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SHARE-BASED COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION PLANS SHARE-BASED COMPENSATION PLANS
The Company maintains share-based compensation plans under the shareholder-approved 2011 Plan. The purpose of the share-based compensation plans is to provide officers, employees, and non-employee members of the Board of Directors of the Company with additional incentive to further the success of the Company. At the Company's 2022 Annual Meeting of Shareholders held on April 26, 2022, the Company's shareholders approved an amendment to the 2011 Plan increasing the number of shares available for issuance under the 2011 Plan by 400,000. At December 31, 2022, 1,281,920 shares of the common stock of the Company were reserved to be issued and 537,027 shares were available to be issued.
The 2011 Plan incentive awards may consist of grants of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, deferred stock units and performance shares. All employees and members of the Board of Directors of the Company and its subsidiaries, are eligible to participate in the 2011 Plan. The 2011 Plan allows for the Compensation Committee of the Board of Directors to determine the type of incentive to be awarded, its term, manner of exercise, vesting and restrictions on shares. Generally, awards are nonqualified under the IRC, unless the awards are deemed to be incentive awards to employees at the Compensation Committee’s discretion.
The following table presents a summary of nonvested restricted shares activity for 2022.
Shares
Weighted Average Grant Date
Fair Value
Nonvested shares, beginning of year274,697 $20.05 
Granted145,349 24.95 
Forfeited(33,606)21.37 
Vested(101,531)20.19 
Nonvested shares, end of year284,909 $22.35 
The following table presents restricted shares compensation expense, with tax benefit information, and fair value of shares vested at December 31, 2022, 2021 and 2020.
202220212020
Restricted share award expense$2,012 $1,901 $1,710 
Restricted share award federal tax benefit423 334 359 
Fair value of shares vested2,498 1,539 1,384 
At December 31, 2022, 2021 and 2020, unrecognized compensation expense related to the share awards totaled $3.0 million, $2.3 million, and $2.0 million, respectively. The unrecognized compensation expense at December 31, 2022 is expected to be recognized over a weighted-average period of 1.8 years.
There were no outstanding and exercisable stock options at December 31, 2022 and 2021.
The Company maintains an employee stock purchase plan to provide employees of the Company an opportunity to purchase Company common stock. Eligible employees may purchase shares in an amount that does not exceed the lesser of the IRS limit of $25,000 or 10% of their annual salary at the lower of 95% of the fair market value of the shares on the semi-annual offering date, or related purchase date. The Company reserved 350,000 shares of its common stock to be issued under the employee stock purchase plan. At December 31, 2022, 145,595 shares were available to be issued.
The following table presents information for the employee stock purchase plan for years ended December 31, 2022, 2021 and 2020.
202220212020
Shares purchased5,885 8,755 7,831 
Weighted average price of shares purchased$22.53 $15.58 $14.85 
Compensation expense recognized$15 $48 $6 
The Company issues new shares or treasury shares, depending on market conditions, in its share-based compensation plans.