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STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2021

7. STOCK-BASED COMPENSATION

Stock Incentive Plans

The Company’s Stock Incentive Plans provide for the granting of stock awards, including restricted stock, stock options and stock appreciation rights, to employees and non-employees, including directors of the Company.

Restricted Stock

For the three months ended March 31, 2021, 94,985 shares of unvested restricted stock were awarded at a weighted average market value of $31.63. Of the restricted shares granted, 62,672 shares have performance-based vesting conditions. The value of the shares is amortized to compensation expense over the related service period, which is normally three years, or over the estimated performance period. Shares of unvested restricted stock are generally forfeited if a recipient leaves the Company before the vesting date. Shares that are forfeited become available for future awards.

The following is a summary of restricted stock activity for the three-months ended March 31, 2021:


		Number of
		shares
Outstanding at beginning of period		357,342
Awarded		94,985
Vested		(57,855)
Forfeited		(9,620)
Outstanding at end of period		384,852

Stock-based compensation expense, net of forfeitures, of $797 and $789 was recorded for the three months ended March 31, 2021 and 2020, respectively.