At the Company’s 2014 annual meeting, the shareholders adopted the Company’s 2014 Incentive Plan (“2014 Incentive Plan”). The 2014 Incentive Plan authorizes the Company to grant options, stock awards, stock units and other awards for up to 375,000 common shares of the Company. There were 122,349 shares available for future grants under this plan at March 31, 2022.

No options were granted under the 2014 Incentive Plan during the periods ended March 31, 2022 and 2021.

Each year, the Board of Directors has awarded restricted common shares to senior officers of the Company. The restricted shares vest ratably over a three-year or five-year period following the grant date. The product of the number of restricted shares granted and the grant date market price of the Company’s common shares determines the fair value of restricted shares awarded under the Company’s 2014 Incentive Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period for the entire award.

The Company classifies share-based compensation for employees with “Compensation expense” in the Consolidated Statements of Operations.

The following is a summary of the Company’s outstanding restricted shares and changes therein for the three-month period ended March 31, 2022:

	Three months ended
	March 31, 2022
	Number of Restricted Shares			Weighted Average Grant Date Fair Value
Nonvested at beginning of period		69,840		$	20.14
Granted		31,774			24.51
Vested		(25,084	)		24.62
Forfeited		—			—
Nonvested at end of period		76,530		$	21.87

The following is a summary of the status of the Company’s outstanding restricted shares as of March 31, 2022:

At March 31, 2022
Date of Award	Shares		Remaining Expense		Remaining Vesting Period (Years)
April 10, 2018		1,559	$	23		0.75
March 14, 2019		4,373		69		1.75
March 14, 2020		4,304		64		0.75
March 14, 2020		7,798		135		2.75
March 3, 2021		13,030		212		3.75
March 3, 2021		13,692		230		1.75
March 3, 2022		14,750		325		4.75
March 3, 2022		17,024		374		2.75
		76,530	$	1,432		2.92

The Company recorded $178 and $125 of share-based compensation expense during the three months ended March 31, 2022 and 2021, respectively, for shares granted under the 2014 Incentive Plan. At March 31, 2022, the total compensation cost related to unvested awards not yet recognized is $1,432, which is expected to be recognized over the weighted average remaining life of the grants of 2.92 years.