In 2012, the Company’s shareholders approved the AMERISAFE 2012 Equity and Incentive Compensation Plan (the 2012 Incentive Plan). The 2012 Incentive Plan is administered by the Compensation Committee of the Board and is designed to attract, retain and motivate non-employee directors, officers, key employees and consultants by providing incentives for superior performance. The 2012 Incentive Plan authorizes the grant of equity-based compensation in the form of option rights, appreciation rights, restricted shares, restricted stock units, cash incentive awards, performance shares and units, and other types of awards. In connection with the approval of the 2022 Equity and Incentive Compensation Plan (the 2022 Incentive Plan) by the Company’s shareholders, no further grants will be made under the 2012 Incentive Plan. All grants made under the 2012 Incentive Plan will continue in effect, subject to the terms and conditions of the 2012 Incentive Plan.

In 2022, 40,959 shares of common stock and 1,062 shares of restricted stock were granted under the 2012 Incentive Plan, which will vest through 2027. In 2021, 24,288 shares of common stock were granted under the 2012 Incentive Plan.

The following table summarizes information about the common and restricted stock activity under the 2012 Incentive Plan:


	Shares			Weighted Average Grant Date Fair Value per Share
Nonvested balance at January 1, 2020		32,528			54.02
Granted		23,207			58.62
Vested		(40,421	)		54.31
Forfeited		—			—
Nonvested balance at December 31, 2020		15,314			60.23
Granted		27,388			64.36
Vested		(29,881	)		63.03
Forfeited		—			—
Nonvested balance at December 31, 2021		12,821			62.52
Granted		42,021			48.08
Vested		(44,311	)		49.21
Forfeited		—			—
Nonvested balance at December 31, 2022		10,531			60.92

The Company recognized compensation expense of $232,000, $234,000 and $605,000 in 2022, 2021 and 2020, respectively, related to share-based grants. The Company recognized compensation expense of $1,608,000, $1,741,000 and $2,341,000 in 2022, 2021 and 2020, respectively, related to long-term incentive awards under the 2012 Incentive Plan. The long-term incentive award is a liability award.

In 2022, the Company’s shareholders approved the AMERISAFE 2022 Equity and Incentive Compensation Plan (the 2022 Incentive Plan). The 2022 Incentive Plan is administered by the Compensation Committee of the Board and is designed to attract, retain and motivate non-employee directors, officers, key employees and consultants by providing incentives for superior performance. The 2022 Incentive Plan authorizes the grant of equity-based compensation in the form of option rights, appreciation rights, restricted shares, restricted stock units, cash incentive awards, performance shares and units, and other types of awards.

A maximum of 500,000 shares of common stock may be issued or transferred upon the exercise of option rights or appreciation rights, as restricted shares and released from substantial risk of forfeiture, in payment of restricted stock units, in payment of performance shares or performance units that have been earned, as awards of shares of common stock, as other awards granted under the 2022 Incentive Plan, or in payment of dividend equivalents paid with respect to awards made under the plan subject to adjustment in the event of a merger, stock dividend, stock split or similar event, which may be original issue shares or treasury shares or a combination of the two.

In 2022, 2,098 shares of restricted stock and 22,826 restricted stock units were granted under the 2022 Incentive Plan, which will vest through 2027 and 2026, respectively. At December 31, 2022, there were 475,076 shares of common stock available for future awards under the 2022 Incentive Plan.

The following table summarizes information about the restricted stock activity under the 2022 Incentive Plan:


	Shares		Weighted Average Grant Date Fair Value per Share
Nonvested balance at January 1, 2020		—		—
Granted		—		—
Vested		—		—
Forfeited		—		—
Nonvested balance at December 31, 2020		—		—
Granted		—		—
Vested		—		—
Forfeited		—		—
Nonvested balance at December 31, 2021		—		—
Granted		2,098		47.65
Vested		—		—
Forfeited		—		—
Nonvested balance at December 31, 2022		2,098		47.65

The following table summarizes information about the restricted stock unit activity under the 2022 Incentive Plan:


	Shares		Weighted Average Grant Date Fair Value per Share
Nonvested balance at January 1, 2020		—		—
Granted		—		—
Vested		—		—
Forfeited		—		—
Nonvested balance at December 31, 2020		—		—
Granted		—		—
Vested		—		—
Forfeited		—		—
Nonvested balance at December 31, 2021		—		—
Granted		22,826		48.19
Vested		—		—
Forfeited		—		—
Nonvested balance at December 31, 2022		22,826		48.19

The Company recognized compensation expense of $137,000 in 2022 related to share-based grants under the 2022 Incentive Plan.

The AMERISAFE Non-Employee Director Restricted Stock Plan (the Restricted Stock Plan) is administered by the Compensation Committee of the Board and provides for the automatic grant of restricted stock awards to non-employee directors of the Company. Awards to non-employee directors are generally subject to terms including non-transferability, immediate vesting upon death or total disability of a director, forfeiture of unvested shares upon termination of service by a director and acceleration of vesting upon a change of control of the Company. The maximum number of shares of common stock that may be issued pursuant to restricted stock awards under the Restricted Stock Plan is 150,000 shares, subject to the authority of the Board to adjust this amount in the event of a merger, consolidation, reorganization, stock split, combination of shares, recapitalization or similar transaction affecting the common stock. At December 31, 2022, there were 29,992 shares of common stock available for future awards under the Restricted Stock Plan.

Under the Restricted Stock Plan, each non-employee director is automatically granted a restricted stock award for a number of shares equal to $75,000 divided by the closing price of the Company’s common stock on the date of the annual meeting of shareholders at which the non-employee director is elected or is continuing as a member of the Board. Each restricted stock award vests on the date of the next annual meeting of shareholders following the date of grant, subject to the continued service of the non-employee director.

As of December 31, 2022, there were 11,888 shares of restricted stock outstanding under the Non-Employee Director Restricted Stock Plan, all of which will vest on the date of the annual meeting of shareholders in 2023.

The following table summarizes information about the restricted stock activity under the Non-Employee Director Restricted Stock Plan:


	Shares			Weighted Average Grant Date Fair Value per Share
Nonvested balance at January 1, 2020		4,890			61.34
Granted		5,269			68.88
Vested		(5,091	)		61.49
Forfeited		—			—
Nonvested balance at December 31, 2020		5,068			69.03
Granted		5,607			62.40
Vested		(5,068	)		69.03
Forfeited		—			—
Nonvested balance at December 31, 2021		5,607			62.40
Granted		12,149			50.41
Vested		(5,868	)		61.75
Forfeited		—			—
Nonvested balance at December 31, 2022		11,888			50.47

The Company recognized compensation expense of $502,000 in 2022, $344,000 in 2021 and $349,000 in 2020 related to the Non-Employee Director Restricted Stock Plan.