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SHARE-BASED COMPENSATION | 12 Months Ended
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Dec. 31, 2023
SHARE-BASED COMPENSATION |
SHARE-BASED COMPENSATION | 16. SHARE BASED COMPENSATION Pursuant to the Legacy Housing Corporation 2018 Incentive Compensation Plan (the “Plan”), the Company may issue up to 10.0 million equity awards to employees, directors, consultants and nonemployee service providers in the form of stock options, stock and stock appreciation rights. Stock options may be granted with a contractual life of up to ten years. At December 31, 2023, the Company had 8.7 million shares available for grant under the Plan. Restricted Stock The following is a summary of restricted stock award activity for the year ending December 31, 2023 (in thousands, except per unit data):
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of Units | ​ | ​ | Weighted Average Grant Date Fair Value Per Unit
Nonvested, January 1, 2022 | ​ | 35 | ​ | $ | 14.01
Granted | ​ | 517 | ​ | $ | 11.82
Vested | ​ | (160) | ​ | $ | 24.32
Canceled | ​ | (350) | ​ | $ | 5.99
Nonvested, December 31, 2022 | ​ | 42 | ​ | $ | 6.93
​ | ​ | ​ | ​ | ​ | ​
Nonvested, January 1, 2023 | ​ | 42 | ​ | $ | 6.93
Granted | ​ | 1 | ​ | $ | 23.26
Vested | ​ | (18) | ​ | $ | 14.98
Canceled | ​ | (17) | ​ | $ | 13.63
Nonvested, December 31, 2023 | ​ | 8 | ​ | $ | 17.09
​ As of December 31, 2023, approximately 8,000 shares of restricted stock remained unvested. Unrecognized compensation expense related to these restricted stock awards at December 31, 2023 was $78 and is expected to be recognized over 0.6 years. Compensation expense for restricted stock awards for the years ended December 31, 2023 and 2022 was $234 and $3,960, respectively. Stock Options The following is a summary of option award activity (in thousands, except per unit data):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of Units |  | Weighted Average Exercise Price Per Unit |  | Weighted Average Grant Date Fair Value Per Unit |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Value
Outstanding, January 1, 2022 | ​ | 83 | ​ | $ | 16.83 | ​ | $ | 12.27 | ​ | 9.36 | ​ | ​ | ​
Granted | ​ | 1,025 | ​ | $ | 40.59 | ​ | $ | 4.99 | ​ | 9.44 | ​ | ​ | ​
Exercised | ​ | — | ​ | $ | - | ​ | $ | - | ​ | — | ​ | ​ | ​
Forfeited | ​ | (83) | ​ | $ | 16.83 | ​ | $ | 12.27 | ​ | — | ​ | ​ | ​
Outstanding, December 31, 2022 | ​ | 1,025 | ​ | $ | 40.59 | ​ | $ | 4.99 | ​ | 9.44 | ​ | $ | ​
Exercisable, December 31, 2022 | ​ | — | ​ | $ | — | ​ | $ | — | ​ | — | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding, January 1, 2023 | ​ | 1,025 | ​ | $ | 40.59 | ​ | $ | 4.99 | ​ | 9.44 | ​ | ​ | ​
Granted | ​ | 43 | ​ | $ | 22.94 | ​ | $ | 15.32 | ​ | 4.70 | ​ | ​ | ​
Exercised | ​ | (6) | ​ | $ | 16.01 | ​ | $ | 8.57 | ​ | — | ​ | ​ | ​
Forfeited | ​ | (56) | ​ | $ | 16.01 | ​ | $ | 8.57 | ​ | — | ​ | ​ | ​
Outstanding, December 31, 2023 | ​ | 1,006 | ​ | $ | 41.35 | ​ | $ | 5.22 | ​ | 8.28 | ​ | $ | ​
Exercisable, December 31, 2023 | ​ | 96 | ​ | $ | 42.18 | ​ | $ | 4.76 | ​ | 8.44 | ​ | $ | —
​ As of December 31, 2023, approximately 1,006,000 options remain unvested. Unrecognized compensation expense related to these options at December 31, 2023 was $4,479 and is expected to be recognized over 8.3 years. Compensation expense for stock option awards for the years ended December 31, 2023 and 2022 was $535 and $348, respectively.

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