Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 9: Stock-Based Compensation

The Company issues stock-based compensation in the form of nonvested restricted stock and stock appreciation rights under the

2018 Omnibus Equity Incentive Plan (“Omnibus Plan”). The Omnibus Plan will expire on the tenth anniversary of its effective date. In

addition, the Company has an Employee Stock Purchase Plan that was reinstated during the third quarter of 2020. The aggregate number

of shares authorized for future issuance under the Omnibus Plan is

1,546,521

 shares as of March 31, 2022.

The table below summarizes the stock-based compensation for the three-month periods ended March 31, 2022 and 2021:

Three Months Ended

March 31, 

2022

2021

(Dollars in thousands)

Stock appreciation rights

$

99

$

236

Performance-based stock awards

211

(266)

Restricted stock units and awards

778

665

Employee stock purchase plan

27

14

Total stock-based compensation

$

1,115

$

649

Performance-Based Stock Awards (“PBSAs”)

The Company awards PBSAs to key officers of the Company. The performance -based shares typically cliff-vest at the end of

three years

 based on attainment of certain performance metrics developed by the Compensation Committee. The ultimate number of

shares issuable under each performance award is the product of the award target and the award payout percentage given the level of

achievement. The award payout percentages by level of achievement range between

0

% of target and

150

% of target.

During the three-month period ended March 31, 2022, the Company granted

66,667

 PBSAs. The performance metrics include

three-year

 cumulative, adjusted earnings per share and relative total shareholder return.

The following table summarizes the status of and changes in the performance-based awards:

Performance-Based Awards

Number of Shares

Weighted-Average

Grant Date Fair Value

Unvested, January 1, 2022

98,352

$

13.59

Granted

66,667

16.04

Vested

-

-

Forfeited

(24,944)

15.03

Unvested, March 31, 2022

140,075

$

14.50

Unrecognized stock-based compensation related to the performance awards issued through March 31, 2022 was $

2

 million and is

expected to be recognized over

2.5

 years.

Restricted Stock Units (“RSUs”) and Restricted Stock Awards (“RSAs”)

The Company issues RSUs and RSAs to provide incentives to key officers, employees, and nonemployee directors. Awards are

typically granted annually as determined by the Compensation Committee. The service-based RSUs typically vest in equal amounts over

three years. The service-based RSAs typically cliff-vest after

one year

.

The following table summarizes the status of and changes in the RSUs and RSAs:

Restricted Stock Units and Awards

Number of Shares

Weighted-Average

Grant Date Fair Value

Unvested, January 1, 2022

383,630

$

13.52

Granted

176,351

15.86

Vested

(137,224)

13.62

Forfeited

(10,441)

13.72

Unvested, March 31, 2022

412,316

$

14.48

Unrecognized stock-based compensation related to the RSUs and RSAs issued through March 31, 2022 was $

5

 million and is

expected to be recognized over

2.3

 years.