STOCK-BASED COMPENSATION PLANS

3 Months Ended

Mar. 31, 2023

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS

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 three months ended March 31, 2023, 109,789 shares of unvested restricted stock were awarded at a weighted average market value of $42.40. Of the restricted shares granted, 74,495 shares have performance-based vesting conditions. The value of the shares expected to vest 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 three months ended March 31, 2023:

	Number of
	shares
Outstanding at beginning of period	304,947
Awarded	109,789
Vested	(9,552)
Forfeited	(1,210)
Outstanding at end of period	403,974

Stock-based compensation expense, net of forfeitures, of $1,267 and $1,349 was recorded for the three months ended March 31, 2023 and 2022, respectively.