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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2022
Stock-Based Compensation |
Stock-Based Compensation | 9. Stock-Based Compensation 2005 Incentive Compensation Plan On May 13, 2019 our stockholders approved an amendment to the Second Amended and Restated Saga Communications, Inc. 2005 Incentive Compensation Plan (as amended, the “Second Restated 2005 Plan”). This plan was first approved in 2005, and subsequently re-approved in 2010 and 2013. The amendment to the Second Restated 2005 Plan (i) extended the date for making awards to September 6, 2023 and (ii) increased the number of authorized shares under the Plan by 90,000 shares of Class B Common Stock. The Second Restated 2005 Plan allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to eligible employees and non-employee directors. The number of shares of Common Stock that may be issued under the Second Restated 2005 Plan may not exceed 370,000 shares of Class B Common Stock, or 990,000 shares of Class A Common Stock of which up to 620,000 shares of Class A Common Stock may be issued pursuant to incentive stock options and 370,000 shares of Class A Common Stock may be issuable upon conversion of Class B Common Stock. Awards denominated in Class A Common Stock may be granted to any employee or director under the Second Restated 2005 Plan. Upon the passing of Mr. Christian, we no longer have any holders of Class B Common Stock, as those awards denominated in Class B Common Stock were only able to be granted to Mr. Christian. Stock options granted under the Second Restated 2005 Plan may be for terms not exceeding ten (10) years from the date of grant and may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant. Stock-Based Compensation All stock options granted were fully vested and expensed at December 31, 2012; therefore, there was no compensation expense related to stock options for the three and nine months ended September 30, 2022 and 2021, respectively. There were no stock options granted during 2022 or 2021 and there were no stock options outstanding as of September 30, 2022. All outstanding stock options were exercised in 2017. The following summarizes the restricted stock transactions for the three and nine months ended September 30, 2022: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Grant Date
​ | ​ | ​ | ​ | Fair
​ |  | Shares |  | Value
Outstanding at January 1, 2022 | ​ | 100,609 | ​ | $ | 24.85
Vested | ​ | 55,582 | ​ | ​ | 25.21
Forfeited | ​ | — | ​ | ​ | —
Non-vested and outstanding at September 30, 2022 |  | 45,027 |  | $ | 24.40
​ ​ For the three and nine months ended September 30, 2022 and 2021, we had $1,049,000, $1,726,000, $348,000 and $1,048,000, respectively, of total compensation expense related to restricted stock-based compensation arrangements. This expense is included in corporate general and administrative expenses in our results of operations. The increase in the expense for the three and nine months ended September 30, 2022 is due to the immediate vesting of Mr. Christian’s restricted stock upon his death per his employment agreement of approximately $700,000. The associated tax benefit recognized for the three and nine months ended September 30, 2022 and 2021 was $41,000, $115,000, $30,000 and $94,000, respectively.

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