STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Performance Share Grants with Performance Conditions

The following is a summary of the Company’s Performance Condition Grants outstanding as of March 31, 2024:

Performance Condition Grants
Target performance	429,418
Maximum performance	543,023

Schedule of Stock Grant Activity

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 three months ended March 31, 2024:

	March 31, 2024
Stock grants outstanding beginning of period at target achievement	248,768
New stock grants/additional shares due to achievement in excess of target	386,956
Vested grants	(22,025)
Expired/forfeited grants	(10,905)
Stock grants outstanding end of period at target achievement	602,794

Schedule of Assumptions Used to Determine The Price of Market-Based Performance Condition Grants

The following is a summary of the assumptions used to determine the fair value for the Company’s outstanding market-based Performance Condition Grants as of March 31, 2024:

($ in thousands except for share prices)
Grant date	12/16/2021	03/17/2022	12/14/2022	06/16/2023
Vesting end	12/16/2024	03/17/2025	12/14/2025	12/31/2025
Target share price to achieve award	$21.58	$20.43	$21.99	$20.72
Expected volatility	31.29%	31.54%	32.14%	26.58%
Risk-free interest rate	0.92%	2.13%	3.84%	4.38%
Simulated Monte Carlo share price	$21.48	$21.75	$26.00	$20.24
Shares granted	3,536	13,338	4,613	9,515
Total fair value of award	$76	$290	$120	$193

($ in thousands except for share prices)
Grant date	08/21/2023	12/16/2023	03/13/2024	03/13/2024
Vesting end	12/31/2025	12/31/2026	12/31/2024	03/22/2027
Share price at target achievement	$19.20	$19.65	$17.58	$18.93
Expected volatility	25.55%	25.91%	24.39%	25.56%
Risk-free interest rate	4.74%	4.02%	5.02%	4.31%
Simulated Monte Carlo share price	$17.88	$19.74	$12.63	$18.36
Shares granted	1,650	4,828	18,626	15,225
Total fair value of award	$30	$95	$235	$280

Schedule of Stock Compensation Costs for Employee and NDSI Plans

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:

($ in thousands)	Three Months Ended March 31,
Employee 1998 Plan:	2024		2023
Expensed	$	375	$	468
Capitalized	239		153
	614		621
NDSI Plan	138		153
Total Stock Compensation Costs	$	752	$	774