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SHARE-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2024
SHARE-BASED COMPENSATION  
SHARE-BASED COMPENSATION

13. 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, restricted stock and stock appreciation rights. Stock options may be granted with a contractual life of up to ten years. At March 31, 2024, 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 ended December 31, 2023 and the three months ended March 31, 2024 (number of units in thousands except per unit data):

​

​

​

​

​

​

​

​

Number of Units

​

​

Weighted Average Grant Date Fair Value Per Unit

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

​

​

​

​

​

​

Nonvested, January 1, 2024

​

8

​

$

17.09

Granted

​

-

​

$

-

Vested

​

-

​

$

-

Canceled

​

-

​

$

-

Nonvested, March 31, 2024

​

8

​

$

17.09

​

As of March 31, 2024, approximately 8,000 shares of restricted stock remained unvested. Unrecognized compensation expense related to these restricted stock awards at March 31, 2024 was $42 and is expected to be recognized over 0.4 years. Compensation expense for restricted stock awards for the three months ended March 31, 2024 and 2023 was $37 and $66, respectively.

Stock Options

The following is a summary of option award activity for the year ended December 31, 2023 and the three months ended March 31, 2024 (number of units 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 (years)

    

Aggregate
Intrinsic
Value

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

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Outstanding, January 1, 2024

​

1,006

​

$

41.35

​

$

5.22

​

8.28

​

​

​

Granted

​

—

​

$

—

​

$

—

​

-

​

​

​

Exercised

​

(6)

​

$

16.01

​

$

8.57

​

—

​

​

​

Forfeited

​

—

​

$

-

​

$

-

​

—

​

​

​

Outstanding, March 31, 2024

​

1,000

​

$

41.51

​

$

5.20

​

8.03

​

$

​

Exercisable, March 31, 2024

​

90

​

$

44.00

​

$

4.49

​

8.44

​

$

—

​

As of March 31, 2024, approximately 910,000 options remained nonvested. Unrecognized compensation expense related to these options at March 31, 2024 was $4,332 and is expected to be recognized over 8.0 years. Compensation expense for stock option awards for the three months ended March 31, 2024 and 2023 was $147 and $126, respectively.

​