Stock Based Compensation

12 Months Ended

Dec. 31, 2022

Stock Based Compensation

Stock Based Compensation

16. Stock Based Compensation

The Company’s 2015 Plan offers a stock incentive plan whereby awards can be granted to certain employees and non-employee directors of the Company in various forms including restricted shares of Company common stock and options to purchase Company common stock. Awards are discretionary and determined by the Compensation and Human Capital Committee of the Board. Stock based compensation cost is measured at the grant date based on the fair value of the award and is typically recognized as expense on a straight-line basis over the requisite service period, which is the vesting period. Forfeitures are accounted for as they occur. As of December 31, 2022, 1,433,588 shares were available for awards under the 2015 Plan.

Total stock-based compensation recorded in corporate and other operating expenses on the consolidated statements of income is as follows:

	Year Ended December 31,
	2022		2021		2020
Stock compensation expense before tax benefit	$	364	$	—	$	45
Income tax benefit		(93)		—		(11)
	$	271	$	—	$	34

During the years ended December 31, 2022, 2021 and 2020, the Company did not issue any common stock for director’s fees.

In 2022, the Company granted 29,955 shares of restricted stock awards to certain of the Company’s employees pursuant to the 2015 Plan, of which none vested during 2022. The weighted average grant date fair value of restricted stock units during 2022 was $48.04.

In 2019, the Company granted 5,708 shares of restricted stock awards to certain of the Company’s directors as fees for services rendered under the 2015 Plan, of which 5,708 vested during the year ended December 31, 2020. The weighted average grant date fair value of restricted stock units during 2019 was $17.52. The total fair value of restricted stock units that vested during 2020 was $0.1 million.

As of December 31, 2022, there were 29,955 unvested restricted stock units outstanding. As of December 31, 2022, there was $1.1 million of unrecognized compensation cost, related to non-vested restricted shares which will be recognized over a weighted average period of 3.2 years.