Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 11: Stock-Based Compensation

The Company issues stock-based compensation in the form of non-vested restricted stock, restricted stock units and stock

appreciation rights under the 2018 Omnibus Equity Incentive Plan (as amended, the “Omnibus Plan”). The Omnibus Plan will expire on

the tenth anniversary of its effective date. In addition, the Company has an Employee Stock Purchase Plan. The aggregate number of

shares authorized for future issuance under the Omnibus Plan is

1,328,538

 shares as of September 30, 2023.

The table below summarizes the stock-based compensation for the three- and nine-months-ended September 30, 2023 and 2022:

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

2023

2022

2023

2022

(Dollars in thousands)

Stock appreciation rights

$

27

$

75

$

168

$

262

Performance-based stock awards

305

200

839

611

Restricted stock units and awards

807

763

2,575

2,336

Employee stock purchase plan

69

31

129

95

Total stock-based compensation

$

1,208

$

1,069

$

3,711

$

3,304

Performance-Based Restricted Stock Units

The Company awards performance-based restricted stock units (“PBRSUs”) to key officers of the Company. The PBRSUs

typically cliff-vest at the end of

three years

 based on attainment of certain performance metrics developed by the Compensation

Committee. The ultimate number of shares issuable under each performance award is the product of the award target and the award

payout percentage given the level of achievement. The award payout percentages by level of achievement range between

0

% of target

and

150

% of target.

During the nine-month period ended September 30, 2023, the Company granted

128,005

 PBRSUs. The performance metrics

include three-year cumulative earnings per share and relative total shareholder return.

The following table summarizes the status of and changes in the PBRSUs:

Unrecognized stock-based compensation related to the performance awards issued through September 30, 2023 was $

2.1

 million

and is expected to be recognized over

2.1

 years.

Restricted Stock Units and Restricted Stock Awards

The Company issues time-based restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) to provide incentives to

key officers, employees, and non-employee directors. Awards are typically granted annually as determined by the Compensation

Committee. The service-based RSUs typically vest in equal amounts over

three years

. The service-based RSAs typically cliff-vest after

one year

.

The following table summarizes the status of and changes in the RSUs and RSAs:

Unrecognized stock-based compensation related to the RSUs and RSAs issued through September 30, 2023 was $

4.8

 million and

is expected to be recognized over

1.9

 years.

Performance-Based Restricted 

Stock Unit Awards

Number of Shares

Weighted-Average

Grant Date Fair Value

Unvested, January 1, 2023

134,286

$

14.52

Granted

128,005

14.13

Vested

(20,736)

13.55

Forfeited

(7,227)

14.90

Unvested, September 30, 2023

234,328

$

14.38

Restricted Stock Units and Awards

Number of Shares

Weighted-Average

Grant Date Fair Value

Unvested, January 1, 2023

416,980

$

14.13

Granted

333,979

13.20

Vested

(226,721)

13.60

Forfeited

(44,620)

14.33

Unvested, September 30, 2023

479,618

$

13.62