Stock Based Compensation

12 Months Ended

Dec. 31, 2023

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, 2023, 1,397,089 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,
	2023		2022		2021
Stock compensation expense before tax benefit	$	820	$	364	$	—
Income tax benefit		(206)		(93)		—
	$	614	$	271	$	—

In 2023, the Company granted 36,499 shares of restricted stock awards to certain of the Company’s employees pursuant to the 2015 Plan, of which none vested during 2023. The weighted average grant date fair value of restricted stock units during 2023 was $42.59 per share.

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 8,531 vested during 2023. The weighted average grant date fair value of restricted stock units during 2022 was $48.04 per share. The total fair value of restricted stock units that vested during 2023 was $0.4 million.

As of December 31, 2023 and 2022, there were 57,923 and 29,955, respectively, unvested restricted stock units outstanding. As of December 31, 2023 and 2022, there was $1.8 million and $1.1 million, respectively, of unrecognized compensation cost, related to non-vested restricted shares. As of December 31, 2023, unrecognized compensation costs will be recognized over a weighted average period of 2.8 years.