STOCK-BASED COMPENSATION PLAN (Tables)

9 Months Ended

Sep. 30, 2022

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, 2022, 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 -	2020 - TSR	31,957	$	25.51	34.8	%	0.21	%
	2020 - CEGR, Time	80,644	$	25.19	N/A		N/A
	2021 - TSR	35,091	$	28.11	39.9	%	0.27	%
	2021 - CEGR, Time	132,543	$	25.33	N/A		N/A
	2022 - TSR	37,608	$	35.05	43.5	%	1.80	%
	2022 - CEGR, Time	147,327	$	35.05	N/A		N/A
Directors -	2022	32,003	$	33.90	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, 2022 and 2021 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Officers & Key Employees	$	1,317	$	1,123	$	3,951	$	3,804
Directors	(226)		317		45		561
Total Cost	1,091		1,440		3,996		4,365
Capitalized	(246)		(33)		(335)		(101)
Net Expense	$	845	$	1,407	$	3,661	$	4,264

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, 2022, excluding accrued dividend equivalents:

	Officers and Other Key Employees	Directors	Weighted Average Fair Value
Nonvested Shares Outstanding, January 1, 2022	492,475	54,419	$	26.72
Granted	184,935	32,003	$	34.88
Cancelled/Forfeited	(71,775)	—	$	28.53
Vested	(140,466)	(54,419)	$	27.48
Nonvested Shares Outstanding, September 30, 2022	465,169	32,003	$	29.72