STOCK-BASED COMPENSATION PLAN (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022, and the assumptions used to estimate the fair value of the awards:

	Grants	Shares Outstanding	Fair Value Per Share		Expected Volatility		Risk-Free Interest Rate
Officers & Key Employees -	2020 - TSR	31,957	$	25.51	34.8	%	0.21	%
	2020 - CEGR, Time	80,644	$	25.19	N/A		N/A
	2021 - TSR	35,091	$	28.11	39.9	%	0.27	%
	2021 - CEGR, Time	171,526	$	25.33	N/A		N/A
	2022 - TSR	37,608	$	35.05	43.6	%	1.83	%
	2022 - CEGR, Time	147,327	$	35.05	N/A		N/A
Directors -	2021	54,419	$	24.75	N/A		N/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 three months ended March 31, 2022 and 2021 (in thousands):

	Three Months Ended March 31,
	2022		2021
Officers & Key Employees	$	1,317	$	1,264
Directors	112		10
Total Cost	1,429		1,274
Capitalized	(38)		(23)
Net Expense	$	1,391	$	1,251

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 the three months ended March 31, 2022, excluding accrued dividend equivalents:

	Officers and Other Key Employees	Directors	Weighted Average Fair Value
Nonvested Shares Outstanding, January 1, 2022	492,475	54,419	$	26.72
Granted	184,935	—	$	35.05
Cancelled/Forfeited	(71,775)	—	$	25.86
Vested	(101,482)	—	$	30.25
Nonvested Shares Outstanding, March 31, 2022	504,153	54,419	$	28.69