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Stock Based Compensation | 3 Months Ended
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Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Stock Based Compensation | 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 the Company’s executives with those of the Company’s shareholders. There were 75,768 service time based share awards and 56,724 performance based share awards granted under the 2017 Plan during the three month period ended March 31, 2022, 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 March 31, 2022, 137,383 shares are still available to be awarded from the 2017 Plan. In April of 2022, the Company, with the approval of shareholders, approved the 2022 Equity Incentive Plan (the “2022 Plan”). The 2022 Plan permits the award of up to one million shares to the Company’s directors and employees. The 2022 Plan will replace 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 the grant. Expense recognized was $365 thousand and $330 thousand for the three month periods ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was $3.7 million of total unrecognized compensation expense related to the nonvested shares granted under the Plan. The remaining cost is expected to be recognized over 2.9 years. The following is the activity under the Plans during the three month period ended March 31, 2022.
| 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 |  | 99,564 |  |  | $ | 16.13 |  |  |  | 158,988 |  |  | $ | 14.40 |
Granted |  | 75,768 |  |  |  | 17.69 |  |  |  | 56,724 |  |  |  | 17.25 |
Vested |  | (15,771 | ) |  |  | 17.29 |  |  |  | (65,481 | ) |  |  | 17.48 |
Forfeited |  | 0 |  |  |  | 0.00 |  |  |  | (12,862 | ) |  |  | 14.74 |
Ending balance - non-vested shares |  | 159,561 |  |  | $ | 17.13 |  |  |  | 137,369 |  |  | $ | 15.85 |
The following is the activity under the Plans during the three month period ended March 31, 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 |  | 19,062 |  |  |  | 14.36 |  |  |  | 52,249 |  |  |  | 14.09 |
Vested |  | (13,081 | ) |  |  | 14.34 |  |  |  | (52,327 | ) |  |  | 14.34 |
Forfeited |  | (2,000 | ) |  |  | 13.55 |  |  |  | 0 |  |  |  | 0 |
Ending balance - non-vested shares |  | 71,746 |  |  | $ | 14.35 |  |  |  | 152,992 |  |  | $ | 14.37 |
The 81,252 shares that vested during the three month period ended March 31, 2022 had a weighted average fair value of $17.44 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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