The Company currently has outstanding stock-based awards granted under the Plan which is currently active and available for future grants. With respect to the Plan, the Company may grant stock-based awards to employees, directors, consultants, and advisors of the Company. At December 31, 2023, there were 962,206 shares available for grant.

Stock options granted and outstanding under the incentive plan vest over a period of four years and are exercisable over the contractual term of ten years.

A summary of the stock option activity for the years ended December 31, 2023, 2022 and 2021 is as follows (option amounts not in thousands):


	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2021		440,000	$	45.25	7.6 years	$	3,113

Outstanding at December 31, 2021		440,000	$	45.25	6.6 years	$	18,119

Outstanding at December 31, 2022		440,000	$	45.25	5.6 years	$	—

Granted		150,000	$	70.00

Outstanding at December 31, 2023		590,000	$	51.54	5.9 years	$	21,156

Exercisable at December 31, 2023		562,500	$	51.72	5.9 years	$	20,073

On September 15, 2023, the Company awarded its chief executive officer, Paresh Patel, an option with market-based vesting conditions to purchase 150,000 shares of its common stock. In December 2023, the award met the conditions for vesting and as a result, the unrecognized compensation balance related to the award was fully recognized. There were no options exercised during the years ended December 31, 2023, 2022 and 2021.

For the years ended December 31, 2023, 2022 and 2021, the Company recognized $2,197, $669 and $884, respectively, of compensation expense which was included in general and administrative personnel expenses. Deferred tax benefits related to stock options were $0, $0 and $2 for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023 and 2022, there was $13 and $336, respectively, of unrecognized compensation expense related to nonvested stock options. The Company expects to recognize the remaining compensation expense over a weighted-average period of 0.5 month.

From time to time, the Company has granted and may grant restricted stock awards to certain executive officers, other employees and nonemployee directors in connection with their service to the Company. The terms of the Company’s outstanding restricted stock grants may include service, performance, and market-based conditions. The determination of fair value with respect to the awards containing only service-based conditions is based on the market value of the Company’s stock on the grant date. For awards with market-based conditions, the fair value is determined using a Monte Carlo simulation method, which calculates many potential outcomes for an award and then establishes fair value based on the most likely outcome.

Information with respect to the activity of unvested restricted stock awards during the years ended December 31, 2023, 2022 and 2021 is as follows:


	Number of Restricted Stock Awards			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2021		423,787		$	43.79
Granted		564,426		$	38.79
Vested		(109,791	)	$	43.19
Cancelled		(142,760	)	$	43.77
Forfeited		(55,665	)	$	44.01
Nonvested at December 31, 2021		679,997		$	39.72

Granted		7,000		$	69.17
Vested		(333,308	)	$	40.01
Forfeited		(11,230	)	$	45.00
Nonvested at December 31, 2022		342,459		$	39.86

Granted		13,000		$	55.40
Vested		(75,041	)	$	50.55
Forfeited		(9,001	)	$	55.68
Nonvested at December 31, 2023		271,417		$	37.12

The Company recognized compensation expense related to restricted stock, which is included in general and administrative personnel expenses, of $4,224, $10,926 and $9,642 for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023 and 2022, there was approximately $4,043 and $8,048, respectively, of total unrecognized compensation expense related to nonvested restricted stock arrangements. The Company expects to recognize the remaining compensation expense over a weighted-average period of 1.5 years. The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards and paid dividends, and the fair value of vested restricted stock for the years ended December 31, 2023, 2022 and 2021.


	2023		2022		2021
Deferred tax benefits recognized	$	921	$	1,780	$	1,397
Tax benefits realized for restricted stock and paid dividends	$	866	$	2,582	$	1,519
Fair value of vested restricted stock	$	3,793	$	13,337	$	4,742

On October 5, 2022, 231,516 shares of restricted stock issued to employees vested one year subsequent to satisfaction of a market-based vesting condition on October 5, 2021. The Company repurchased and retired a total of 80,339 shares surrendered to satisfy payroll tax liabilities associated with the vesting of these restricted shares. The restricted shares were granted in February 2021 with a grant date fair value of $36.57 per share.

In February 2021, the Company cancelled 141,600 shares of restricted stock for employees who transitioned to TypTap Group. In exchange, these employees received replacement restricted stock issued under TTIG’s equity incentive plan.

During the years ended December 31, 2022 and 2021, no awards were issued with other than service-based vesting conditions.

For the years ended December 31, 2023, 2022 and 2021, TypTap Group recognized compensation expense related to its stock-based awards of $2,927, $3,512 and $3,228, respectively. At December 31, 2023 and 2022, there was $4,438 and $7,876, respectively, of unrecognized compensation expense related to nonvested restricted stock and stock options.