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SHARE-BASED COMPENSATION PLANS
 6 Months Ended
Jun. 30, 2024
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, and 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.
At June 30, 2024, 1,281,920 shares of the common stock of the Company were reserved, of which 267,885 shares are available to be issued.
The following table presents a summary of nonvested restricted shares activity for the six months ended June 30, 2024:
SharesWeighted Average Grant Date Fair Value
Nonvested shares, beginning of year291,231 $22.85 
Granted158,684 27.48 
Forfeited(3,330)23.62 
Vested(128,574)21.02 
Nonvested shares, at period end318,011 $25.89 
The following table presents restricted share compensation expense, with tax benefit information, and fair value of shares vested, for the three and six months ended June 30, 2024 and 2023:
Three months ended June 30,Six months ended June 30,
2024202320242023
Restricted share award expense$864 $534 $1,809 $1,150 
Restricted share award tax benefit181 112 380 242 
Fair value of shares vested578 423 3,466 2,460 
The unrecognized compensation expense related to the share awards totaled $5.9 million at June 30, 2024 and $3.4 million at December 31, 2023. The unrecognized compensation expense at June 30, 2024 is expected to be recognized over a weighted-average period of 0.7 years, which reflects the accelerated vesting of time-based restricted stock awards totaling 198,462 shares with compensation expense of $4.0 million recognized on July 1, 2024 pursuant to the Merger closing.
The Company maintains an employee stock purchase plan to provide employees of the Company with 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 $25,000 or 10% of their annual salary at the lower of 95% of the fair market value of the shares on the semi-annual offering date, or related purchase date. The purchases occur in March and September of each year. The Company reserved 350,000 shares of its common stock to be issued under the employee stock purchase plan. At June 30, 2024, 135,296 shares were available to be issued.
The following table presents information for the employee stock purchase plan for the three and six months ended June 30, 2024 and 2023:
Three months ended June 30,Six months ended June 30,
2024202320242023
Shares purchased— — 3,850 3,003 
Weighted average price of shares purchased$— $— $20.67 $21.85 
Compensation expense recognized— — $22 $3 
The Company issues new shares or treasury shares, depending on market conditions, in its share-based compensation plans.