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Stock-Based Compensation Plan | 6 Months Ended
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Jun. 30, 2021
Stock-Based Compensation Plan [Abstract] |
Stock-Based Compensation Plan | NOTE 12. STOCK-BASED COMPENSATION PLAN Under the Company’s current 2015 Stock Incentive Plan (the “2015 Plan”), the Company’s Board of Directors has flexibility to determine the type and amount of awards to be granted to eligible participants, who must be employees, directors, officers or consultants of the Company or its subsidiaries. The 2015 Plan allows for grants of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and restricted units. The aggregate number of shares of common stock that may be granted through awards under the 2015 Plan to any employee in any calendar year may not exceed 500 shares. The 2015 Plan will continue in effect until December 2025 unless terminated sooner. Options Granted: During the six months ended June 30, 2021, the Company issued stock options for an aggregate of 500 shares under the 2015 Plan to directors and employees of the Company. The options issued during the six months ended June 30, 2021 generally vest and become exercisable over a period of one to three years and expire ten years from the date of the grant. For computing the fair value of the stock-based awards, the fair value of each option grant has been estimated as of the date of grant using the Black-Scholes option-pricing model with the following assumptions:
Number of options |  | 500 |
Option vesting period |  | 1 - 3 Years |
Grant price (per share) |  | $15.15 - $24.43 |
Dividend yield |  | 0.41% - 0.66% |
Expected volatility (a) |  | 39.1% - 43.6% |
Risk-free interest rate |  | 0.50% - 1.02% |
Expected life (years) (b) |  | 5.31 - 6.00 |
Weighted average fair value (per share) |  | $5.88 - $9.23 |
(a)Expected volatility is based upon the Company’s historical volatility. (b)The expected term was determined based upon the underlying terms of the awards and the category and employment history of employee award recipient. The grant date fair value of the stock options granted during the six months ended June 30, 2021 was $3,239, which will be recognized over the vesting period of the options. Market Condition Restricted Shares Granted: On May 28, 2021, the Company issued and granted to the Executive Chairman a restricted stock award of 500 restricted shares under the 2015 Plan, of which 500 restricted shares will vest if, on or before May 28, 2024, the Fair Market Value (as defined in the Plan) of the Company’s common stock shall have equaled or exceeded $35.00 per share for twenty consecutive trading days. For computing the fair value of the restricted shares with a market condition, the fair value of the restricted stock award grant has been estimated as of the date of grant using the Monte-Carlo pricing model with the following assumptions:
|  | May 28, 2021 |
Number issued |  | 500 |
Vesting period |  | $35.00 stock price target |
Grant price (per share) |  | $23.69 |
Dividend yield |  | 0.42% |
Expected volatility |  | 42.3% |
Risk-free interest rate |  | 0.30% |
Expected term (years) |  | 1.05 |
Weighted average fair value (per share) |  | $14.46 |
Using these assumptions, the fair value of the market condition restricted stock awards granted on May 28, 2021 was approximately $7,230. The total non-cash stock compensation expense related to restricted stock, stock options and stock awards recorded by the Company for the three months ended June 30, 2021 and 2020 was $1,826 and $616, respectively, and for the six months ended June 30, 2021 and 2020 was $3,350 and $1,229, respectively. For the three and six months ended June 30, 2021 and 2020, the majority of stock-based compensation costs were classified as selling, general and administrative expenses. As of June 30, 2021, there were 2,143 unvested stock options and unrecognized compensation cost of $8,508 related to unvested stock options, as well as 1,000 unvested restricted stock awards and unrecognized compensation costs of $8,300 related to unvested restricted stock awards.

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