STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2022

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

5.    STOCK-BASED COMPENSATION

The Company reserved 3,000,000 shares of common stock under the 2014 Stock Incentive Plan with a term of ten years expiring in April 2024. This plan provides for the issuance of various forms of stock incentives, including among others, incentive and non-qualified stock options and restricted shares. As of March 31, 2022, there were approximately 1,170,650 shares available for grant.

Stock-based compensation for the three months ended March 31, 2022 and 2021 were as follows:

Restricted Stock

	Three months ended March 31,
(in thousands)	2022		2021
Pre – tax cost	$	610	$	553
After tax cost	$	476	$	431

The following is a summary of the changes in non-vested restricted shares for the three months ended March 31, 2022:

		Weighted
		Average
		Grant-Date
	Shares	Fair Value
Non-vested shares at December 31, 2021	671,370	$	14.70
Granted	215,800		11.68
Vested	(178,500)		11.98
Forfeited	(4,700)		14.54
Non-vested shares at March 31, 2022	703,970	$	14.46

The total fair value of shares vested was approximately $2,066,000 during the three months ended March 31, 2022 and approximately $3,168,000 during the three months ended March 31, 2021.

Other Information

As of March 31, 2022, total unrecognized compensation cost related to non-vested restricted shares was approximately $9,732,000. This cost is expected to be recognized over a weighted-average period of 4.0 years.

For the three months ended March 31, 2022, approximately $3,000 of excess tax benefit for stock-based compensation awards was recorded as a discrete tax adjustment and classified within operating activities in the consolidated statements of cash flows compared to approximately $285,000 for the three months ended March 31, 2021.