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STOCK BASED COMPENSATION
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK BASED COMPENSATION STOCK BASED COMPENSATION
Under the 2022 Omnibus Incentive Plan (the “2022 Plan”) the Company is authorized to issue a maximum aggregate of 2,000,000 shares of common stock. All restricted stock and performance share awards outstanding at June 30, 2024 were issued under the 2022 Plan. At June 30, 2024, there were 786,851 shares reserved and available for issuance under the 2022 Plan.
The Company accounts for stock based employee compensation plans using the fair value-based method of accounting. The Company recognized total stock based compensation expense of $2.8 million and $2.8 million for both of the three months ended June 30, 2024 and 2023 and $5.6 million and $5.4 million for the six months ended June 30, 2024 and 2023, respectively.
Stock Options
Stock options outstanding at June 30, 2024 were issued under equity compensation plans that are no longer active. No additional shares may be issued under these compensation plans.
Stock option activity during the six months ended June 30, 2024 was as follows:
Number of
Options 		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual Term		Aggregate
Intrinsic
Value
(In thousands)  (In years)(In thousands)
Options outstanding, January 1, 2024258 $18.56 2.09$2,398 
Options granted— — 
Options exercised(53)15.05 
Options forfeited(4)14.11 
Options outstanding, June 30, 2024201 $19.57 1.96$791 
Options vested and exercisable, June 30, 2024
201 $19.57 1.96$791 
Restricted Stock Awards
The fair value of the Company’s restricted stock awards is estimated based on the market value of the Company’s common stock at the date of grant, which is the closing price of the Company’s common stock on the day before the grant date. The shares of restricted stock granted generally vest over a period of two or three years from the date of grant and the Company accounts for shares of restricted stock by recording the fair value of the grant on the award date as compensation expense over the vesting period.
Shares of restricted stock are considered outstanding at the date of issuance as the grantee becomes the record owner of the restricted stock and has voting, dividend and other shareholder rights. The shares of restricted stock are non-transferable and subject to forfeiture until the restricted stock awards vest and any dividends with respect to the restricted stock awards are subject to the same restrictions, including the risk of forfeiture.
Nonvested shares of restricted stock activity during the six months ended June 30, 2024 was as follows:
Number of
Shares 		Weighted-
Average Grant
Date Fair Value
(In thousands)
Nonvested share awards outstanding, January 1, 2024
458 $29.38 
Share awards granted311 23.17 
Share awards vested(85)25.18 
Unvested share awards forfeited or cancelled(45)24.88 
Nonvested share awards outstanding, June 30, 2024
639 $27.23 
As of June 30, 2024, there was $11.6 million of unrecognized compensation expense related to restricted stock awards which is expected to be recognized over a weighted-average period of 1.87 years.
Performance Share Awards (“PSAs”)
PSAs are generally earned subject to certain performance goals being met after the two-year performance period and will be settled in shares of Company common stock following a one-year service period. There were 77,624 PSAs awarded during the six months ended June 30, 2024. The grant date fair value of the PSAs is based on the probable outcome of the applicable performance conditions and is calculated at target based on a combination of the closing market price of our common stock on the grant date and a Monte Carlo simulated fair value in accordance with accounting standards codification (“ASC”) 718. At June 30, 2024, there was $3.6 million of unrecognized compensation expense related to the PSAs, which is expected to be recognized over a weighted-average period of 2.08 years.