Share Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

NOTE 15 — SHARE-BASED COMPENSATION

The Company’s plan is to have broad-based, long-term programs intended to attract and retain talented employees and align stockholder and employee interests. We calculated the fair value of the restricted stock units ("RSUs") and performance stock units ("PSUs") at grant date based on the closing market price of our common stock at the date of grant. The compensation expense is recognized on a straight-line basis over the requisite vesting period of the award. The number of PSUs granted depends on the Company's achievement of target performance goals, which may range from 0% to 200% of the target award amount. The PSUs vest ratably over three years including the one-year performance period. Upon vesting, each stock award is exchangeable for one share of the Company's common stock, with accrued dividends.

The Company recognized total share-based compensation expense of $0.8 million and $0.4 million for the three months ended September 30, 2022 and 2021 respectively, and $1.9 million and $0.9 for the nine months ended September 30, 2022 and 2021, respectively.

As of September 30, 2022, the total unrecognized compensation expense related to the non-vested portion of the Company's restricted stock awards was $2.3 million, which is expected to be recognized over a weighted average period of 1.6 years. As of September 30, 2022, the total unrecognized compensation expense related to the non-vested portion of the Company's performance stock awards was $3.9 million, which is expected to be recognized over a weighted average period of 2.1 years.

The following table summarizes our RSUs and PSUs that were granted and vested during the nine months ended September 30, 2022:


	Restricted Stock Units					Performance Stock Units
	Number of units			Weighted average grant date fair value		Number of units		Weighted average grant date fair value
Unvested units as of December 31, 2021		309,292		$	9.71		—	$	—
Granted		125,599			11.82		385,458		12.14
Vested - issued		(90,649	)		9.24		—		—
Vested - unissued		(46,650	)		12.74		—		—
Unvested units as of September 30, 2022		297,592		$	10.27		385,458	$	12.14