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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2023
Stock-Based Compensation [Abstract] |
Stock-Based Compensation | 11. Stock-Based Compensation On May 2, 2016, the Company’s stockholders approved The York Water Company Long-Term Incentive Plan, or LTIP. The LTIP was adopted to provide the incentive of long-term stock-based awards to officers, directors and key employees. The LTIP provides for the granting of nonqualified stock options, incentive stock options, stock appreciation rights, performance restricted stock grants and units, restricted stock grants and units, and unrestricted stock grants. A maximum of 100,000 shares of common stock may be issued under the LTIP over the ten-year life of the plan. The maximum number of shares of common stock subject to awards that may be granted to any participant in any one calendar year is 2,000. Shares of common stock issued under the LTIP may be treasury shares or authorized but unissued shares. The LTIP will be administered by the Compensation Committee of the Board, or the full Board, provided that the full Board will administer the LTIP as it relates to awards to non-employee directors of the Company. The Company filed a registration statement with the Securities and Exchange Commission on May 11, 2016 covering the offering of stock under the LTIP. The LTIP was effective on July 1, 2016. The restricted stock awards provide the grantee with the rights of a shareholder, including the right to receive dividends and to vote such shares, but not the right to sell or otherwise transfer the shares during the restriction period. As a result, the awards are included in common shares outstanding on the balance sheet. Restricted stock awards result in compensation expense valued at the fair market value of the stock on the date of the grant and are amortized ratably over the restriction period. No long-term stock-based awards were granted under the LTIP during the three months ended March 31, 2023. No previously issued restricted stock awards vested or were forfeited during the three months ended March 31, 2023. For the three months ended March 31, 2023 and 2022, the statement of income includes $54 and $45 of stock-based compensation, respectively, and related recognized tax benefits of $15 and $13, respectively. Total stock based compensation related to nonvested awards not yet recognized is $465 at March 31, 2023 which will be recognized over the remaining three-year vesting period.

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