Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 9: Stock-Based Compensation

The Company issues stock-based compensation in the form of non-vested restricted stock, restricted stock units and stock

appreciation rights under the 2018 Omnibus Equity Incentive Plan (as amended, the “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

1,441,879

 shares as of

September 30, 2022.

The table below summarizes the stock-based compensation for the three- and nine-month periods ended September 30, 2022 and

2021:

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

2022

2021

2022

2021

(Dollars in thousands)

Stock appreciation rights

$

75

$

150

$

262

$

584

Performance-based stock awards

200

75

611

337

Restricted stock units and awards

763

895

2,336

2,394

Employee stock purchase plan

31

29

95

58

Total stock-based compensation

$

1,069

$

1,149

$

3,304

$

3,373

Performance-Based Restricted Stock Units

The Company awards performance-based restricted stock units (“PBRSUs”) 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 nine-month period ended September 30, 2022, the Company granted

66,667

 PBRSUs. 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 Restricted 

Stock Unit 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, September 30, 2022

140,075

$

14.51

Unrecognized stock-based compensation related to the performance awards issued through September 30, 2022 was $

1

 million

and is expected to be recognized over

2.1

 years.

Restricted Stock Units and Restricted Stock Awards

The Company issues time-based restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) to provide incentives to

key officers, employees, and non-employee 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

259,627

14.97

Vested

(197,536)

13.83

Forfeited

(35,612)

14.22

Unvested, September 30, 2022

410,109

$

14.22

Unrecognized stock-based compensation related to the RSUs and RSAs issued through September 30, 2022 was $

4

 million and is

expected to be recognized over

1.9

 years.