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Stock Compensation, Earnings per Share, and Dividends | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Stock Compensation, Earnings per Share, and Dividends | Stock Compensation, Earnings per Share, and Dividends The Company's 2014 Stock Incentive Plan (the “Plan”) allows for the grant of equity based incentive compensation to all employees. The Plan authorizes grants of up to an additional 4,200,000 shares over a ten-year period beginning in 2014. Under the Plan, grants may take the form of stock awards, awards of options to acquire stock, stock appreciation rights and other forms of equity based compensation; both options to acquire stock and stock awards were granted. As of December 31, 2022, the only forms of stock awards outstanding are RSUs and RTSRs. The Company granted approximately 518,000 RSUs at a weighted average grant price of $21.56 to employees and directors during the year ended December 31, 2022. Approximately 153,000 RSUs with a weighted average grant price of $27.50 vested and 53,000 RSUs with a weighted average grant price of $25.89 were forfeited during the year ended December 31, 2022. The total fair value of RSUs vested was $3.3 million during the year ended December 31, 2022. Approximately 649,000 RSUs with a weighted average grant price of $23.39 remained outstanding as of December 31, 2022. The Company granted approximately 100,000 RTSRs at a weighted average grant price of $23.83 to employees during the year ended December 31, 2022. Approximately 46,000 RTSRs with a weighted average grant price of $33.83 vested and 6,000 RTSRs with a weighted average grant price of $36.28 were forfeited during the year ended December 31, 2022. The total fair value of RSUs vested was $1.2 million during the year ended December 31, 2022. Approximately 202,000 RTSRs with a weighted average grant price of $29.46 remained outstanding as of December 31, 2022. As described above, the amount of RTSRs issued are adjusted on the vesting date. The amounts above exclude the adjustment and issuance of RTSRs based on actual performance, which totaled approximately 9,000 awards for the year ended December 31, 2022. The Company's RSUs generally have service conditions only or performance and service conditions with vesting periods ranging from one year for directors to five years for employees. RTSR awards vest approximately three years from the grant date. The performance condition applied to the RTSR awards is based upon the Company's stock performance compared to a group of peer companies. The actual number of shares to be issued can range from 0% to 150% of the awards granted. Stock-based compensation expense was as follows:
| Years Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Stock compensation expense | $ | 9,142 |  |  | $ | 3,552 |  |  | $ | 6,227 |
Capitalized stock compensation | 614 |  |  | 144 |  |  | 320 |
Stock compensation expense, net | $ | 8,528 |  |  | $ | 3,408 |  |  | $ | 5,907 |
As of December 31, 2022, there was $9.2 million of total unrecognized compensation cost related to non-vested incentive awards which is expected to be recognized over weighted average period of 2.4 years. We utilize the treasury stock method to calculate the impact on diluted earnings per share that potentially dilutive stock-based compensation awards have. The following table indicates the computation of basic and diluted earnings per share:
| Years Ended December 31,
(in thousands, except per share amounts) | 2022 |  | 2021 |  | 2020
Calculation of net income per share: |  |  |  |  |
(Loss) income from continuing operations | $ | (8,379) |  |  | $ | 7,929 |  |  | $ | 1,576 |
Income from discontinued operations, net of tax | $ | — |  |  | $ | 990,902 |  |  | $ | 124,097 |
Net (loss) income | $ | (8,379) |  |  | $ | 998,831 |  |  | $ | 125,673 |
Basic weighted average shares outstanding | 50,155 |  |  | 50,026 |  |  | 49,901 |
Basic net (loss) income per share - continuing operations | $ | (0.17) |  |  | $ | 0.16 |  |  | $ | 0.03 |
Basic net income per share - discontinued operations | $ | — |  |  | $ | 19.81 |  |  | $ | 2.49 |
Basic net (loss) income per share | $ | (0.17) |  |  | $ | 19.97 |  |  | $ | 2.52 |
Effect of stock-based compensation awards outstanding: |  |  |  |  |
Basic weighted average shares outstanding | 50,155 |  |  | 50,026 |  |  | 49,901 |
Effect from dilutive shares and options outstanding | — |  |  | 123 |  |  | 123 |
Diluted weighted average shares outstanding | 50,155 |  |  | 50,149 |  |  | 50,024 |
Diluted net (loss) income per share - continuing operations | $ | (0.17) |  |  | $ | 0.16 |  |  | $ | 0.03 |
Diluted net income per share - discontinued operations | $ | — |  |  | $ | 19.76 |  |  | $ | 2.48 |
Diluted net (loss) income per share | $ | (0.17) |  |  | $ | 19.92 |  |  | $ | 2.51 |
There were approximately 365,000, 259,000, and 30,000 anti-dilutive awards outstanding for the years ended December 31, 2022, 2021 and 2020, respectively. The Company paid a special dividend of $18.75 per share on August 2, 2021 (the “Special Dividend”). The total amount paid pursuant to the Special Dividend to Shentel shareholders, including amounts reinvested in the Company’s stock via the Company’s Dividend Reinvestment Plan, was approximately $937 million.

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