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Stockholders' Equity
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity  
Stockholders' Equity

6.   Stockholders’ Equity

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Equity-Based Compensation

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On May 20, 2002, the stockholders of the Company approved the 2002 Stock Incentive Plan (the “Plan”). The Plan is an equity-based incentive compensation plan, and provides for the grants of up to a maximum of 2,000,000 shares of the Company’s common stock (“Awards”). All of the Company’s employees, officers, directors, consultants and advisors are eligible to be granted Awards. Awards under the Plan are made at the discretion of the Company’s Board of Directors, and have no vesting requirements. Upon granting an Award, the Company will recognize compensation cost equal to the fair value of the Company’s common stock, as determined by the Company’s Board of Directors, on the date of the grant.

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On May 17,2022, May 20, 2021 and June 4, 2020, the Company granted shares under the Plan to non-employee directors at a compensation cost related to such grants indicated in the table below, which was recognized during the years ended December 31, 2022, 2021 and 2020, respectively, and is included in general and administrative expenses in the consolidated statements of income. Such shares were fully vested on the date of issuance.

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Shares Available

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Compensation

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for Grant

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Cost

Balance December 31, 2019

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1,906,382

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$

337,500

Shares granted 2020

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(58,998)

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337,500

Balance December 31, 2020

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1,847,384

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675,000

Shares granted 2021

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(66,564)

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337,500

Balance December 31, 2021

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1,780,820

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1,012,500

Shares granted 2022

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(84,133)

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393,750

Balance December 31, 2022

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1,696,687

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$

1,406,250

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Repurchase of Common Stock

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On June 23, 2021, the Board of Directors of the Company authorized the repurchase of up to $50 million of the Company’s common stock from time to time in the open market, privately negotiated transactions or other manners as permitted by federal securities laws. The repurchase authorization may be suspended or discontinued at any time. The

Company repurchased 3,396,243 shares of common stock during the third and fourth quarter of 2021 at an aggregate cost of approximately $18.2 million and at an average cost of approximately $5.37 per share, inclusive of brokerage commissions. The Company repurchased 846,739 shares of common stock during the first quarter of 2022 at an aggregate cost of approximately $4.8 million and at an average cost of approximately $5.72 per share, inclusive of brokerage commissions. The Company did not repurchase any shares of common stock during the remainder of 2022. The excess of the purchase price over the par value of the shares repurchased is applied to reduce additional paid-in capital.

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A summary of the repurchase of common stock by the Company is shown in the following table:

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(Cost in thousands)

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Shares Repurchased

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Cost

Balance December 31, 2020

    

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1,017,498

    

$

18,775

Repurchase of shares

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3,396,243

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18,244

Balance, December 31, 2021

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4,413,741

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37,019

Repurchase of shares

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846,739

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4,843

Balance, December 31, 2022

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5,260,480

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$

41,862

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