STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 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 September 30, 2022, there were 2,033,715 shares available for grant.

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

	Three months ended				Nine months ended
	September 30,				September 30,
(in thousands)	2022		2021		2022		2021
Pre-tax expense	$	1,572	$	1,471	$	4,764	$	4,481
After tax expense	$	1,145	$	1,103	$	3,554	$	3,360

Restricted Stock

The following is a summary of the changes in non-vested restricted shares for the nine months ended September 30, 2022:

		Weighted Average
	Shares	Grant-Date Fair Value
Non-vested shares at January 1, 2022	2,619,691	$	7.89
Granted	1,254,276		6.72
Vested	(507,918)		11.87
Forfeited	(93,931)		6.31
Non-vested shares at September 30, 2022	3,272,118	$	6.87

The total fair value of shares vested was $2.8 million during the nine months ended September 30, 2022 and $1.8 million during the nine months ended September 30, 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 $655,000 for the nine months ended September 30, 2022 and a detrimental adjustment of $1,164,000 for the nine months ended September 30, 2021.