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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation On February 16, 2023, the Board of Directors adopted the 2023 Omnibus Stock and Performance Compensation Plan (the "2023 Omnibus Plan"), which was approved by the Company's shareholders on April 18, 2023. The 2023 Omnibus Plan permits the issuance of up to 1.0 million shares of the Company’s common stock in the form of stock options, SARs, restricted stock, restricted stock units, phantom stock, and performance awards. During the six-month period ended June 30, 2024, 54,462 time-based restricted shares and 51,261 performance-based restricted shares were granted under the 2023 Omnibus Plan. Stock-based compensation expense was $474,000 and $1.7 million for the three and six-month periods ended June 30, 2024, respectively, and $909,000 and $2.9 million for the three and six-month periods ended June 30, 2023, respectively. Restricted Stock Restricted shares granted to Company employees are amortized to expense over a three-year cliff vesting period, or until vesting occurs upon retirement. Restricted shares granted to members of the Board of Directors are amortized to expense over a one-year service period, with the exception of those shares granted in lieu of cash payments for retainer fees which are expensed in the period earned. As of June 30, 2024, the total unrecognized compensation expense related to non-vested restricted shares was $2.6 million, and the related weighted-average period over which it is expected to be recognized is approximately 0.72 years. Following is a summary of the activity of the Company's restricted stock for the six-month period ended June 30, 2024, with total shares and weighted-average fair value:
| Six Months Ended June 30, 2024
| Shares |  | Fair Value
Balance at December 31, 2023 | 237,780 |  |  | $ | 42.17 |
Granted | 54,462 |  |  | 44.08 |
Vested | (39,764) |  |  | 32.78 |
Forfeitures | (710) |  |  | 43.70 |
Balance at June 30, 2024 | 251,768 |  |  | $ | 42.87 |
Performance-Based Restricted Stock The Company has granted three-year performance-based restricted stock (“PBRS”) awards which are contingent upon the Company’s achievement of pre-established financial goals over a three-year cliff vest period. The number of shares issued ranges from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the three-year performance period. Following is a summary of the activity of the PBRS for the six-month period ended June 30, 2024, based on 100% of target value:
| Six Months Ended June 30, 2024
| Shares |  | Fair Value
Balance at December 31, 2023 | 159,073 |  |  | $ | 42.74 |
Granted | 51,261 |  |  | 44.29 |
Vested | (50,840) |  |  | 40.74 |
Forfeitures | (1,066) |  |  | 43.70 |
Balance at June 30, 2024 | 158,428 |  |  | $ | 43.87 |
The PBRS that vested during the six-month period ended June 30, 2024 were based on the Company's achievement of 135.4% of target financial goals for the 2021-2023 performance period, resulting in the issuance of 68,834 shares of common stock. The outstanding PBRS at June 30, 2024 will vest at scheduled vesting dates and the actual number of shares of common stock issued will range from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the respective three-year performance period. SARs There were no SARs granted and no expense recognized during the six-month period ended June 30, 2024. Following is a summary of the activity of the Company’s SARs program for the six-month period ended June 30, 2024:
| Shares |  | Weighted- Average Exercise Price |  | Average Remaining Contractual Term Years |  | Aggregate Intrinsic Value (In thousands)
Balance at December 31, 2023 | 30,409 |  |  | $ | 46.70 |  |  | 0.08 |  | $ | — |
Forfeited | (30,409) |  |  | 46.70 |  |  | 0.00 |  | — |
Exercisable at June 30, 2024 | — |  |  | $ | — |  |  | 0.00 |  | $ | — |

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