Compensation Related Costs, Share Based Payments

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement

SHARE-BASED COMPENSATION

Share-Based Award Activity

During the three months ended March 31, 2022, 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 46,415 shares of common stock from EOs, at a total cost of $1.1 million, to satisfy statutory minimum tax requirements upon grant of the SAs.

2021 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 Employee Performance Based Restricted Stock Awards Plan (the “PBRS Award Plan”). This plan is being offered pursuant to the Company’s 2014 Omnibus Equity Incentive Plan. The Company incurred de minimis share-based

compensation expense and compensation expense related to these awards during the three months ended March 31, 2022 and 2021, respectively.

2022 Employee Stock Awards

On March 1, 2022, the Company’s Board of Directors approved the issuance of restricted stock awards for eligible employees in accordance with the PBRS Award Plan. The Company incurred de minimis compensation expense related to these awards during the three months ended March 31, 2022.

A summary of share-based awards activity during the three months ended March 31, 2022 is as follows:

	Number of Shares	Weighted Average Grant Date Fair Value per Share
	(in thousands)
Nonvested, December 31, 2021	28	$	23.21
Granted	140	$	22.08
Vested	(126)	$	21.94
Forfeited	—	$	—
Nonvested, March 31, 2022	42	$	23.23

Stock Options

A summary of stock options activity during the three months ended March 31, 2022 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, 2021	500	$	7.49
Granted		—
Exercised	—	—
Forfeited	—	—
Options outstanding, March 31, 2022	500	$	7.49	2.58	$	6,135
Options exercisable, March 31, 2022	500	$	7.49	2.58	$	6,135

Share-Based Compensation Expense

Share-based compensation expense was $2.9 million and $2.6 million for the three months ended March 31, 2022 and 2021, respectively. Recognized tax benefit related to share-based compensation expense was $0.7 million and $0.6 million for the three months ended March 31, 2022 and 2021, respectively.

As of March 31, 2022, the estimated total remaining unamortized share-based compensation expense related to unvested Restricted Stock Awards (“RSAs”), net of forfeitures, was $0.4 million, which is expected to be recognized over a weighted-average period of 1.5 years.