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Stock Based Compensation | 12 Months Ended
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Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock Based Compensation | NOTE 15 – STOCK BASED COMPENSATION During 2017, the Company, with the approval of shareholders, created the 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan permits the award of up to 800 thousand shares to the Company’s directors and employees to attract and retain exceptional personnel, motivate performance and most importantly to help align the interests of Farmers’ executives with those of the Company’s shareholders. There were 68,195 service time based shares and 58,245 performance based shares granted under the 2017 Plan during the year ended December 31, 2021, as shown in the table below. The actual number of performance based shares issued will depend on the relative performance of the Company’s average return on equity compared to a group of peer companies over a three year vesting period, ending December 31, 2024. As of December 31, 2021, 269,875 shares are still available to be awarded from the 2017 Plan. The restricted stock awards were granted with a fair value price equal to the market price of the Company’s common stock at the date of grant. Expense recognized was $1.2 million for 2021, and $1.4 million for both 2020 and 2019. As of December 31, 2021, there was $1.9 million of total unrecognized compensation expense related to the non-vested shares granted under the Plan. The remaining cost is expected to be recognized over 2.9 years. The following is the activity under the Plan during 2021:
|  | Maximum Awarded Service Units |  |  | Weighted Average Grant Date Fair Value |  |  | Maximum Awarded Performance Units |  |  | Weighted Average Grant Date Fair Value |
Beginning balance - non-vested shares |  |  | 67,765 |  |  | $ | 14.32 |  |  |  | 153,070 |  |  | $ | 14.46 |
Granted |  |  | 68,195 |  |  |  | 16.99 |  |  |  | 58,245 |  |  |  | 14.21 |
Vested |  |  | (31,180 | ) |  |  | 14.96 |  |  |  | (52,327 | ) |  |  | 14.34 |
Forfeited |  |  | (5,216 | ) |  |  | 14.29 |  |  |  | 0 |  |  |  | 0.00 |
Ending balance - non-vested shares |  |  | 99,564 |  |  | $ | 16.13 |  |  |  | 158,988 |  |  | $ | 14.40 |
The following is the activity under the Plan during 2020:
|  | Maximum Awarded Service Units |  |  | Weighted Average Grant Date Fair Value |  |  | Maximum Awarded Performance Units |  |  | Weighted Average Grant Date Fair Value |
Beginning balance - non-vested shares |  |  | 81,165 |  |  | $ | 14.17 |  |  |  | 192,665 |  |  | $ | 13.72 |
Granted |  |  | 29,045 |  |  |  | 15.01 |  |  |  | 50,187 |  |  |  | 15.93 |
Vested |  |  | (35,006 | ) |  |  | 14.50 |  |  |  | (80,026 | ) |  |  | 13.55 |
Forfeited |  |  | (7,439 | ) |  |  | 14.61 |  |  |  | (9,756 | ) |  |  | 14.97 |
Ending balance - non-vested shares |  |  | 67,765 |  |  | $ | 14.32 |  |  |  | 153,070 |  |  | $ | 14.46 |
The 83,507 shares that vested in 2021 had a weighted average fair value of $14.57 per share.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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