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Share-Based Payments
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement [Text Block]

Note 14 — 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 executive officers and certain key employees of restricted stock units, with vesting contingent upon the completion of specified service periods ranging from one to four years and/or (b) meeting certain financial performance and/or market-based metrics. Shares for the restricted stock units are not issued until they vest.

 

The following table summarizes the total share-based compensation expense recognized for the three months ended March 31, 2024 and 2023 (in thousands)

 

   

Three Months Ended

  
   

March 31,

  
   

2024

    

2023

  

Share-based compensation expense

   $ 2,575     $ 2,089  

 

Restricted Stock Units

 

Restricted stock unit activity (including those with performance-based vesting criteria) for the three months ended March 31, 2024 is summarized as follows:

 

   

Restricted Stock Units

  
   

Number of Shares

    

Weighted Average

Grant Date Fair Value

  

Outstanding, December 31, 2023

     1,306,406     $ 16.47  

Granted

     123,134       35.55  

Vested

     (280,996 )     11.78  

Forfeited

     (13,714 )     14.02  

Outstanding, March 31, 2024

     1,134,830       19.86  

 

As of March 31, 2024, there was $17.1 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 2.2 years.

 

As of March 31, 2024, the fair market value of non-vested restricted stock units was $28.0 million.