STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

STOCK-BASED COMPENSATION

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 three months ended March 31, 2024, 175,721 shares of unvested restricted stock were awarded at a weighted average market value of $30.02. Of the restricted shares granted, 107,377 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, 2024:

	Number of
	shares
Outstanding at beginning of period	254,110
Awarded	175,721
Vested	(7,945)
Forfeited	(2,263)
Outstanding at end of period	419,623

Stock-based compensation expense, net of forfeitures, of $1,211 and $1,267 was recorded for the three months ended March 31, 2024 and 2023, respectively.