(a)

Incremental shares from the assumed exercise of INDUS stock options are not included in periods where the inclusion of such shares would be anti-dilutive. The incremental shares from the assumed exercise of stock options and warrants for the three months and nine months ended September 30, 2021 would have been 175 and 150, respectively.

Equity Compensation Plans

Stock Options

There were no stock options granted in either the 2022 nine month period or the 2021 nine month period.

As of September 30, 2022, the unrecognized compensation expense related to unvested stock options that will be recognized during future periods is as follows:


Balance of 2022	$	90
2023	$	231
2024	$	111
2025	$	15


Number of option holders at September 30, 2022		14

A summary of INDUS’ stock option activity is as follows:


	For the Nine Months Ended
	September 30, 2022			September 30, 2021
	Number of		Weighted Avg.	Number of		Weighted Avg.
	Shares		Exercise Price	Shares		Exercise Price
Outstanding at beginning of period	220,937	$	36.47	246,150	$	36.06
Adjustment for stock dividend	—	$	—	5,413	$	34.29
Exercised	(5,600)	$	26.31	(15,422)	$	26.37
Forfeited	(3,635)	$	27.50	(1,067)	$	37.49
Outstanding at end of period	211,702	$	36.89	235,074	$	35.85


				Weighted Avg.
				Remaining
Range of Exercise Prices for	Outstanding at	Weighted Avg.		Contractual Life	Total Intrinsic
Outstanding Options	September 30, 2022	Exercise Price		(in years)	Value
$23.00 - $28.00	74,663	$	26.29	3.5	$	1,947
$28.00 - $32.00	14,073	$	29.84	2.8		317
$32.00 - $47.00	122,966	$	44.13	7.3		1,014
	211,702	$	36.89	5.7	$	3,278

Vested options	109,492	$	28.88	4.1	$	2,572

Restricted Stock Units

A summary of restricted stock units of Common Stock (“RSUs”) awarded under the INDUS Realty, LLC 2020 Incentive Award Plan for the nine months ended September 30, 2022 and 2021 is as follows:


	Time-based vesting
	September 30, 2022			September 30, 2021
	Number of		Grant Date Fair	Number of		Grant Date Fair
	Units		Value Weighted Avg.	Units		Value Weighted Avg.
Outstanding at beginning of period	12,829	$	64.43	—	$	—
Granted	13,514	$	68.68	13,191	$	64.62
Adjustment for dividends	121	$	—	47	$	—
Vested and distributed	(3,391)	$	63.97	—	$	—
Forfeited	(813)	$	63.15	(409)	$	63.15
Outstanding at end of period	22,260	$	66.78	12,829	$	64.43


	Performance-based vesting
	September 30, 2022			September 30, 2021
	Number of		Grant Date Fair	Number of		Grant Date Fair
	Units		Value Weighted Avg.	Units		Value Weighted Avg.
Outstanding at beginning of period	8,136	$	78.97	—	$	—
Granted	7,999	$	100.19	8,508	$	79.33
Adjustment for dividends	89	$	—	37	$	—
Forfeited	(1,219)	$	79.33	(409)	$	79.33
Outstanding at end of period	15,005	$	89.79	8,136	$	78.97

The time-based vesting RSUs granted to employees vest over three years in equal installments subject to the recipient’s continued employment. The time-based vesting RSUs granted to non-employee directors vest in one year. The performance-based vesting RSUs granted to employees vest after a period of three years and will be measured over the three-year period on pre-established goals. The holders of RSUs will receive credit for dividends, but do not have voting rights. The RSUs may not be sold, assigned, transferred, pledged or otherwise disposed of and are subject to risk of forfeiture prior to the expiration of the applicable vesting period.

As of September 30, 2022, the unrecognized compensation expense related to RSUs that will be recognized during future periods is as follows:


Balance of 2022	$	307
2023	$	830
2024	$	359
2025	$	585

Compensation expense for stock options and RSUs was as follows:



	For the Three Months Ended				For the Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Compensation expense	$	404	$	305	$	1,085	$	810

Dividends

For the nine months ended September 30, 2022, the Company’s common dividends were as follows:


Quarter Ended	Record Date	Payment Date	Common dividend per share
March 31, 2022	March 31, 2022	April 15, 2022	$0.16

June 30, 2022	June 30, 2022	July 15, 2022	$0.16

September 30, 2022	September 30, 2022	October 14, 2022	$0.16

On January 13, 2021, in conjunction with its election to be taxed as a REIT, INDUS announced a special dividend of $11,250 or $1.99 per share payable on March 8, 2021 in the form of cash or additional shares of the Company’s Common Stock, to holders of record as of January 22, 2021. The cash portion of the special dividend paid to stockholders was $3,404 and 125,212 shares of Common Stock were issued.

INDUS declared cash dividends of $0.15 per share on its Common Stock on September 1, 2021 and May 7, 2021. INDUS paid $1,159 and $1,158, respectively, for these dividends on September 30, 2021 and June 30, 2021.