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Stock Based Compensation
3 Months Ended
Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Based Compensation

13. Stock-Based Compensation — The following tables illustrate the Company’s stock-based compensation, unamortized stock-based compensation, and remaining weighted average amortization period.

 

 

 

Stock-Based

Compensation

for the Three

months Period

 

 

Unamortized

Stock-Based

Compensation

as of March 31

 

 

Remaining

Weighted

Average

Period (years)

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Time-Based Restricted Stock

 

$

993

 

 

$

5,411

 

 

 

1.7

 

Unrestricted Stock

 

 

117

 

 

 

78

 

 

 

0.2

 

Performance-Based Restricted Stock

 

 

453

 

 

 

2,319

 

 

 

1.7

 

Total

 

$

1,563

 

 

$

7,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Time-Based Restricted Stock

 

$

1,057

 

 

$

5,703

 

 

 

1.8

 

Unrestricted Stock

 

 

110

 

 

 

73

 

 

 

0.2

 

Performance-Based Restricted Stock

 

 

625

 

 

 

2,698

 

 

 

1.8

 

Total

 

$

1,792

 

 

$

8,474

 

 

 

 

 

 

The Company also granted stock options in past periods. All outstanding stock options are fully vested and exercisable and no expense was recorded during the three months ended March 31, 2022 and 2021.

 

Restricted and Unrestricted Stock A summary of nonvested time based restricted and unrestricted stock is presented below:

 

 

 

 

Three Months Ended

March 31, 2022

 

 

Three Months Ended

March 31, 2021

 

 

 

Number

of Shares

 

 

Weighted

Average

Grant

Date Fair

Value

 

 

Number

of Shares

 

 

Weighted

Average

Grant

Date Fair

Value

 

Nonvested shares at December 31st

 

 

817,290

 

 

$

17.04

 

 

 

820,624

 

 

$

16.64

 

Vested

 

 

(230,080

)

 

 

17.31

 

 

 

(197,615

)

 

 

19.91

 

Forfeited

 

 

(24,109

)

 

 

17.10

 

 

 

(11,580

)

 

 

16.95

 

Nonvested shares at March 31st

 

 

563,101

 

 

$

16.93

 

 

 

611,429

 

 

$

15.57

 

 

Performance-Based Restricted Stock A summary of nonvested performance-based stock is presented below:

 

 

 

 

Three Months Ended

March 31, 2022

 

 

Three Months Ended

March 31, 2021

 

 

 

Number

of Shares

 

 

Weighted

Average

Grant

Date Fair

Value

 

 

Number

of Shares

 

 

Weighted

Average

Grant

Date Fair

Value

 

Nonvested shares at December 31st

 

 

379,061

 

 

$

16.43

 

 

 

391,771

 

 

$

16.26

 

Additional granted (forfeited) based on performance achievement

 

 

(41,088

)

 

 

16.56

 

 

 

71,180

 

 

 

20.53

 

Vested

 

 

(78,704

)

 

 

17.18

 

 

 

(175,087

)

 

 

19.78

 

Forfeited

 

 

(7,074

)

 

 

16.77

 

 

 

(505

)

 

 

19.26

 

Nonvested shares at March 31st

 

 

252,195

 

 

$

16.17

 

 

 

287,359

 

 

$

15.16

 

 

Stock Options — The Company has stock options outstanding under its incentive stock option plans and performance incentive stock option plan. All outstanding stock options are vested and exercisable.

Incentive Stock Option Plans

There was no activity for the three months ended March 31, 2022. There were 108,036 of incentive stock options outstanding as of March 31, 2022, with an exercise price per share of $11.49 and a remaining life of 33 months.

Activity of the incentive stock option plans for the three months ended March 31, 2021:

 

 

Number of

Shares

 

 

Weighted

Average Price

Per Share

 

Balance outstanding, December 31, 2020

 

 

123,087

 

 

$

11.48

 

Options exercised

 

 

(5,838

)

 

 

11.49

 

Balance outstanding, March 31, 2021

 

 

117,249

 

 

$

11.48

 

 

 

Outstanding at March 31, 2021, summarized by exercise price:

 

 

 

Outstanding Weighted

Average

 

Exercise Price Per Share

 

Shares

 

 

Remaining

Life

(Months)

 

 

Exercise

Price

 

Incentive Stock Option Plan:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,200

 

 

 

3

 

 

$

11.32

 

 

 

 

110,049

 

 

 

45

 

 

$

11.49

 

 

 

 

117,249

 

 

 

 

 

 

$

11.48

 

Performance Incentive Stock Option Plan

There was no activity for the three months ended March 31, 2022 and 2021. There were 114,658 of performance incentive stock options outstanding as of March 31, 2022 and 2021, with an exercise price per share of $11.49 and a remaining life of 33 and 45 months, respectively.