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Stock Based Compensation
 6 Months Ended
Jun. 30, 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 ended

 

 

Stock-Based

Compensation

for the Six

months ended

 

 

Unamortized

Stock-Based

Compensation

 

 

Remaining

Weighted

Average

Period (years)

 

June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock

 

$

1,079

 

 

$

2,072

 

 

$

9,277

 

 

 

2.2

 

Unrestricted Stock

 

 

122

 

 

 

239

 

 

 

476

 

 

 

0.9

 

Performance-Based Restricted Stock

 

 

72

 

 

 

525

 

 

 

3,781

 

 

 

2.1

 

Total

 

$

1,273

 

 

$

2,836

 

 

$

13,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock

 

$

1,167

 

 

$

2,223

 

 

$

9,734

 

 

 

2.2

 

Unrestricted Stock

 

 

107

 

 

 

217

 

 

 

367

 

 

 

0.9

 

Performance-Based Restricted Stock

 

 

532

 

 

 

1,158

 

 

 

4,186

 

 

 

2.1

 

Total

 

$

1,806

 

 

$

3,598

 

 

$

14,287

 

 

 

 

 

 

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- and six-month periods ended June 30, 2022, and 2021.

 

Restricted and Unrestricted Stock — A summary of non-vested shares as of, and for, the three- and six-month periods ended June 30, 2022, and 2021 is presented below:

 

 

 

Three and Six Months Ended

June 30, 2022

 

 

Three and Six Months Ended

June 30, 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

 

Granted

 

 

242,067

 

 

 

23.79

 

 

 

289,757

 

 

 

20.10

 

Vested

 

 

(27,482

)

 

 

22.35

 

 

 

(30,112

)

 

 

16.72

 

Forfeited

 

 

(14,070

)

 

 

18.53

 

 

 

(11,231

)

 

 

16.60

 

Nonvested shares at June 30th

 

 

763,616

 

 

$

18.88

 

 

 

859,843

 

 

$

17.04

 

 

 

 

Performance-Based Restricted Stock — A summary of non-vested performance-based shares as of, and for, the three- and six-month periods ended June 30, 2022, and 2021, respectively is presented below:

 

 

 

Three and Six Months Ended

June 30, 2022

 

 

Three and Six Months Ended

June 30, 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

 

Granted

 

 

83,190

 

 

 

23.63

 

 

 

102,043

 

 

 

20.03

 

Forfeited

 

 

(7,829

)

 

 

17.50

 

 

 

—

 

 

 

—

 

Nonvested shares at June 30th

 

 

327,556

 

 

$

16.58

 

 

 

389,402

 

 

$

16.44

 

 

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. The following tables present details for each type of plan:

Incentive Stock Option Plans

Activity for the three- and six-month periods ended June 30, 2022:

 

 

 

Number of

Shares

 

 

Weighted

Average Price

Per Share

 

Balance outstanding, December 31, 2021 and March 31, 2022

 

 

108,036

 

 

 

11.49

 

Options exercised

 

 

(33,745

)

 

 

11.49

 

Balance outstanding, June 30, 2022

 

 

74,291

 

 

$

11.49

 

 

 

All the incentive stock options outstanding as of June 30, 2022, have an exercise price per share of $11.49 and a remaining life of 30 months.

Activity for the three- and six-month periods ended June 30, 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

 

Options exercised

 

 

(8,826

)

 

 

11.35

 

Balance outstanding, June 30, 2021

 

 

108,423

 

 

$

11.49

 

 

Performance Incentive Stock Option Plan

Activity for the three- and six-month periods ended June 30, 2022:

 

 

 

 

Number of

Shares

 

 

Weighted

Average Price

Per Share

 

Balance outstanding, December 31, 2021 and March 31, 2022

 

 

114,658

 

 

$

11.49

 

Options exercised

 

 

(32,850

)

 

 

11.49

 

Balance outstanding, June 30, 2022

 

 

81,808

 

 

$

11.49

 

 

 

Activity for the three- and six-month periods ended June 30, 2021:

 

 

 

Number of

Shares

 

 

Weighted

Average Price

Per Share

 

Balance outstanding, December 31, 2020

 

 

114,658

 

 

$

11.49

 

Options exercised

 

 

—

 

 

 

—

 

Balance outstanding, March 31, 2021 and June 30, 2021

 

 

114,658

 

 

$

11.49

 

 

All the performance incentive stock options outstanding as of June 30, 2022, have an exercise price per share of $11.49 and a remaining life of 30 months.