Compensation Related Costs, Share Based Payments

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement

SHARE-BASED COMPENSATION

The Company’s stock compensation plan, the 2014 Omnibus Equity Incentive Plan, is administered by the Board and allows for the grant of stock awards (“SAs”), restricted stock awards (“RSAs”), performance restricted stock units (“PRSUs”), and stock options.

Share-Based Award Activity

During the three months ended March 31, 2023, the Company granted SAs to executive officers, RSAs to employees and non-employee members of the Board, and PRSUs to employees. The SAs granted to the executive officers were 100% vested and non-forfeitable on the grant date. Non-vested stock awards are usually granted with a one-year vesting for non-employee directors, two-year cliff vesting for employee RSAs, and three-year cliff vesting for PRSUs. The fair value of all share awards were recorded as share-based compensation expense on the grant date and over the vesting period, respectively. The Company withheld 59,857 shares of common stock from executive officers at a total cost of $2.0 million, to satisfy statutory minimum tax requirements upon grant of the SAs.

A summary of share-based awards activity during the three months ended March 31, 2023 is as follows:

	Number of Shares	Weighted Average Grant Date Fair Value per Share
	(in thousands)
Nonvested, December 31, 2022	38	$	23.94
Granted	179	$	33.21
Vested	(123)	$	33.01
Forfeited	—	$	—
Nonvested, March 31, 2023	94	$	29.69

Stock Options

A summary of stock options activity during the three months ended March 31, 2023 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, 2022	500	$	7.49
Granted	—	—
Exercised	—	—
Forfeited	—	—
Options outstanding, March 31, 2023	500	$	7.49	1.58	$	13,785
Options exercisable, March 31, 2023	500	$	7.49	1.58	$	13,785

Share-Based Compensation Expense

Share-based compensation expense was $5.5 million and $2.9 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the estimated total remaining unamortized share-based compensation expense related to unvested RSAs, net of forfeitures, was $2.7 million which is expected to be recognized over a weighted-average period of 2.0 years.