STOCK-BASED COMPENSATION PLANS

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION PLANS AND STOCK OPTIONS

The Company operates the 2014 Omnibus Incentive Plan (the 2014 Plan), the 2018 Omnibus Incentive Plan (the 2018 Plan) and the 2023 Omnibus Incentive Plan (the 2023 Plan), all of which were approved by its shareholders. The 2023 Plan was approved by shareholders on May 24, 2023. The purpose of these plans is to promote the success and enhance the value of the Company by providing a means for attracting and retaining highly skilled employees, officers and directors of the Company and linking their personal interests with those of the Company’s shareholders. Under these plans, the Company currently has outstanding awards of restricted stock shares and restricted stock units.

The Company reserved 900,000 shares of its common stock for issuance under the 2014 Plan in connection with the exercise of awards. As of September 30, 2023, 277,304 restricted stock shares and 441,806 restricted stock units have been granted under the 2014 Plan of which 4,809 restricted stock shares and 23,143 restricted stock units were unvested.

The Company reserved 900,000 shares of common stock for issuance under the 2018 Plan in connection with the exercise of awards. As of September 30, 2023, 735,744 restricted stock units have been granted under the 2018 Plan of which 336,986 restricted stock units were unvested.

The Company reserved 625,000 shares of common stock for issuance under the 2023 Plan in connection with the exercise of awards. As of September 30, 2023, no shares had been granted under the 2023 Plan.

The expense associated with all restricted stock grants (including restricted stock shares and restricted stock units) was $2.4 million and $6.8 million for the three and nine month periods ended September 30, 2023, and was $2.3 million and $6.6 million for the three and nine month periods ended September 30, 2022, respectively. Unrecognized compensation expense for these awards as of September 30, 2023, was $14.2 million and will be recognized over a weighted average period of 12 months.