Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

During the three months ended March 31, 2022, the Company granted market-based restricted stock awards. The shares were issued in three tranches that vest if the Company’s stock price closes at or above an established threshold for each tranche for 90 consecutive trading days within five years of the date of the grant. Compensation expense related to market-based restricted stock awards is recognized over the requisite service period on a straight-line basis. The requisite service period is a measure of the expected time to reach the respective vesting threshold and was estimated by utilizing a Monte Carlo simulation, considering only those stock price-paths in which the threshold was exceeded.

Grants of market-based restricted stock awards were as follows:


	Number of Shares	Weighted Average Grant Date Fair Value Per Share		Total Grant Date Fair Value (in thousands)
Three months ended March 31, 2022	30,039	$	25.17	$	756

There was no other stock-compensation activity that occurred during the three months ended March 31, 2022. The Company recognized $1.8 million and $0.2 million in stock-based compensation expense for the three months ended March 31, 2022 and March 31, 2021, respectively.