(a)

Incremental shares from the assumed exercise of INDUS stock options are not included in periods where the inclusion of such shares would be anti-dilutive. The incremental shares from the assumed exercise of stock options for the first quarter of 2021 would have been 95,000. For the first quarter of 2021, there was also a Warrant for the purchase of 515,747 shares of Common Stock that was anti-dilutive.

Equity Compensation Plans

Stock Options

There were no stock options granted in either the first quarter of 2022 or the first quarter of 2021.

As of March 31, 2022, the unrecognized compensation expense related to unvested stock options that will be recognized during future periods is as follows:


Balance of 2022	$	272
2023	$	231
2024	$	111
2025	$	15


Number of option holders at March 31, 2022		14

A summary of INDUS’ stock option activity is as follows:


	For the Three Months Ended
	March 31, 2022			March 31, 2021
	Number of		Weighted Avg.	Number of		Weighted Avg.
	Shares		Exercise Price	Shares		Exercise Price
Outstanding at beginning of period	220,937	$	36.47	246,150	$	36.06
Adjustment for stock dividend	—	$	—	5,413	$	34.29
Exercised	—	$	—	(233)	$	26.31
Outstanding at end of period	220,937	$	36.47	251,330	$	35.28


				Weighted Avg.
				Remaining
Range of Exercise Prices for	Outstanding at	Weighted Avg.		Contractual Life	Total Intrinsic
Outstanding Options	March 31, 2022	Exercise Price		(in years)	Value
$23.00 - $28.00	81,987	$	26.23	4.0	$	3,842
$28.00 - $32.00	14,073	$	29.84	3.3		609
$32.00 - $47.00	124,877	$	43.93	7.7		3,641
	220,937	$	36.47	6.0	$	8,092

Vested options	111,258	$	28.13	4.2	$	5,002

Restricted Stock Units

A summary of restricted stock units of Common Stock (“RSUs”) awarded under the INDUS Realty, LLC 2020 Incentive Award Plan for the first quarters of 2022 and 2021 is as follows:


	Time-based vesting
	March 31, 2022			March 31, 2021
	Number of		Weighted Avg.	Number of		Grant Date
	Units		Exercise Price	Units		Fair Value
Outstanding at beginning of period	12,829	$	64.43	—	$	-
Granted	7,991	$	76.71	8,508	$	63.15
Adjustment for dividends	26	$	-	—	$	-
Vested and distributed	(2,718)	$	63.15	—	$	-
Forfeited	(813)	$	63.15	—	$	-
Outstanding at end of period	17,315	$	70.26	8,508	$	63.15


	Performance-based vesting
	March 31, 2022			March 31, 2021
	Number of		Weighted Avg.	Number of		Grant Date
	Units		Exercise Price	Units		Fair Value
Outstanding at beginning of period	8,136	$	78.97	—	$	-
Granted	7,999	$	100.19	8,508	$	79.33
Adjustment for dividends	16	$	-	—	$	-
Forfeited	(1,219)	$	79.33	—	$	-
Outstanding at end of period	14,932	$	90.22	8,508	$	79.33

The time-based vesting RSUs granted to employees vest over three years in equal installments subject to the recipient’s continued employment. The time-based vesting RSUs granted to non-employee directors vest in one year. The performance-based vesting RSUs granted to employees vest after a period of three years and will be measured over the three-year period on pre-established goals. The holders of RSUs will receive credit for dividends, but do not have voting rights. The RSUs may not be sold, assigned, transferred, pledged or otherwise disposed of and are subject to risk of forfeiture prior to the expiration of the applicable vesting period.

As of March 31, 2022, the unrecognized compensation expense related to RSUs that will be recognized during future periods is as follows:


Balance of 2022	$	752
2023	$	695
2024	$	360
2025	$	585

Compensation expense for stock options and RSUs was as follows:

Dividends

For the first quarter of 2022, the Company’s common dividend was as follows:


Quarter Ended	Record Date	Payment Date	Common dividend per share
March 31, 2022	March 31, 2022	April 15, 2022	$0.16

On January 13, 2021, in conjunction with its election to be taxed as a REIT, INDUS announced a special dividend of $11,250 or $1.99 per share payable on March 8, 2021 in the form of cash or additional shares of the Company’s Common Stock, to holders of record as of January 22, 2021. The cash portion of the special dividend paid to stockholders was $3,404 and 125,212 shares of Common Stock were issued.

For the Three Months Ended

March 31, 2022

March 31, 2021

Compensation expense