Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 11: 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

1,275,410

 shares as of

June 30, 2023.

The table below summarizes the stock-based compensation for the three- and six-months-ended June 30, 2023 and 2022:

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2023

2022

2023

2022

(Dollars in thousands)

Stock appreciation rights

$

42

$

88

$

141

$

187

Performance-based stock awards

298

200

534

411

Restricted stock units and awards

889

795

1,768

1,573

Employee stock purchase plan

36

37

60

64

Total stock-based compensation

$

1,265

$

1,120

$

2,503

$

2,235

Performance-Based Restricted Stock Units

The Company awards performance-based restricted stock units (“PBRSUs”) to key officers of the Company. The PBRSUs

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 six-month period ended June 30, 2023, the Company granted

128,005

 PBRSUs. The performance metrics include

three-year

 cumulative earnings per share and relative total shareholder return.

The following table summarizes the status of and changes in the PBRSUs:

Performance-Based Restricted 

Stock Unit Awards

Number of Shares

Weighted-Average

Grant Date Fair Value

Unvested, January 1, 2023

134,286

$

14.52

Granted

128,005

14.13

Vested

(20,736)

13.55

Forfeited

(5,335)

14.49

Unvested, June 30, 2023

236,220

$

14.40

Unrecognized stock-based compensation related to the performance awards issued through June 30, 2023 was $

2.4

 million and is

expected to be recognized over

2.3

 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, 2023

416,980

$

14.13

Granted

333,979

13.20

Vested

(209,641)

13.74

Forfeited

(18,751)

14.31

Unvested, June 30, 2023

522,567

$

13.68

Unrecognized stock-based compensation related to the RSUs and RSAs issued through June 30, 2023 was $

6.0

 million and is

expected to be recognized over

2.1

 years.