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, 2023, there were approximately 806,247 shares available for grant.

In the first quarter of 2023, the Company issued time-lapse restricted shares to certain employees that will vest ratably over a period of four years. In addition, the Company granted performance share unit awards to its executive officers that vest based on the achievement of pre-established performance targets. The awards will be issued at different levels based on the performance achieved with a cliff vesting at the end of fiscal year ending 2025. The Company evaluated the portions of the award that are probable to vest and has accrued compensation expense at 100% of the target award.

Stock-based compensation for both the time-lapse restricted shares and performance share unit awards was as follows:


	Three months ended March 31,
(in thousands)	2023		2022
Pre – tax cost	$	777	$	610
After tax cost		606		476

The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2023:


		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested shares at December 31, 2022	764,170	$	14.15
Granted	289,300		13.20
Vested	(214,420)		14.21
Non-vested shares at March 31, 2023	839,050	$	13.81

The total fair value of shares vested was approximately $2,820,000 during the three months ended March 31, 2023 and approximately $2,066,000 during the three months ended March 31, 2022. The above table does not include any of the activity related to performance share unit awards since they are not currently issued or vested.

For the three months ended March 31, 2023, approximately $24,000 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 $3,000 for the three months ended March 31, 2022.