STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2022

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

5.    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 March 31, 2022, there were 2,188,635 shares available for grant.

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

	Three months ended
	March 31,
(in thousands)	2022		2021
Pre-tax expense	$	1,497	$	1,539
After tax expense	$	1,130	$	1,154

Restricted Stock

The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2022:

		Weighted Average
	Shares	Grant-Date Fair Value
Non-vested shares at January 1, 2022	2,619,691	$	7.89
Granted	1,037,350		6.23
Vested	(490,313)		11.91
Forfeited	(31,925)		6.49
Non-vested shares at March 31, 2022	3,134,803	$	6.73

The total fair value of shares vested was $2,831,000 during the three months ended March 31, 2022 and $1,732,000 during the three months ended March 31, 2021. 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 $669,000 for the three months ended March 31, 2022 and a detrimental adjustment of $1,160,000 for the three months ended March 31, 2021.

As of March 31, 2022, total unrecognized compensation cost related to non-vested restricted shares was $43,193,000 which is expected to be recognized over a weighted-average period of 4.2 years.