Restricted Stock, Restricted Stock Units, and Stock Options

3 Months Ended

Mar. 31, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Restricted Stock, Restricted Stock Units, and Stock Options

Note 2. Restricted Stock, Restricted Stock Units, and Stock Options

As of March 31, 2023, the Company has three equity incentive plans: the AMERISAFE Non-Employee Director Restricted Stock Plan (the Restricted Stock Plan), the AMERISAFE 2012 Equity and Incentive Compensation Plan (the 2012 Incentive Plan) and the 2022 Equity and Incentive Compensation Plan (the 2022 Incentive Plan). In connection with the approval of the 2022 Incentive Plan by the Company’s shareholders at the annual meeting of shareholders in June 2022, 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. See Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding the Company’s incentive plans.

During the three months ended March 31, 2023, the Company issued 9,064 restricted stock units to officers. The market value of these shares totaled $0.5 million. During the three months ended March 31, 2022, the Company issued 261 shares of restricted common stock to a non-employee director. The market value of these shares totaled $12.5 thousand.

The Company had no stock options outstanding as of March 31, 2023.

The Company recognized share-based compensation expense of $0.2 million in the quarter ended March 31, 2023. Due to changes in variable share price based incentive compensation, the Company recognized a benefit of $9.0 thousand in the quarter ended March 31, 2022.