Sharebased Compensation

6 Months Ended

Jun. 30, 2023

Sharebased Compensation

Share-based Compensation

13. Share-based Compensation

Share-based compensation (including restricted stock awards) represents both stock option-based expense and stock grant expense. The following table sets forth the composition of stock compensation expense included in general and administrative expense for the periods then ended:

	THREE MONTHS ENDED				SIX MONTHS ENDED
	JUNE 30,				JUNE 30,
	2023		2022		2023		2022
	(Unaudited)
Restricted share-based compensation expense	$	95,454	$	89,385	$	235,570	$	269,126
Total share-based compensation before taxes	$	95,454	$	89,385	$	235,570	$	269,126

The Company’s stock incentive plan is administered by the Compensation Committee of the Board of Directors and authorizes the grant or award of incentive stock options (ISO), nonqualified stock options (NQSO), restricted stock awards (RSA), restricted stock units, stock appreciation rights, dividend equivalent rights, performance unit awards and phantom shares. The Company issues new shares of common stock upon the exercise of stock options.

Restricted Stock

The Company records the fair value of all restricted stock shares based on the grant date fair value and amortizes stock compensation on a straight-line basis over the vesting period. Restricted stock shares are issued when vested and included in the total number of common shares issued and outstanding. There were no RSAs granted during the three and six month period ended June 30, 2023. During the three and six month period ended June 30, 2022, the Company granted 56,300 RSAs.

Stock Options

There were no stock option awards granted during the six month periods ended June 30, 2023 and June 30, 2022.

At June 30, 2023, the Company had approximately $44,900 of total unrecognized share-based compensation expense, net of estimated forfeitures, related to share-based compensation that will be recognized over the weighted average remaining period of 0.9 years.

Long-Term Incentive Plan

The Company maintains a long-term incentive plan (LTIP) that covers the period of January 1, 2023 through January 1, 2026. The plan was approved by the Compensation Committee in August 2022. The LTIP allows the Company to grant equity-based compensation awards in the form of RSUs which vest over a 3-year service period, and performance based restricted stock units (PSRUs) that require performance targets to be met within the 3-year plan. As of June 30, 2023, there were no RSUs or PSRUs granted under this plan.