Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

The Company’s Amended and Restated 2013 Equity Incentive Plan (the "Equity Plan") permits the grant of restricted stock awards, stock options, stock appreciation rights, performance units, and other equity-based awards up to an aggregate of 1,700,000 shares of common stock. As of December 31, 2022, the Company had 398,110 shares of common stock available for issuance under the Equity Plan.

During the years ended December 31, 2022, 2021, and 2020, the Company granted an aggregate of 288,677, 166,768 and 176,382 shares of restricted stock to employees and nonemployee directors, respectively. The grant date fair value of the restricted stock awards granted during the years ended December 31, 2022, 2021, and 2020 was $4.2 million, $2.1 million and $2.8 million, respectively. Employee restricted stock awards generally vest over a period of two years: one-third immediately on the grant date and the remaining two-thirds in equal amounts on the first two anniversaries following the grant date, subject to continued service to the Company. Beginning with grants made in 2021, executive officers' restricted shares generally vest over a period of three years: two-fifths immediately on the grant date and the remaining three-fifths in equal amounts on the first three anniversaries following the grant date, subject to continued service to the Company. Non-employee director restricted stock awards vest either immediately upon grant or over a period of one year, subject to continued service to the Company. Unvested restricted stock awards are entitled to receive dividends from their grant date.

During the years ended December 31, 2022, 2021, and 2020, the Company issued performance-based awards in the form of restricted stock units to certain employees. The performance period for these awards is three years, with a required two-year service period immediately following the expiration of the performance period in order to fully vest. There were no performance-based awards issued or vested in 2022. During the three months ended December 31, 2021, 5,760 shares were issued with a grant date fair value of $15.19 per share due to the partial vesting of performance units awarded to certain employees in 2017. Of those shares, 1,926 were surrendered by the employees for income tax withholdings. During the three months ended December 31, 2020, 10,842 shares were issued with a grant date fair value of $11.11 per share due to the partial vesting of performance units awarded to certain employees in 2016 and 2017. Of those shares, 3,165 were surrendered by the employees for income tax withholdings. During the three months ended March 31, 2020, 10,600 shares were issued with a grant date fair value of $18.08 per share due to the partial vesting of performance units awarded to certain employees in 2017. Of those shares, 3,677 were surrendered by the employees for income tax withholdings.

During the years ended December 31, 2022, 2021, and 2020, the Company recognized $3.8 million, $2.6 million and $2.9 million of stock-based compensation, respectively. As of December 31, 2022, the total unrecognized compensation cost related to unvested restricted shares was $1.1 million, substantially all of which the Company expects to recognize over the next 27 months.

Compensation cost relating to stock-based compensation for the years ended December 31, 2022, 2021, and 2020 was recorded as follows (in thousands):


	Years Ended December 31,
	2022		2021		2020
General and administrative expense	$	1,905	$	1,505	$	1,615
General contracting and real estate services expenses	1,342		738		763
Capitalized in conjunction with development projects	530		329		483
Total stock-based compensation cost	$	3,777	$	2,572	$	2,861

The following table summarizes the changes in the Company’s unvested restricted stock awards during the year ended December 31, 2022:


	Restricted Stock Awards	Weighted Average Grant Date Fair Value Per Share
Unvested as of January 1, 2022	151,812	$	14.24
Granted	288,677	14.60
Vested	(190,525)	14.90
Forfeited	(30,658)	14.23
Unvested as of December 31, 2022	219,306	$	14.15

Restricted stock awards granted and vested during the year ended December 31, 2022 include 52,088 shares tendered by employees to satisfy minimum statutory tax withholding obligations.