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Stock Based Compensation | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock Based Compensation | STOCK BASED COMPENSATION On May 13, 2021, The Company's shareholders approved the 2021 Long Term Equity Incentive Plan (the “2021 Plan”) that replaced the 2006 Long Term Equity Incentive Plan (the “2006 Plan”) approved in May 2006 and amended in May 2015. The 2021 Plan allows for grants to employees, officers, non-employee directors, consultants, independent contractors and advisors of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards (“stock awards”) up to an aggregate of 436,530 awards. Awards can be granted under the 2021 Plan through the earlier of May 13, 2031, or the date the maximum number of available awards under the 2021 Plan have been granted. No new awards may be granted from the 2006 Plan. Awards under the 2021 Plan vest over one to three years and shares previously awarded and currently unvested under the 2006 Plan vest over three years. Shares granted under both the 2006 and 2021 Plans vest upon the date of a participant’s death, disability or change in control. Restricted Stock The Company grants shares of its common stock to certain directors, officers, key managers and employees in the form of unvested stock and units (“Restricted Stock”). These awards are measured at the fair value of the Company's common stock on the date of issuance and recognized ratably as compensation expense over the applicable vesting period, which is typically three years. The Company adjusts compensation expense for actual forfeitures, as they occur. The following summarizes the status of Restricted Stock and changes during the nine months ended September 30, 2022:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2021 | 459,420 |  |  | $ | 9.79 |
Granted | 287,485 |  |  | 10.39 |
Vested | (226,201) |  |  | 9.01 |
Forfeited | (13,957) |  |  | 11.28 |
Unvested balance at September 30, 2022 | 506,747 |  |  | $ | 10.43 |
At September 30, 2022 and 2021, there was $4,199,000 and $3,664,000, respectively, of total unrecognized compensation expense, related to Restricted Stock grants. The unrecognized compensation expense at September 30, 2022 is expected to be recognized over the weighted-average period of 2.0 years. Total compensation cost related to Restricted Stock grants for the three months ended September 30, 2022 and 2021 was $623,000 and $578,000, respectively. Total compensation cost related to Restricted Stock grants for the nine months ended September 30, 2022 and 2021 was $1,660,000 and $1,322,000, respectively, all of which was recorded to selling, general and administrative expense. During the nine months ended September 30, 2022 employees surrendered 48,286 shares of the Company's common stock to satisfy income tax withholding obligations in connection with the vesting of restricted awards. Employees surrendered 7,237 shares for the nine months ended September 30, 2021. Stock Appreciation Rights As part of the Company's 2019 annual grant, Stock Appreciation Rights ("SARs") were granted with a grant price of $10. These awards have a contractual term of five years and vest ratably over a period of three years or immediately vest if the recipient is over 65 of age. These awards are valued using the Black-Scholes option pricing model, and are recognized ratably as compensation expense over three years. A summary of the Company's stock appreciation rights activity for the nine months ended September 30, 2022 is as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2021 | 177,016 |  |  | $ | 2.57 |
Granted | — |  |  | — |
Exercised | — |  |  | — |
Forfeited | — |  |  | — |
Outstanding at end of the period ended September 30, 2022 | 177,016 |  |  | $ | 2.57 |
Exercisable at end of the period ended September 30, 2022 | 177,016 |  |  | $ | 2.57 |
The average remaining contractual term for SARs outstanding at September 30, 2022 is 1.8 years with no aggregate intrinsic value. There was no unrecognized compensation expense, related to SARs at September 30, 2022. For the three months ended September 30, 2022, there was no compensation cost. Total compensation cost related to SARs for the three months ended September 30, 2021 was $34,000. Total Compensation cost related to SARs for the nine months ended September 30, 2022 and 2021 was $45,000 and $94,000, respectively, all of which was recorded to selling, general and administrative expense.

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