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Shareholders' Equity
3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Shareholders' Equity

Note 7. Shareholders' Equity

 

Dividends

 

On February 17, 2022, the Company's board of directors declared a quarterly dividend of $0.075 per common share. Payment of the dividend was made on April 6, 2022 to all shareholders of record on March 30, 2022.

 

On April 28, 2022, the Company's board of directors declared a quarterly dividend of $0.075 per common share. Payment of the dividend will be made on July 7, 2022 to all shareholders of record on June 29, 2022. Future dividends are subject to approval by the board of directors and may be adjusted as business and industry conditions warrant.

 

Stock Based Compensation

 

The Company has a stock incentive plan which provides for options, restricted stock rights, restricted shares, performance shares, performance share units ("PSUs") and stock appreciation rights to be awarded to employees, consultants and non-employee directors. During the three month period ended March 31, 2022, there were no issued and outstanding options, restricted stock rights, performance shares or stock appreciation rights. As of March 31, 2022, after factoring in all allocated shares, there remain approximately 0.5 million common shares available for grant.

 

Note 7. Shareholders' Equity (continued)

 

PSUs

 

PSUs comprise rights to receive common shares at a future date that are contingent on the Company and the grantee achieving certain performance objectives. The performance objective period is generally three years. For the three month period ended March 31, 2022, the Company recognized an expense of $766 related to PSUs (2021 – $473).

 

The following table summarizes PSU activity during the period:

 

 

 

Number of PSUs

 

Outstanding as of January 1, 2022

 

 

2,754,472

 

Granted

 

 

1,247,516

 

Vested and issued

 

 

(94,940

)

Forfeited

 

 

(531,610

)

Outstanding as of March 31, 2022

 

 

3,375,438

 

 

Restricted Shares

 

Restricted shares generally vest at the end of one year. For the three month period ended March 31, 2022, the Company recognized an expense of $183 related to restricted shares (2021 – $137). As of March 31, 2022, the total remaining unrecognized compensation cost related to restricted shares amounted to approximately $122 which will be amortized over the remaining vesting periods.