STOCK-BASED COMPENSATION PLAN (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of the nonvested restricted stock awards outstanding and the assumptions used to estimate the fair value of the awards

The following table summarizes the nonvested restricted stock awards outstanding at September 30, 2021, and the assumptions used to estimate the fair value of the awards:

	Grants	Shares Outstanding	Fair Value Per Share		Expected Volatility		Risk-Free Interest Rate
Officers & Key Employees -	2019 - TSR	32,292	$	32.88	23.2	%	2.40	%
	2019 - CEGR, Time	69,265	$	31.38	N/A		N/A
	2020 - TSR	38,813	$	25.51	34.8	%	0.21	%
	2020 - CEGR, Time	123,686	$	25.19	N/A		N/A
	2021 - TSR	42,716	$	28.11	39.9	%	0.27	%
	2021 - CEGR, Time	186,746	$	25.33	N/A		N/A
Directors -	2021	54,419	$	24.75	N/A		N/A

Summary of the total stock-based compensation cost for the period

The following table summarizes the total stock-based compensation cost to SJI for the three and nine months ended September 30, 2021 and 2020 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Officers & Key Employees	$	1,123	$	1,220	$	3,804	$	3,671
Directors	317		302		561		899
Total Cost	1,440		1,522		4,365		4,570
Capitalized	(33)		(12)		(101)		(35)
Net Expense	$	1,407	$	1,510	$	4,264	$	4,535

Summary of information regarding restricted stock award activity during the period excluding accrued dividend equivalents

The following table summarizes information regarding restricted stock award activity for SJI during the nine months ended September 30, 2021, excluding accrued dividend equivalents:

	Officers and Other Key Employees	Directors	Weighted Average Fair Value
Nonvested Shares Outstanding, January 1, 2021	449,786	38,456	$	28.88
Granted	243,540	54,419	$	25.66
Cancelled/Forfeited	(27,790)	—	$	25.72
Vested	(172,019)	(38,456)	$	30.37
Nonvested Shares Outstanding, September 30, 2021	493,517	54,419	$	26.71