XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.23.1

Equity Incentive Plan | 3 Months Ended
--- | ---
Mar. 31, 2023
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Equity Incentive Plan | (12) Equity Incentive Plan 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 71,866 shares av ailable for future grants under this plan at March 31, 2023. No options were granted under the 2014 Incentive Plan during the periods ended March 31, 2023 and 2022. 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 periods ended March 31, 2023:
|  | Three months ended |
|  | March 31, 2023 |
|  | Number of Restricted Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested at beginning of period |  |  | 70,475 |  |  | $ | 21.88 |
Granted |  |  | 47,536 |  |  |  | 21.85 |
Vested |  |  | (27,694 | ) |  |  | 21.52 |
Forfeited |  |  | (1,740 | ) |  |  | 21.74 |
Nonvested at end of period |  |  | 88,577 |  |  | $ | 21.98 |
The following is a summary of the status of the Company’s outstanding restricted shares as of March 31, 2023:
At March 31, 2023 |
Date of Award |  | Shares |  |  | Remaining Expense |  |  | Remaining Vesting Period (Years) |
March 14, 2019 |  |  | 1,924 |  |  | $ | 28 |  |  |  | 0.75 |
March 14, 2020 |  |  | 4,265 |  |  |  | 72 |  |  |  | 1.75 |
March 3, 2021 |  |  | 7,776 |  |  |  | 125 |  |  |  | 2.75 |
March 3, 2021 |  |  | 6,852 |  |  |  | 98 |  |  |  | 0.75 |
March 3, 2022 |  |  | 9,554 |  |  |  | 204 |  |  |  | 3.75 |
March 3, 2022 |  |  | 11,357 |  |  |  | 223 |  |  |  | 1.75 |
March 14, 2023 |  |  | 17,103 |  |  |  | 337 |  |  |  | 4.75 |
March 14, 2023 |  |  | 29,746 |  |  |  | 588 |  |  |  | 2.75 |
|  |  | 88,577 |  |  | $ | 1,675 |  |  |  | 2.87 |
The Company recorde d $230 and $178 o f share-based compensation expense during the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, the total compensation cost related to unvested awards not yet recognized was $1,675, which was expected to be recognized over the weighted average remaining life of the grants of 2.87 years.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (l) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration