XML 22 R12.htm IDEA: XBRL DOCUMENT v3.21.2
STOCK-BASED COMPENSATION
6 Months Ended
Jun. 30, 2021
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

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 June 30, 2021, there were approximately 1,379,950 shares available for grant.

Stock-based compensation for the three and six months ended June 30, 2021 and 2020 were as follows:

Restricted Stock

Three months ended June 30, 

Six months ended June 30, 

(in thousands)

    

2021

    

2020

    

2021

    

2020

Pre – tax cost

$

571

$

581

$

1,124

$

1,157

After tax cost

$

446

$

453

$

877

$

902

The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 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

 

(194,800)

 

10.25

Non-vested shares at June 30, 2021

 

673,170

$

14.69

The total fair value of shares vested was approximately $3,174,000 during the six months ended June 30, 2021 and approximately $3,331,000 during the six months ended June 30, 2020.

Other Information

As of June 30, 2021, total unrecognized compensation cost related to non-vested restricted shares was approximately $8,986,000. This cost is expected to be recognized over a weighted-average period of 3.8 years.

For the six months ended June 30, 2021, approximately $304,000 of excess tax benefit for stock-based compensation awards was recorded as a discrete tax adjustment and classified within operating activities in the consolidated statements of cash flows compared to approximately $302,000 for the six months ended June 30, 2020.