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STOCK COMPENSATION
 6 Months Ended
Jun. 30, 2022
Share-based Payment Arrangement [Abstract]  
STOCK COMPENSATION STOCK COMPENSATION
On June 23, 2022, the stockholders of the Company approved an amendment and restatement of the Company's Amended and Restated 2000 Long Term Incentive Plan (the "Plan"). The amendment and restatement of the Plan revised the terms and conditions of the Plan to, among other things, increase the shares available for grant under the Plan by 1,180,000 shares. As of June 30, 2022, there were 1,123,954 shares available for the grant of awards under the Plan, assuming maximum performance of performance-based awards.
Option Awards
A summary of the Company’s stock option activity and related information for the six months ended June 30, 2022 is as follows:
OptionsWeighted-
average
exercise price		Weighted-
average
remaining
contractual
life (years)		Aggregate
intrinsic
value
(in thousands)
Options outstanding, January 1, 2022
1,094,575 $13.64 
Grants56,000 11.45 
Exercises(60,000)11.64 
Cancellations(5,125)10.60 
Expirations(11,850)13.30 
Options outstanding, June 30, 2022
1,073,600 13.66 4.9$668 
Options exercisable, June 30, 2022
958,725 $13.93 4.4$579 
Total unrecognized stock option expense remaining (in thousands)$601 
Weighted-average years expected to be recognized over2.1
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 June 30, 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 June 30, 2022 and the exercise price.
Restricted Stock
A summary of the Company’s restricted stock activity and related information for the six months ended June 30, 2022 is as follows:
Restricted
Shares		Weighted-
average grant
date fair
value
Non-vested restricted shares, January 1, 2022
429,601 $11.47 
Grants266,713 12.03 
Vested(171,799)11.89 
Cancellations(5,256)10.73 
Non-vested restricted shares, June 30, 2022
519,259 $11.63 
Total unrecognized compensation expense remaining (in thousands)$5,469 
Weighted-average years expected to be recognized over1.8
The total fair value of restricted stock that vested during the six months ended June 30, 2022 was $2.1 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 six months ended June 30, 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 
Grants123,000 12.19 
Achieved performance over target (2)
12,035 9.20 
Vested(166,935)9.20 
Cancellations(3,776)10.50 
Non-vested performance-based awards, June 30, 2022
400,654 $11.56 
Total unrecognized compensation expense remaining (in thousands)$3,059 
Weighted-average years expected to be recognized over1.9
(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 six months ended June 30, 2022 was $2.0 million.
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 six months ended June 30, 2022 is as follows:
Cash-settled performance-based awards (1)
Weighted-
average fair
value
Non-vested cash-settled performance-based awards, January 1, 2022
— $— 
Grants87,825 11.05 
Cancellations(1,237)11.85 
Non-vested cash-settled performance-based awards, June 30, 2022
86,588 $11.04 
Total unrecognized compensation expense remaining (in thousands)$849 
Weighted-average years expected to be recognized over2.5
(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
June 30,
Six Months Ended
June 30,
Stock Compensation Expense Components2022202120222021
Equity based stock option expense$93 $102 $180 $226 
Restricted and performance-based stock awards expense1,187 1,221 2,251 2,536 
Stock compensation expense for equity based awards$1,280 $1,323 $2,431 $2,762 
Liability based stock option expense(1)5 (6)10 
Cash-settled performance-based awards expense86 — 114 — 
Total Stock Compensation Expense$1,365 $1,328 $2,539 $2,772