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Stock Based Compensation
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation

14. 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, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock

 

$

1,211

 

 

$

2,410

 

 

$

9,147

 

 

 

2.2

 

Unrestricted Stock

 

 

130

 

 

 

260

 

 

 

477

 

 

 

0.9

 

Performance-Based Restricted Stock

 

 

(274

)

 

 

(129

)

 

 

3,238

 

 

 

2.2

 

Total

 

$

1,067

 

 

$

2,541

 

 

$

12,862

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

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, 2023, and 2022.

Time-Based Restricted and Unrestricted Stock — A summary of non-vested shares as of, and for, the three- and six-month periods ended June 30, 2023, and 2022 is presented below:

 

 

 

Three and Six Months Ended
June 30, 2023

 

 

Three and Six Months Ended
June 30, 2022

 

 

 

Number
of Shares

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Number
of Shares

 

 

Weighted
Average
Grant
Date Fair
Value

 

Nonvested shares at December 31st

 

 

742,050

 

 

$

18.86

 

 

 

817,290

 

 

$

17.04

 

Vested

 

 

(2,017

)

 

 

15.71

 

 

 

(230,080

)

 

 

17.31

 

Forfeited

 

 

(5,479

)

 

 

19.87

 

 

 

(24,109

)

 

 

17.10

 

Nonvested shares at March 31st

 

 

734,554

 

 

 

18.86

 

 

 

563,101

 

 

 

16.93

 

Granted

 

 

279,419

 

 

 

21.17

 

 

 

242,067

 

 

 

23.79

 

Vested

 

 

(309,318

)

 

 

14.83

 

 

 

(27,482

)

 

 

22.35

 

Forfeited

 

 

(16,354

)

 

 

19.50

 

 

 

(14,070

)

 

 

18.53

 

Nonvested shares at June 30th

 

 

688,301

 

 

$

21.59

 

 

 

763,616

 

 

$

18.88

 

 

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, 2023, and 2022, respectively is presented below:

 

 

 

Three and Six Months Ended
June 30, 2023

 

 

Three and Six Months Ended
June 30, 2022

 

 

 

Number
of Shares

 

 

Weighted
Average
Grant
Date Fair
Value

 

 

Number
of Shares

 

 

Weighted
Average
Grant
Date Fair
Value

 

Nonvested shares at December 31st

 

 

318,699

 

 

$

18.05

 

 

 

379,061

 

 

$

16.43

 

Additional granted (forfeited) based on performance achievement

 

 

—

 

 

 

—

 

 

 

(41,088

)

 

 

16.56

 

Vested

 

 

—

 

 

 

—

 

 

 

(78,704

)

 

 

17.18

 

Forfeited

 

 

—

 

 

 

—

 

 

 

(7,074

)

 

 

16.77

 

Nonvested shares at March 31st

 

 

318,699

 

 

 

18.05

 

 

 

252,195

 

 

 

16.17

 

Additional granted (forfeited) based on performance achievement

 

 

(58,827

)

 

 

14.73

 

 

 

—

 

 

 

—

 

Granted

 

 

94,028

 

 

 

21.51

 

 

 

83,190

 

 

 

23.63

 

Vested

 

 

(86,188

)

 

 

13.99

 

 

 

—

 

 

 

—

 

Forfeited

 

 

(3,316

)

 

 

16.91

 

 

 

(7,829

)

 

 

17.50

 

Nonvested shares at June 30th

 

 

264,396

 

 

$

21.36

 

 

 

327,556

 

 

$

16.58

 

 

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, 2023:

 

 

 

Number of
Shares

 

 

Weighted
Average Price
Per Share

 

Balance outstanding, December 31, 2022

 

 

68,896

 

 

$

11.49

 

Options exercised

 

 

(1,537

)

 

 

11.49

 

Balance outstanding, March 31, 2023

 

 

67,359

 

 

$

11.49

 

Options exercised

 

 

(1,287

)

 

 

11.49

 

Balance outstanding, June 30, 2023

 

 

66,072

 

 

$

11.49

 

 

All the incentive stock options outstanding as of June 30, 2023, have an exercise price per share of $11.49, total intrinsic value of $422, and a remaining life of 18 months.

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

 

 

Performance Incentive Stock Option Plan

There was no activity for the three- and six-month periods ended June 30, 2023. There were 81,808 performance incentive stock options outstanding as of June 30, 2023, with an exercise price per share of $11.49 and a remaining life of 18 months.

 

 

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

 

 

114,658

 

 

$

11.49

 

Options exercised

 

 

(32,850

)

 

 

11.49

 

Balance outstanding, June 30, 2022

 

 

81,808

 

 

$

11.49

 

 

All the performance incentive stock options outstanding as of June 30, 2023, have an exercise price per share of $11.49, total intrinsic value of $522, and a remaining life of 18 months.