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SHARE-BASED COMPENSATION
 12 Months Ended
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.