(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 and warrants and the grant of restricted stock units for the three months ended March 31, 2023 would have been 167.

Equity Compensation Plans

Stock Options

There were no stock options granted, exercised or forfeited in either the first quarter of 2023 or the first quarter of 2022. There were 211,702 stock options outstanding at March 31, 2023 with a weighted average exercise price of $36.89 and 220,937 stock options outstanding at March 31, 2022 with a weighted average exercise price of $36.47.


				Weighted Avg.
				Remaining
Range of Exercise Prices for	Outstanding at	Weighted Avg.		Contractual Life	Total Intrinsic
Outstanding Options	March 31, 2023	Exercise Price		(in years)	Value
$23.00 - $28.00	74,663	$	26.29	3.0	$	2,987
$28.00 - $32.00	14,073	$	29.84	2.3		513
$32.00 - $47.00	122,966	$	44.13	6.8		2,725
	211,702	$	36.89	5.2	$	6,225

Vested options	143,561	$	32.82	4.4	$	4,805

As of March 31, 2023, the unrecognized compensation expense related to unvested stock options that will be recognized during future periods is as follows:


Balance of 2023	$	154
2024	$	111
2025	$	15


Number of option holders at March 31, 2023		14

Restricted Stock Units

A summary of restricted stock units relating to common stock (“RSUs”) awarded under the INDUS Realty, LLC 2020 Incentive Award Plan for the three months ended March 31, 2023 and 2022 is as follows:


	Time-based vesting
	March 31, 2023			March 31, 2022
	Number of		Grant Date Fair	Number of		Grant Date Fair
	Units		Value Weighted Avg.	Units		Value Weighted Avg.
Outstanding at beginning of period	22,332	$	66.56	12,829	$	64.43
Granted	11,692	$	63.82	7,991	$	76.71
Adjustment for dividends	63	$	—	26	$	—
Vested and distributed	(3,294)	$	67.09	(2,718)	$	63.15
Forfeited	—	$	—	(813)	$	63.15
Outstanding at end of period	30,793	$	65.33	17,315	$	70.26


	Performance-based vesting
	March 31, 2023			March 31, 2022
	Number of		Grant Date Fair	Number of		Grant Date Fair
	Units		Value Weighted Avg.	Units		Value Weighted Avg.
Outstanding at beginning of period	15,054	$	89.50	8,136	$	78.97
Granted	11,685	$	73.25	7,999	$	100.19
Adjustment for dividends	43	$	—	16	$	—
Forfeited	—	$	—	(1,219)	$	79.33
Outstanding at end of period	26,782	$	82.26	14,932	$	90.22

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, 2023, the unrecognized compensation expense related to RSUs that will be recognized during future periods is as follows:


Balance of 2023	$	1,084
2024	$	852
2025	$	418
2026	$	29

Compensation expense for stock options and RSUs was as follows:

Dividends

For the three months ended March 31, 2023, the Company’s common dividend was as follows:


Quarter Ended	Record Date	Payment Date	Common dividend per share
March 31, 2023	March 31, 2023	April 14, 2023	$0.18

For the three months ended March 31, 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

For the Three Months Ended

March 31, 2023

March 31, 2022

Compensation expense