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Share-Based Payments
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2024 and 2023 (in thousands)

 

   

Three Months Ended

    

Nine Months Ended

  
   

September 30,

    

September 30,

  
   

2024

    

2023

    

2024

    

2023

  

Share-based compensation expense

   $ 2,186     $ 2,025     $ 7,280     $ 5,970  

 

Restricted Stock Units

 

Restricted stock unit activity (including those with performance-based vesting criteria) for the nine months ended September 30, 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

 

 

126,971

 

 

 

35.06

 

Vested

 

 

(528,827

)

 

 

6.26

 

Forfeited

 

 

(20,450

)

 

 

15.89

 

Outstanding, September 30, 2024

 

 

884,100

 

 

 

25.44

 

 

As of September 30, 2024, there was $12.2 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 1.8 years.

 

As of September 30, 2024, the fair market value of non-vested restricted stock units was $22.6 million.