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STOCK-BASED COMPENSATION | 3 Months Ended
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Mar. 31, 2024
STOCK-BASED COMPENSATION |
STOCK-BASED COMPENSATION | 5. STOCK-BASED COMPENSATION The Company has issued various forms of stock incentives, including, incentive and non-qualified stock options, time-lapse restricted shares and performance stock unit awards under its Stock Incentive Plans to officers, selected employees and non-employee directors. In the first quarter of 2024, the Company issued time-lapse restricted shares to certain employees that will vest ratably over a period of three years. In addition, the Company granted performance share unit awards to its executive officers that vest based on the achievement of pre-established financial performance targets together with a modifier for stock performance based on total shareholder return. The awards will be issued at different levels based on the financial and stock performance achieved with a three-year cliff vesting. The grant date fair value of the awards was determined with the assistance of a third-party specialist based on a range of potential outcomes relative to the market condition. The Company periodically evaluates the portion of awards that are probable to vest and updates the compensation expense accrual accordingly. As of March 31, 2024, there were 475,532 shares available under the Company’s 2014 Stock Incentive Plan that are reserved for issuance of shares that vest pursuant to the satisfaction of the terms of the performance share unit awards. The Company’s 2014 Stock Incentive Plan expired in April 2024. At the April 23, 2024, annual meeting of stockholders, the 2024 Stock Incentive Plan reserving 3,000,000 shares was approved. Stock-based compensation was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended March 31,
(in thousands) |  | 2024 |  | 2023
Pre – tax cost | ​ | $ | 956 | ​ | $ | 777
After tax cost | ​ | ​ | 746 | ​ | ​ | 606
​ The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant-Date
​ |  | Shares |  | Fair Value
Non-vested shares at December 31, 2023 |  | 839,050 | ​ | $ | 13.81
Granted |  | 301,667 | ​ |  | 11.33
Vested |  | (254,869) | ​ |  | 14.03
Non-vested shares at March 31, 2024 |  | 885,848 | ​ | $ | 12.90
​ The total fair value of shares vested was $2.7 million during the three months ended March 31, 2024 and $2.8 million during the three months ended March 31, 2023. Excess tax benefits (beneficial) or deficits (detrimental) realized from tax compensation deductions in excess of, or lower than, compensation expense are recorded as discrete income tax adjustments. For the three months ended March 31, 2024, $164 thousand related to stock-based compensation awards was recorded as a detrimental discrete tax adjustment and classified within Net cash provided by operating activities in the accompanying Consolidated Statements of Cash Flows compared to $24 thousand of detrimental discrete tax adjustment for the three months ended March 31, 2023. The above table does not include any of the activity related to performance share unit awards since they are not currently issued or vested. ​

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