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Stock Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Based Compensation | Stock Based Compensation: In April of 2022, the Company, with the approval of shareholders, created 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 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. The 2022 Plan replaced the 2017 Plan. There were 87,391 service time based share awards and 102,750 performance based share awards granted under the 2022 Plan during the nine month period ended September 30, 2023, 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, 2025. As of September 30, 2023, 753,359 shares are still available to be awarded from the 2022 Plan. The 2017 Plan has been sunset. 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 $744 thousand and $2.0 million for the three and nine month periods ended September 30, 2023, respectively. During the prior periods, the expense recognized was $513 thousand and $1.3 million for the three and nine month periods ended September 30, 2022, respectively. As of September 30, 2023, 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 2.4 years. The following is the activity under the Plans during the nine month period ended September 30, 2023.
| 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 |  | 193,015 |  |  | $ | 16.69 |  |  |  | 137,369 |  |  | $ | 15.85 |
Granted |  | 87,391 |  |  |  | 12.88 |  |  |  | 102,750 |  |  |  | 14.16 |
Vested |  | (30,990 | ) |  |  | 12.92 |  |  |  | (30,635 | ) |  |  | 14.35 |
Forfeited |  | (1,541 | ) |  |  | 17.64 |  |  |  | 0 |  |  |  | 0.00 |
Ending balance - non-vested shares |  | 247,875 |  |  | $ | 15.40 |  |  |  | 209,484 |  |  | $ | 15.01 |
The following is the activity under the Plans during the nine month period ended September 30, 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 |  | 132,268 |  |  |  | 16.63 |  |  |  | 56,724 |  |  |  | 17.25 |
Vested |  | (20,771 | ) |  |  | 16.81 |  |  |  | (65,481 | ) |  |  | 17.48 |
Forfeited |  | (3,000 | ) |  |  | 13.68 |  |  |  | (12,862 | ) |  |  | 14.74 |
Ending balance - non-vested shares |  | 208,061 |  |  | $ | 16.72 |  |  |  | 137,369 |  |  | $ | 15.85 |
The 61,625 shares that vested during the nine month period ended September 30, 2023 had a weighted average fair value of $13.63 per share.

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