stock grants was $1.6 million and $2.9 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024, there was $10.8 million of total unrecognized compensation expense related to the restricted stock awards. The cost is expected to be recognized over a weighted-average period of 1.98 years. In January 2024, 27,500 restricted shares were granted to members of the Board of Directors. These shares vest in January 2025. In January 2023, 27,500 restricted shares were granted to members of the Board of Directors. These shares vested in January 2024. Total expense for the awards granted to members of the Board of Directors was $337,000 and $674,000 for the three and six months ended June 30, 2024, respectively. Total expense for the awards granted to members of the Board of Directors was $388,000 and $777,000 for the three and six months ended June 30, 2023, respectively. As of June 30, 2024, total unrecognized expense for these awards was $682,000. ​ The following table summarizes the changes in the Company’s restricted stock grants: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended
​ | ​ | June 30, 2024
​ | ​ | ​ | ​ | Weighted Average
​ | ​ | ​ | ​ | Grant Date
​ | ​ | Number of | ​ | Fair Value
​ |  | Shares |  | per Share
Outstanding, beginning of period | ​ | 233,852 | ​ | $ | 63.98
Granted | ​ | 195,969 | ​ | ​ | 42.28
Forfeited | ​ | (10,026) | ​ | ​ | 58.26
Vested | ​ | (126,743) | ​ | ​ | 49.72
Outstanding at end of period | ​ | 293,052 | ​ | $ | 55.83
​ Performance-Based Stock Units During the second quarter of 2022, the Company established a long-term incentive award program under the 2022 EIP. Under the program, 73,260 PRSUs were awarded in the second quarter of 2024, which vest over a three-year period beginning in June 2025 if certain performance criteria are met. The weighted average service inception date fair value of the outstanding awarded shares was $3.0 million. Total compensation cost that has been charged against income for these PRSUs was $90,000 for the three and six months ended June 30, 2024. During the second quarter of 2021, the Company established a long-term incentive award program under the 2019 EIP. Under the program, 90,000 PRSUs were awarded. During the second quarter of 2022, 20,800 PRSUs were forfeited and reissued pursuant to the 2022 EIP. The weighted average service inception date fair value of the outstanding awarded shares was $6.0 million. At the beginning of 2024, 2023, and 2022, 30,800, 29,200 and 30,000 PRSUs, respectively, vested as all performance criteria were met. All 90,000 vested shares were delivered in the first quarter of 2024. Total compensation cost that has been charged against income for these PRSUs was $0 for the three and six months ended June 30, 2024. Total compensation cost that has been charged against income for these PRSUs was $544,000 and $1.1 million for the three and six months ended June 30, 2023.

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