STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2021

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

6.    STOCK-BASED COMPENSATION

In April 2014, the Company reserved 8,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of 10 years expiring in April 2024. This plan provides for the issuance of various forms of stock incentives, including, among others incentive and non-qualified stock options and restricted shares. As of June 30, 2021, there were 3,097,340 shares available for grant.

Stock-based employee compensation expense was as follows for the periods indicated:

	Three months ended				Six months ended
	June 30,				June 30,
(in thousands)	2021		2020		2021		2020
Pre-tax expense	$	1,471	$	2,017	$	3,010	$	4,114
After tax expense	$	1,103	$	1,523	$	2,257	$	3,106

Restricted Stock

The following is a summary of the changes in non-vested restricted shares for the six months ended June 30, 2021:

		Weighted Average
	Shares	Grant-Date Fair Value
Non-vested shares at December 31, 2020	2,235,179	$	6.81
Granted	1,010,700		3.87
Vested	(434,208)		14.96
Forfeited	(95,260)		6.85
Non-vested shares at June 30, 2021	2,716,411	$	7.91

The total fair value of shares vested was $1,757,000 during the six months ended June 30, 2021 and $2,467,000 during the six months ended June 30, 2020. Excess tax benefits or deficits realized from tax compensation deductions in excess of, or lower than compensation expense are recorded as either a beneficial or detrimental discrete income tax adjustment. This was a detrimental adjustment of $1,164,000 for the six months ended June 30, 2021 and a detrimental adjustment of $1,655,000 for the six months ended June 30, 2020.

As of June 30, 2021, total unrecognized compensation cost related to non-vested restricted shares was $41,793,000 which is expected to be recognized over a weighted-average period of 4.4 years.