Compensation Related Costs, Share Based Payments

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement

SHARE-BASED COMPENSATION

Share-Based Award Activity

During the three months ended March 31, 2021, the Company granted stock awards (“SAs”) under its 2014 Omnibus Equity Incentive Plan to executive officers (“EOs”). The SAs granted to the EOs were 100% vested and non-forfeitable on the grant date. The fair value of the SAs granted to EOs was recorded as share-based compensation expense on the grant date. The Company withheld 41,318 shares of common stock from EOs, at a total cost of $0.8 million, to satisfy statutory minimum tax requirements upon grant of the SAs.

Employee Stock Awards

On March 1, 2021, the Company’s Board of Directors approved an incentive program for eligible employees to participate in the Company’s new restricted stock award plan. This plan is being offered pursuant to the Company’s 2014 Omnibus Equity Incentive Plan. The Company incurred de minimis compensation expense related to these awards as of March 31, 2021.

A summary of share-based awards activity during the three months ended March 31, 2021 is as follows:

	Number of Shares	Weighted Average Grant Date Fair Value per Share
	(in thousands)
Nonvested, December 31, 2020	45	$	12.33
Granted	112	$	21.82
Vested	(112)	$	21.82
Forfeited	—	$	—
Nonvested, March 31, 2021	45	$	12.33

Stock Options

A summary of stock options activity during the three months ended March 31, 2021 is as follows:

	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Options outstanding, December 31, 2020	500	$	7.49
Granted		—
Exercised	—	—
Forfeited	—	—
Options outstanding, March 31, 2021	500	$	7.49	3.58	$	7,595
Options exercisable, March 31, 2021	500	$	7.49	3.58	$	7,595