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STOCK COMPENSATION | 9 Months Ended
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Sep. 30, 2022
STOCK COMPENSATION |
4. STOCK COMPENSATION | 4. STOCK COMPENSATION The fair value of restricted stock awards is estimated to be the market price of the Company's common stock at the close of the date of grant. Restricted stock activity during the nine months ended September 30, 2022, is as follows:
|  | Performance-Based |  |  | Service-Based |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Non-vested, December 31, 2021 |  |  | 42,466 |  |  |  | 40,054 |  |  |  | 82,520 |  |  | $ | 12.45 |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Vested |  |  | — |  |  |  | 1,000 |  |  |  | 1,000 |  |  |  | 13.44 |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Non-vested, September 30, 2022 |  |  | 42,466 |  |  |  | 39,054 |  |  |  | 81,520 |  |  | $ | 12.44 |
The actual number of performance-based shares of common stock of the Company, if any, to be earned by the award recipients is determined over a three year performance measurement period based on measures that include Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) margin, revenue growth, and free cash flow. The EBITDA margin and revenue growth performance targets have been set for each of the Minimum, Target, and Maximum levels. The actual performance amount received is determined by the Compensation Committee and may be adjusted for items determined to be unusual in nature or infrequent in occurrence. A smaller portion is also earned based on Board discretion and continued service. The stock compensation cost is recognized over the requisite performance/service period using the straight-line method and can be periodically adjusted for the probable number of shares to be awarded. Stock compensation for the three and nine month periods ended September 30, 2022 was approximately $126 and $379, respectively, based upon the value at the date of grant. Stock compensation for the three and nine month periods ended September 30, 2021 was approximately $87 and $258, respectively, based upon the value at the date of grant. There was $442 of unrecognized compensation cost related to the non-vested restricted stock as of September 30, 2022 to be recognized through 2023.

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