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Equity Incentive Plan | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [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 60,049 common shares available for future grants under this plan at September 30, 2023. No options were granted under the 2014 Incentive Plan during the nine- months ended September 30, 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 common shares and changes therein for the three- and nine-month periods ended September 30, 2023:
|  | Three months ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2023 |
|  | Number of Restricted Shares |  |  | Weighted Average Grant Date Fair Value |  |  | Number of Restricted Shares |  |  | Weighted Average Grant Date Fair Value |
Nonvested at beginning of period |  |  | 88,422 |  |  | $ | 21.98 |  |  |  | 70,096 |  |  | $ | 21.88 |
Granted |  |  | — |  |  |  | — |  |  |  | 47,536 |  |  |  | 21.85 |
Vested |  |  | — |  |  |  | — |  |  |  | (27,470 | ) |  |  | 21.52 |
Forfeited |  |  | — |  |  |  | — |  |  |  | (1,740 | ) |  |  | 21.74 |
Nonvested at end of period |  |  | 88,422 |  |  | $ | 21.98 |  |  |  | 88,422 |  |  | $ | 21.98 |
The following is a summary of the status of the Company’s outstanding restricted common shares as of September 30, 2023:
At September 30, 2023 |
Date of Award |  | Shares |  |  | Remaining Expense |  |  | Remaining Vesting Period (Years) |
March 14, 2019 |  |  | 1,924 |  |  | $ | 9 |  |  |  | 0.25 |
March 14, 2020 |  |  | 4,265 |  |  |  | 51 |  |  |  | 1.25 |
March 3, 2021 |  |  | 7,776 |  |  |  | 103 |  |  |  | 2.25 |
March 3, 2021 |  |  | 6,793 |  |  |  | 33 |  |  |  | 0.25 |
March 3, 2022 |  |  | 9,554 |  |  |  | 177 |  |  |  | 3.25 |
March 3, 2022 |  |  | 11,261 |  |  |  | 160 |  |  |  | 1.25 |
March 14, 2023 |  |  | 17,103 |  |  |  | 296 |  |  |  | 4.25 |
March 14, 2023 |  |  | 29,746 |  |  |  | 466 |  |  |  | 2.25 |
|  |  | 88,422 |  |  | $ | 1,295 |  |  |  | 2.37 |
The Company recorded $191 and $153 of share-based compensation expense during the three months ended September 30, 2023 and 2022, respectively. At September 30, 2023, the total compensation cost related to unvested awards not yet recognized was $1,296, which was expected to be recognized over the weighted average remaining life of the grants of 2.37 years.

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