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STOCK-BASED COMPENSATION PLAN (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of the Nonvested Restricted Stock Awards Outstanding and the Assumptions Used to Estimate the Fair Value of the Awards
The following table summarizes the nonvested restricted stock awards outstanding at December 31, 2021, and the assumptions used to estimate the fair value of the awards:
 GrantsShares OutstandingFair Value Per ShareExpected VolatilityRisk-Free Interest Rate
Officers & Key Employees -2019 - TSR32,292 $32.88 23.2 %2.40 %
2019 - CEGR, Time69,265 31.38 N/AN/A
2020 - TSR38,813 $25.51 34.8 %0.21 %
2020 - CEGR, Time123,487 $25.19 N/AN/A
2021- TSR42,716 $28.11 39.9 %0.27 %
2021 - CEGR, Time185,902 $25.33 N/AN/A
Directors -202154,419 $24.75 N/AN/A
Summary of the Total Stock-Based Compensation Cost for the Period
The following table summarizes the total stock-based compensation cost to SJI for the years ended December 31 (in thousands):
 202120202019
Officers & Key Employees$5,069 $4,590 $4,371 
Directors897 1,207 838 
Total Cost5,966 5,797 5,209 
Capitalized(440)(46)(275)
Net Expense$5,526 $5,751 $4,934 
Summary of Information Regarding Restricted Stock Award Activity During the Period Excluding Accrued Dividend Equivalents The following table summarizes information regarding restricted stock award activity for SJI during 2021, excluding accrued dividend equivalents:
 Officers & Other Key EmployeesDirectors
Weighted
Average
Fair Value
Nonvested Shares Outstanding, January 1, 2021449,786 38,456 $28.88 
Granted243,540 54,419 $25.66 
Vested(172,019)(38,456)$30.37 
Cancelled/Forfeited(28,832)— $25.71 
Nonvested Shares Outstanding, December 31, 2021492,475 54,419 $26.72