XML 22 R12.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2021

5. STOCK-BASED COMPENSATION

The Company reserved 3,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of ten years expiring in April 2024. This plan provides for the issuance of various forms of stock incentives, including among others, incentive and non-qualified stock options and restricted shares. As of March 31, 2021, there were approximately 1,379,950 shares available for grant.

Stock-based compensation for the three months ended March 31, 2021 and 2020 were as follows:

Restricted Stock


	Three months ended March 31,
(in thousands)	2021		2020
Pre – tax cost	$	553	$	576
After tax cost	$	431	$	449

The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2021:


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested shares at December 31, 2020	678,220	$	12.89
Granted	189,750		16.55
Vested	(194,400)		10.26
Non-vested shares at March 31, 2021	673,570	$	14.68

The total fair value of shares vested was approximately $3,168,000 during the three months ended March 31, 2021 and approximately $3,234,000 during the three months ended March 31, 2020.

Other Information

As of March 31, 2021, total unrecognized compensation cost related to non-vested restricted shares was approximately $9,557,000. This cost is expected to be recognized over a weighted-average period of 4.0 years.

For the three months ended March 31, 2021, approximately $285,000 of excess tax benefit for stock-based compensation awards has been recorded as a discrete tax adjustment and classified within operating activities in the consolidated statements of cash flows compared to approximately $287,000 for the three months ended March 31, 2020.