XML 23 R12.htm IDEA: XBRL DOCUMENT

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 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 September 30, 2021, there were approximately 1,381,750 shares available for grant.

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

Restricted Stock


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Pre – tax cost	$	572	$	1,500	$	1,696	$	2,657
After tax cost	$	446	$	1,170	$	1,323	$	2,072

The following is a summary of the changes in non-vested restricted shares for the nine months ended September 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
Forfeited	(1,800)		11.76
Non-vested shares at September 30, 2021	671,370	$	14.69

The total fair value of shares vested was approximately $3,174,000 during the nine months ended September 30, 2021 and approximately $4,431,000 during the nine months ended September 30, 2020. The total fair value during the nine months ended September 30, 2020 includes $1,100,000 related to vesting upon death of the Company’s Chairman.

Other Information

As of September 30, 2021, total unrecognized compensation cost related to non-vested restricted shares was approximately $8,415,000. This cost is expected to be recognized over a weighted-average period of 3.6 years.

For the nine months ended September 30, 2021, approximately $323,000 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 $345,000 for the nine months ended September 30, 2020.