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STOCK-BASED COMPENSATION PLANS | 3 Months Ended
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Mar. 31, 2024
STOCK-BASED COMPENSATION PLANS |
STOCK-BASED COMPENSATION PLANS | 9. STOCK-BASED COMPENSATION PLANS The Corporation has a stock incentive plan for selected officers and the independent directors. The first quarter 2024 awards to employees vest ratably over three years, and the 2024 restricted stock awards for the independent directors vest over one year. Following is a summary of restricted stock awards granted in the three-month period ended March 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​
(Dollars in Thousands) |  | ​ |  | Aggregate
​ | ​ | ​ | ​ | Grant
​ | ​ | ​ | ​ | Date
​ | ​ | Number of | ​ | Fair
​ | ​ | Shares | ​ | Value
1st quarter 2024 awards: | ​ | ​ | ​ | ​ | ​
Time-based awards to independent directors | ​ | 10,000 | ​ | $ | 214
Time-based awards to employees | ​ | 43,514 | ​ | ​ | 931
Performance-based awards to employees | ​ | 19,346 | ​ | ​ | 371
Total | ​ | 72,860 | ​ | $ | 1,516
​ Compensation cost related to restricted stock is recognized based on the fair value of the stock at the grant date over the vesting period, adjusted for estimated and actual forfeitures. Total annual stock-based compensation for the year ending December 31, 2024 is estimated to total $1,300,000. Total stock-based compensation expense attributable to restricted stock awards amounted to $326,000 in the first quarter 2024 and $377,000 in the first quarter 2023.

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