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SHARE BASED COMPENSATION
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
SHARE BASED COMPENSATION SHARE BASED COMPENSATION
The Company’s 2015 Omnibus Incentive Plan ("Omnibus Incentive Plan") was approved on May 6, 2015 and provides for the granting of incentive stock options, non-qualifying stock options, stock appreciation rights, restricted stock grants, restricted stock units and performance share units to selected directors and employees on a periodic basis at the discretion of the Company’s Board of Directors. The Omnibus Incentive Plan authorizes the issuance of up to 1,500,000 shares of common stock, of which 367,726 are available for issuance at June 30, 2023, has a term of 10 years, and is administered by a committee of at least three directors appointed by the Board of Directors. Options granted under the plan have an exercise price which may not be less than 100% of the fair market value of the common stock on the date of the grant and must be exercised within seven or 10 years from the date of grant depending on the terms of the grant agreement. The exercise price of stock options must be paid for in full in cash or shares of common stock, or a combination of both. The board committee has the discretion when making a grant of stock options to impose restrictions on the shares to be purchased upon the exercise of such options. The Company generally issues authorized but previously unissued shares to satisfy option exercises.
 
Compensation expense is recognized on a straight-line basis over the vesting period of the respective stock option, restricted stock, restricted stock unit grant or performance share units. The Company recognized compensation expense of $2.7 million and $3.2 million for the three months ended June 30, 2023 and 2022, respectively, and of $4.0 million and $4.7 million, for the six months ended June 30, 2023 and 2022, respectively, related to the awards of restricted stock award grants, restricted stock unit grants and performance share unit grants. There was no unrecognized compensation cost related to stock options as of June 30, 2023. The total of unrecognized compensation cost related to restricted stock awards, restricted stock unit grants, and performance share unit grants was approximately $9.5 million as of June 30, 2023. That cost is expected to be recognized over a weighted average period of approximately 2.04 years.

During the six months ended June 30, 2023, the Company granted 276,252 restricted stock units and performance share units, of which 62,124 units are subject to achievement of certain performance conditions measured over a three-year performance period and 214,128 restricted stock units are subject to a three year vesting schedule. The Company did not grant any stock options under the Omnibus Incentive Plan during the six months ended June 30, 2023.

A summary of the activity for the Company’s restricted stock, restricted stock units and performance share units for the period indicated is presented in the following table:
 Number
of
Common
Shares/Units		Weighted
Average
Grant-Date
Fair Value
Non-vested at January 1, 2023389,475 $37.44 
Granted276,252 $27.06 
Vested(201,244)$33.40 
Forfeited/ cancelled(6,134)$33.97 
Non-vested at June 30, 2023458,349 $32.99 
A summary of share option activity for the period indicated is reflected in the following table:
 Number
of
Common
Shares		Weighted
Average
Exercise
Share Price		Weighted
Average
Contractual
Remaining
Life (Years)		Aggregate
Intrinsic
Value
(in thousands)
Balance at January 1, 2023144,047 $16.61 1.6 years$2,633 
Granted— $— 
Exercised(40,921)$12.65 $474 
Forfeited— $— 
Expired(3,338)$27.46 
Balance at June 30, 202399,788 $17.87 1.4 years$804 
Exercisable at June 30, 202399,788 $17.87 1.4 years$804