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STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTSThe Company’s stock incentive plans provide for the making of awards to employees based upon a service condition or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock with service condition vesting; performance share grants that only vest upon the achievement of specified performance conditions, such as corporate cash flow goals or share price, or Performance Condition Grants; and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific performance measures, or Performance Milestone Grants. Performance Condition Grants with market-based conditions are based on the achievement of a target share price. The share price used to calculate the grant date fair value for market-based awards is determined using a Monte Carlo simulation. Failure to achieve the target share price will result in the forfeiture of shares. Forfeiture of share awards with service conditions or performance-based restrictions will result in a reversal of previously recognized share-based compensation expense. Forfeiture of share awards with market-based restrictions does not result in a reversal of previously recognized share-based compensation expense.
The following is a summary of the Company's performance share grants with performance conditions as of the year ended December 31, 2022:
Performance Share Grants with Performance Conditions
Target performance173,377 
Maximum performance319,122 
The following is a summary of the Company’s stock grant activity, both time and performance unit grants, assuming target achievement for outstanding performance grants for the following twelve-month periods ended:
December 31, 2022December 31, 2021December 31, 2020
Stock Grants Outstanding Beginning of the Year at Target Achievement683,645 840,307 409,373 
New Stock Grants/Additional shares due to achievement in excess of target180,034 63,622 797,364 
Vested Grants(384,112)(196,328)(307,250)
Expired/Forfeited Grants(244,668)(23,956)(59,180)
Stock Grants Outstanding at Target Achievement234,899 683,645 840,307 
The following is a summary of the assumptions used to determine the fair value of the Company's market-based Performance Condition Grants outstanding for the year ended December 31, 2022:
($ in thousands except for share prices)
Grant date03/11/202012/11/202003/18/202112/16/202103/17/2022
Vesting end12/31/202212/31/202303/18/202412/16/202403/17/2025
Share price at target achievement$16.36$17.07$20.02$21.58$20.43
Expected volatility18.21%29.25%30.30%31.29%31.54%
Risk-free interest rate0.58%0.19%0.33%0.92%2.13%
Simulated Monte Carlo share price$5.87$15.59$18.82$21.48$21.75
Shares granted81,7163,62810,9053,53613,338
Total fair value of award$480$57$205$76$290
The unamortized cost associated with unvested stock grants and the weighted-average period over which it is expected to be recognized as of December 31, 2022 was $1,074,000 and 16 months, respectively. The fair value of restricted stock with time-based vesting features is based upon the Company’s share price on the date of grant and is expensed over the service period. Fair value of performance grants that cliff vest based on the achievement of performance conditions is based on the share price of the Company’s stock on the day of grant and is expensed over the performance period if it is probable that the award will vest. This fair value is expensed over the service period applicable to these grants. For performance grants that contain a range of shares from zero to maximum the Company determines, based on historic and projected results, the probability of (1) achieving the performance objective, and (2) the level of achievement. Based on this information, the Company determines the number of awards probable of vesting and expenses the grant date fair value of such awards over the service period related to these grants. Because the ultimate vesting of all performance grants is tied to the achievement of a performance condition, the Company estimates whether the performance condition will be met and over what period of time. Ultimately, the Company adjusts compensation cost according to the actual outcome of the performance condition. Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director, during the years presented, received his or her annual compensation in stock.
The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee 1998 Plan, and NDSI Plan for the following periods:
Employee 1998 Plan ($ in thousands):December 31, 2022December 31, 2021December 31, 2020
    Expensed$2,281 $3,742 $4,060 
    Capitalized335 460 1,135 
2,616 4,202 5,195 
NDSI Plan596 529 434 
$3,212 $4,731 $5,629