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STOCK-BASED COMPENSATION
6 Months Ended
Jun. 30, 2022
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, 2022, there were approximately 1,074,747 shares available for grant.

Stock-based compensation for the three and six months ended June 30, 2022 and 2021 were as follows:

Restricted Stock

Three months ended June 30, 

Six months ended June 30, 

(in thousands)

    

2022

    

2021

    

2022

    

2021

Pre – tax cost

$

820

$

571

$

1,430

$

1,124

After tax cost

639

446

1,115

877

The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2022:

Weighted

Average

Grant-Date

    

Shares

    

Fair Value

Non-vested shares at December 31, 2021

 

671,370

$

14.70

Granted

 

311,703

 

11.61

Vested

 

(193,403)

 

11.96

Forfeited

 

(4,700)

 

14.54

Non-vested shares at June 30, 2022

 

784,970

$

14.15

The total fair value of shares vested was approximately $2,241,000 during the six months ended June 30, 2022 and approximately $3,174,000 during the six months ended June 30, 2021.

For the six months ended June 30, 2022, approximately $22,000 of excess tax benefit for stock-based compensation awards was recorded as a discrete tax adjustment and classified within Net cash provided by operating activities in the accompanying Consolidated Statements of Cash Flows compared to approximately $304,000 for the six months ended June 30, 2021.