STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2022

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION

8.    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 six months ended June 30, 2022, 166,650 shares of unvested restricted stock were awarded at a weighted average market value of $33.47. Of the restricted shares granted, 104,946 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 six months ended June 30, 2022:

	Number of
	shares
Outstanding at beginning of period	293,577
Awarded	166,650
Vested	(116,638)
Forfeited	(8,312)
Outstanding at end of period	335,277

Stock-based compensation expense, net of forfeitures, of $1,141 and $1,000 was recorded for the three months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, stock based compensation expense, net of forfeitures, of $2,490 and $1,797 was recorded, respectively.