Stock-Based Compensation Plan (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Arrangement

Compensation expense recognized in connection with equity-based awards was as follows for the periods indicated (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Compensation expense	$	254	$	224	$	712	$	641

Share-based Compensation, Activity

The following table presents restricted stock unit award activity for the periods indicated:

		Weighted-
		Average Grant
	Number of	Date Fair Value
	Shares	per Share (1)
Restricted stock unit awards at January 1, 2022	38,265	$	28.78
Granted under 2018 LTIP (2)	26,796	$	31.83
Granted as inducement awards (3)	30,518	$	33.75
Vested	(19,892)	$	29.15
Forfeited	(3,521)	$	30.33
Restricted stock unit awards at September 30, 2022	72,166	$	31.84

_______________

(1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

(2)The aggregate grant date fair value of restricted stock unit awards issued during the first nine months of 2022 was $0.9 million based on a grant date market price of our common shares ranging from $31.80 to $37.42 per share.

(3)These awards were granted in connection with the acquisition of Phoenix and Firebird (see Note 6 for further information). The aggregate grant date fair value of these restricted stock unit awards issued on August 12, 2022 was $1.0 million based on a grant date market price of our common shares of $33.75 per share.

The following table presents performance share unit award activity for the periods indicated:

		Weighted-
		Average Grant
	Number of	Date Fair Value
	Shares	per Share (1)
Performance share unit awards at January 1, 2022	21,492	$	26.64
Granted (2)	13,458	$	31.80
Vested	(289)	$	28.25
Forfeited	(1,297)	$	30.87
Performance share unit awards at September 30, 2022	33,364	$	28.54

_______________

(1)Determined by dividing the aggregate grant date fair value of awards by the number of awards issued.

(2)The aggregate grant date fair value of performance share unit awards issued during the first nine months of 2022 was $0.4 million based on a grant date market price of our common shares of $31.80 per share and assuming a performance factor of 100 percent.