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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2023
Share-Based Compensation |
Share-Based Compensation | NOTE 12 Share-Based Compensation On May 6, 2019, the Company’s stockholders approved the Alerus Financial Corporation 2019 Equity Incentive Plan. This plan gives the compensation committee the ability to grant a wide variety of equity awards, including stock options, stock appreciation rights, restricted stock, restricted stock units and cash incentive awards in such forms and amounts as it deems appropriate to accomplish the goals of the plan. Any shares subject to an award that is cancelled, forfeited, or expires prior to exercise or realization, either in full or in part, shall again become available for issuance under the plan. However, shares subject to an award shall not again be made available for issuance or delivery under the plan if such shares are (a) tendered in payment of the exercise price of a stock option, (b) delivered to, or withheld by, the Company to satisfy any tax withholding obligation, or (c) covered by a stock-settled stock appreciation right or other awards and were not issued upon the settlement of the award. Shares vest, become exercisable and contain such other terms and conditions as determined by the compensation committee and set forth in individual agreements with the participant receiving the award. The plan authorizes the issuance of up to 1,100,000 shares of common stock. As of June 30, 2023, 810,277 shares of common stock are still available for issuance under the plan. The compensation expense relating to awards under these plans was $656 thousand and $663 thousand for the three months ended June 30, 2023 and 2022. The compensation expense relating to awards under these plans was $815 thousand and $1.0 million for the six months ended June 30, 2023 and 2022, respectively. The following table presents the activity in the stock plans for the six months ended June 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six months ended June 30,
​ | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​ | Weighted-
​ | ​ | ​ |  | Average Grant | ​ | ​ | ​ | Average Grant
​ |  | Awards |  | Date Fair Value |  | Awards |  | Date Fair Value
Restricted Stock and Restricted Stock Unit Awards |  | ​ |  | ​ | ​ | ​ | ​ |  | ​ | ​
Outstanding at beginning of period |  | 238,929 |  | $ | 23.66 | ​ | 260,850 |  | $ | 21.04
Granted |  | 82,810 |  | ​ | 20.85 | ​ | 94,592 |  | ​ | 19.01
Vested |  | (91,867) |  | ​ | 21.29 | ​ | (107,113) |  | ​ | 19.19
Forfeited or cancelled |  | (22,204) |  | ​ | 21.39 | ​ | (10,624) |  | ​ | 23.71
Outstanding at end of period | ​ | 207,668 | ​ | $ | 23.83 | ​ | 237,705 | ​ | $ | 20.95
​ As of June 30, 2023, there was $3.0 million of unrecognized compensation expense related to non-vested awards granted under the plans. The expense is expected to be recognized over a weighted-average period of 2.5 years.

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