Stock Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Stock Based Compensation

Under the Company’s long-term incentive program, certain officers, employees and directors are eligible to receive equity-based awards under the 2018 Long-Term Incentive Plan (“LTIP”). Restricted stock awards (“RSAs”) granted under the LTIP generally vest over one to five years. Unvested RSAs are included in the Company’s common stock outstanding. Compensation expense for RSAs granted under the LTIP is recognized over the vesting period of the awards based on the fair value of the stock at the grant date, with forfeitures recognized as they occur.

Stock based compensation that has been charged against income was $2.5 million for the six months ended June 30, 2024 and $2.3 million for the same period of 2023. There were 3,690 and 3,186 shares forfeited during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there was $11.7 million of total unrecognized compensation cost related to unvested RSAs. The cost is expected to be recognized over a remaining weighted average period of 3.0 years.

A summary of the Company’s equity-based award activity and related information for the Company’s RSAs is as follows:

	Six Months Ended
	June 30, 2024			June 30, 2023
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Beginning of period	191,700	$	63.16	184,284	$	59.36
Granted	101,692	58.50		93,209	66.66
Vested	(77,345)	61.21		(68,204)	58.32
Forfeited	(3,690)	62.48		(3,186)	61.13
End of period	212,357	$	61.65	206,103	$	62.98