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STOCK COMPENSATION | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
STOCK COMPENSATION | STOCK COMPENSATION Option Awards A summary of the Company’s stock option activity and related information for the three months ended March 31, 2022 is as follows:
| Options |  | Weighted- average exercise price |  | Weighted- average remaining contractual life (years) |  | Aggregate intrinsic value (in thousands)
Options outstanding, January 1, 2022 | 1,094,575 |  |  | $ | 13.64 |  |  |  |  |
Exercises | (30,000) |  |  | 11.64 |  |  |  |  |
Cancellations | (5,125) |  |  | 10.60 |  |  |  |  |
Options outstanding, March 31, 2022 | 1,059,450 |  |  | 13.71 |  |  | 4.7 |  | $ | 1,291 |
Options exercisable, March 31, 2022 | 892,615 |  |  | $ | 14.40 |  |  | 4.2 |  | $ | 773 |
Total unrecognized stock option expense remaining (in thousands) | $ | 347 |  |  |  |  |  |  |
Weighted-average years expected to be recognized over | 1.5 |  |  |  |  |  |
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their stock options on March 31, 2022. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company’s common stock on March 31, 2022 and the exercise price. Restricted Stock A summary of the Company’s restricted stock activity and related information for the three months ended March 31, 2022 is as follows:
| Restricted Shares |  | Weighted- average grant date fair value
Non-vested restricted shares, January 1, 2022 | 429,601 |  |  | $ | 11.47 |
Grants | 210,825 |  |  | 12.19 |
Vested | (44,164) |  |  | 14.18 |
Cancellations | (3,428) |  |  | 10.97 |
Non-vested restricted shares, March 31, 2022 | 592,834 |  |  | $ | 11.53 |
Total unrecognized compensation expense remaining (in thousands) | $ | 5,591 |  |  |
Weighted-average years expected to be recognized over | 2.0 |  |
The total fair value of restricted stock that vested during the three months ended March 31, 2022 was $0.6 million. Performance shares Each performance award represents the right to receive up to 150% of the target number of shares of common stock. The number of shares of common stock earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board of Directors. The shares are subject to the terms and conditions of the Company’s Plan. A summary of the Company’s performance-based award activity and related information for the three months ended March 31, 2022 is as follows:
| Performance- based stock awards (1) |  | Weighted- average grant date fair value
Non-vested performance-based awards, January 1, 2022 | 436,330 |  |  | $ | 10.54 |
Grants | 123,000 |  |  | 12.19 |
Achieved performance over target (2) | 12,035 |  |  | 9.20 |
Vested | (166,935) |  |  | 9.20 |
Cancellations | (2,525) |  |  | 10.70 |
Non-vested performance-based awards, March 31, 2022 | 401,905 |  |  | $ | 11.56 |
Total unrecognized compensation expense remaining (in thousands) | $ | 3,583 |  |  |
Weighted-average years expected to be recognized over | 2.1 |  |
(1)Represents the target number of shares to be issued for each performance-based award. (2)Represents the number of shares earned over target for performance-based awards granted in 2019 based on performance goals attained. These awards vested in the three months ended March 31, 2022. The total fair value of performance-based awards that vested during the three months ended March 31, 2022 was $2.0 million. At March 31, 2022, there were 40,288 shares available for awards that could be granted under the Plan, assuming maximum performance of performance-based awards. Cash-settled performance-based awards Each cash-settled performance-based award represents the right to receive up to 150% of the target number of deferred stock units with payment in cash equivalent to the value of one share of the Company's common stock. The number of deferred stock units earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board of Directors. The cash-settled performance-based awards are subject to the terms and conditions of the Company’s Plan. A summary of the Company’s cash-settled performance-based awards activity and related information for the three months ended March 31, 2022 is as follows:
| Cash-settled performance-based awards (1) |  | Weighted- average fair value
Non-vested cash-settled performance-based awards, January 1, 2022 | — |  |  | $ | — |
Grants | 87,825 |  |  | 12.19 |
Cancellations | (875) |  |  | 12.19 |
Non-vested cash-settled performance-based awards, March 31, 2022 | 86,950 |  |  | $ | 12.84 |
Total unrecognized compensation expense remaining (in thousands) | $ | 1,089 |  |  |
Weighted-average years expected to be recognized over | 2.8 |  |
(1) Represents the target number of units to be settled in cash. Compensation expense for cash-settled performance-based awards is recognized over the vesting period and will vary based on remeasurement during the performance period. If achievement of the performance metrics is not probable of achievement during the performance period, compensation expense is reversed. The awards are forfeited if the performance metrics are not achieved as of the end of the performance period. The cash-settled performance-based awards are liability-classified awards and are recorded within other long-term liabilities in the Company's condensed consolidated balance sheet. These awards are remeasured to fair value at the end of each reporting period until settlement. The cash-settled performance-based awards vest at the end of a three year period, as determined by the Compensation Committee. The Company recorded stock compensation expense as follows (in thousands):
| Three Months Ended March 31, |  |
Stock Compensation Expense Components | 2022 |  | 2021 |  |  |  |
Equity based stock option expense | $ | 87 |  |  | $ | 124 |  |  |  |  |
Restricted and performance-based stock awards expense | 1,064 |  |  | 1,315 |  |  |  |  |
Stock compensation expense for equity based awards | $ | 1,151 |  |  | $ | 1,439 |  |  |  |  |
Liability based stock option expense | (5) |  |  | 5 |  |  |  |  |
Cash-settled performance-based awards | 28 |  |  | — |  |  |  |  |
Total Stock Compensation Expense | $ | 1,174 |  |  | $ | 1,444 |  |  |  |  |

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