Restricted Stock Plan

3 Months Ended

Mar. 31, 2023

Restricted Stock Plan [Abstract]

Restricted Stock Plan

NOTE 7: Long Term Incentive Plan

On January 31, 2023, the Company granted shares of Common Stock in the form of time-based and market-based restricted stock to the employees and officers of the Company. Officers were awarded 299,900 market-based shares with a fair value on their award date of $1,541,893. Upon vesting, the market-based shares that do not meet certain performance criteria are forfeited. Both employees and certain officers were also awarded 97,053 time-based shares with a fair value on the award date of $350,362. The shares issued to employees time-vest ratably over a three-year period ending in December of 2025, and the shares awarded to the officers cliff vest at the end of a three-year period ending in December of 2025. All shares granted on January 31, 2023 have voting rights during the vesting period.

Compensation expense for the restricted stock awards is recognized in G&A. Forfeitures of awards are recognized when they occur. The following table summarizes the Company’s pre-tax compensation expense for the three months ended March 31, 2023 and 2022 related to the Company’s market-based, time-based and performance-based restricted stock:

	Three Months Ended
	March 31,
	2023		2022
Market-based, restricted stock	$	523,410	$	313,872
Time-based, restricted stock		57,588		119,265
Total compensation expense	$	580,998	$	433,137

A summary of the Company’s unrecognized compensation cost for its unvested market-based and time-based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized is shown in the following table:

	As of March 31, 2023
	Unrecognized Compensation Cost		Weighted Average Period (in years)
Market-based, restricted stock	$	2,015,065		1.51
Time-based, restricted stock		519,875		2.37
Total	$	2,534,940