STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2021

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

7.    STOCK-BASED COMPENSATION

Stock Incentive Plans

The Company’s Stock Incentive Plans provide for the granting of stock awards, including restricted stock, stock options and stock appreciation rights, to employees and non-employees, including directors of the Company.

Restricted Stock

For the nine months ended September 30, 2021, 109,462 shares of unvested restricted stock were awarded at a weighted average market value of $32.06. Of the restricted shares granted, 63,432 shares have performance-based vesting conditions. The value of the shares is amortized to compensation expense over the related service period, which is normally three years, or over the estimated performance period. Shares of unvested restricted stock are generally forfeited if a recipient leaves the Company before the vesting date. Shares that are forfeited become available for future awards.

The following is a summary of restricted stock activity for the nine months ended September 30, 2021:

	Number of
	shares
Outstanding at beginning of period	357,342
Awarded	109,462
Vested	(145,094)
Forfeited	(10,044)
Outstanding at end of period	311,666

Stock-based compensation expense, net of forfeitures, of $1,303 and $920 was recorded for the three months ended September 30, 2021 and 2020, respectively. For the nine months ended September 30, 2021 and 2020, stock based compensation expense, net of forfeitures, of $3,100 and $2,640 was recorded, respectively.