Share-Based Compensation Plans

3 Months Ended

Mar. 31, 2023

Share-Based Compensation Plans

Share-Based Compensation Plans

9. Share-Based Compensation

Incentive Plan

The Company makes equity incentive grants pursuant to our 2017 Equity Incentive Plan (the “2017 Plan”) under which a maximum of 3,000 shares may be granted. As of March 31, 2023, 1,085 shares were available for grants under the 2017 Plan.

Restricted Stock

During the three months ended March 31, 2023, the Company granted 136 shares of common stock with a service vesting condition to certain of its executives, officers and employees. The restricted shares have voting rights and vest in five annual installments of 20%, with the first installment vesting in March of the calendar year following the date of grant (the “first vesting date”) and subsequent installments vesting on each of the four anniversaries of the first vesting date. Upon vesting, shares will be withheld in lieu of taxes equivalent to the minimum statutory tax withholding required to be paid when the restricted stock vests. During the three months ended March 31, 2023, the Company withheld 56 shares of common stock in lieu of taxes at a cost of $6,331 on the restricted stock vesting dates.

A summary of the activity related to restricted stock granted under the Company’s Incentive Plan since December 31, 2022 is as follows:

		Weighted Average
	Total	Grant Date
	Shares	Fair Value per Share
Outstanding as of December 31, 2022	476	$	85.32
Granted	136	$	112.90
Vested	(142)	$	86.85
Forfeited, canceled or expired	(5)	$	84.30
Outstanding as of March 31, 2023	465	$	92.94

Share-based Compensation Expense

The table below outlines share-based compensation expense for the three months ended March 31, 2023 and 2022 related to restricted stock granted:

	2023		2022
Technology and academic services	$	678	$	594
Counseling services and support		1,743		1,583
Marketing and communication		48		35
General and administrative		900		978
Share-based compensation expense included in operating expenses		3,369		3,190
Tax effect of share-based compensation		(842)		(798)
Share-based compensation expense, net of tax	$	2,527	$	2,392