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Share-Based Payments
 3 Months Ended
Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement [Text Block]

Note 15 — Share-Based Payments

 

The Company’s 2002 Stock Award and Incentive Plan (the “Plan”), as amended, provides for the awarding of stock options, restricted stock and restricted stock units to certain key employees, executive officers and non-employee directors. Current awards under the Plan include grants to directors, executive officers and certain key employees of restricted stock awards and units, with vesting contingent upon (a) the completion of specified service periods ranging from one to four years and/or (b) meeting certain financial performance and/or market-based metrics. Unlike the restricted stock awards, the shares for the restricted stock units are not issued until they vest. The Plan is more fully described in Notes 15 and 18 to the consolidated financial statements in the Company’s 2021 Annual Report on Form 10-K.

 

The following table summarizes the total share-based compensation expense recognized for the three months ended March 31, 2022 and 2021 (in thousands)

 

   

Three Months Ended

  
   

March 31,

  
   

2022

    

2021

  

Share-based compensation expense

   $ 870     $ 382  

 

Restricted Stock Units

 

Restricted stock unit activity (including those with performance-based vesting criteria) for the three months ended March 31, 2022 is summarized as follows:

 

   

Restricted Stock Units

  
   

Number of Shares

    

Weighted Average

Grant Date Fair Value

  

Outstanding, December 31, 2021

     1,073,902     $ 8.62  

Granted

     318,627       10.16  

Vested

     (130,280 )     7.34  

Forfeited

     (149,238 )     14.70  

Outstanding, March 31, 2022

     1,113,011       8.40  

 

As of March 31, 2022, there was $8.5 million of total unrecognized compensation cost related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 2.39 years.