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STOCK COMPENSATION | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
STOCK COMPENSATION | STOCK COMPENSATION As of March 31, 2023, there were 652,923 shares available for the grant of awards under the Company's Amended and Restated 2000 Long Term Incentive Plan (“Plan”), assuming maximum performance of performance-based awards. Option Awards A summary of the Company’s stock option activity and related information for the three months ended March 31, 2023 is as follows:
| Options |  | Weighted- average exercise price |  | Weighted- average remaining contractual life (years) |  | Aggregate intrinsic value (in thousands)
Options outstanding, January 1, 2023 | 1,065,750 |  |  | $ | 13.66 |  |  |  |  |
Grants | 50,000 |  |  | 5.92 |  |  |  |  |
Cancellations | (3,375) |  |  | 11.22 |  |  |  |  |
Expirations | (1,750) |  |  | 9.71 |  |  |  |  |
Options outstanding, March 31, 2023 | 1,110,625 |  |  | 13.32 |  |  | 4.4 |  | $ | — |
Options exercisable, March 31, 2023 | 965,875 |  |  | $ | 13.93 |  |  | 3.7 |  | $ | — |
Total unrecognized stock option expense remaining (in thousands) | $ | 506 |  |  |  |  |  |  |
Weighted-average years expected to be recognized over | 2.0 |  |  |  |  |  |
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, 2023. 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, 2023 and the exercise price. On March 8, 2023, the exercise period for the Executive Chairman’s outstanding vested stock options were extended to remain exercisable until ninety days following termination of his service on the Company's Board of Directors. The outstanding stock options remain subject to original expiration dates of such awards. The Company recorded $0.1 million of stock compensation expense in connection with this extension during the three months ended March 31, 2023. Restricted Stock A summary of the Company’s restricted stock activity and related information for the three months ended March 31, 2023 is as follows:
| Restricted Shares |  | Weighted- average grant date fair value
Non-vested restricted shares, January 1, 2023 | 484,143 |  |  | $ | 11.79 |
Grants | 191,075 |  |  | 5.92 |
Vested | (94,608) |  |  | 13.09 |
Cancellations | (5,938) |  |  | 11.15 |
Non-vested restricted shares, March 31, 2023 | 574,672 |  |  | $ | 9.63 |
Total unrecognized compensation expense remaining (in thousands) | $ | 4,565 |  |  |
Weighted-average years expected to be recognized over | 1.8 |  |
The total fair value of restricted stock that vested during the three months ended March 31, 2023 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, 2023 is as follows:
| Performance- based stock awards (1) |  | Weighted- average grant date fair value
Non-vested performance-based awards, January 1, 2023 | 400,302 |  |  | $ | 11.56 |
Grants | 191,075 |  |  | 5.92 |
Achieved performance over target (2) | 16,942 |  |  | 6.36 |
Vested | (119,739) |  |  | 6.36 |
Cancellations | (762) |  |  | 14.18 |
Non-vested performance-based awards, March 31, 2023 | 487,818 |  |  | $ | 10.44 |
Total unrecognized compensation expense remaining (in thousands)(3) | $ | 1,709 |  |  |
Weighted-average years expected to be recognized over | 2.0 |  |
(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 2020 based on performance goals attained. These awards vested in the three months ended March 31, 2023. (3)The performance metric for the performance-based awards granted in 2022 is not probable of achievement. Therefore, no compensation expense has been recorded on these awards. The total fair value of performance-based awards that vested during the three months ended March 31, 2023 was $0.7 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 three months ended March 31, 2023 is as follows:
| Cash-settled performance-based awards (1) |  | Weighted- average fair value
Non-vested cash-settled performance-based awards, January 1, 2023 | 85,776 |  |  | $ | 7.59 |
Cancellations | (1,561) |  |  | 5.88 |
Non-vested cash-settled performance-based awards, March 31, 2023 | 84,215 |  |  | $ | 5.88 |
Total unrecognized compensation expense remaining (in thousands)(2) | $ | — |  |  |
Weighted-average years expected to be recognized over | 0.0 |  |
(1) Represents the target number of units to be settled in cash. (2) The performance metric for the cash-settled performance-based awards granted in 2022 is not probable of achievement. Therefore, no compensation expense has been recorded on these awards. The Company recorded stock compensation expense as follows (in thousands):
| Three Months Ended March 31, |  |
Stock Compensation Expense Components | 2023 |  | 2022 |  |  |  |
Equity based stock option expense | $ | 129 |  |  | $ | 87 |  |  |  |  |
Restricted and performance-based stock awards expense | 737 |  |  | 1,064 |  |  |  |  |
Stock compensation expense for equity based awards | $ | 866 |  |  | $ | 1,151 |  |  |  |  |
Liability based stock option expense | (5) |  |  | (5) |  |  |  |  |
Cash-settled performance-based awards expense | — |  |  | 28 |  |  |  |  |
Total Stock Compensation Expense | $ | 861 |  |  | $ | 1,174 |  |  |  |  |

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