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SHARE-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION SHARE-BASED COMPENSATION
International Money Express, Inc. Omnibus Equity Compensation Plans

The International Money Express, Inc. 2020 Omnibus Equity Compensation Plan (the “2020 Plan”) provides for the granting of stock-based incentive awards, including stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”) and performance stock units (“PSUs”) to employees and independent directors of the Company. There are 3.7 million shares of the Company’s common stock approved for issuance under the 2020 Plan, which includes 0.4 million shares that were previously subject to awards granted under the International Money Express, Inc. 2018 Omnibus Equity Compensation Plan (the “2018 Plan” and together with the 2020 Plan, the “Plans”). Although awards remain outstanding under the 2018 Plan, which was terminated effective June 26, 2020, no additional awards may be granted under the 2018 Plan. As of June 30, 2023, 2.1 million shares remained available for future awards under the 2020 Plan.

Stock Options

Share-based compensation is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The stock options issued under the Plans have 10-year terms and generally vest in four equal annual installments beginning one year after the date of the grant. The Company recognized compensation expense for stock options of approximately $0.1 million and $0.5 million for the three months ended June 30, 2023 and 2022, respectively, and $0.3 million and $1.1 million for the six months ended June 30, 2023 and 2022, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of June 30, 2023, unrecognized compensation expense related to stock options of approximately $0.3 million is expected to be recognized over a weighted-average period of 0.9 years.
A summary of stock option activity under the Plans during the six months ended June 30, 2023 is presented below:

Number of
Options		Weighted-Average
Exercise Price		Weighted-Average
Remaining Contractual
Term (Years)		Weighted-Average
Grant Date
Fair Value
Outstanding at December 31, 2022711,050 $11.56 6.26$4.28 
Granted— $— $— 
Exercised(67,250)$12.22 $4.96 
Forfeited(11,250)$14.07 $6.54 
Outstanding at June 30, 2023632,550 $11.44 5.73$4.17 
Exercisable at June 30, 2023531,300 $11.03 5.56$3.99 

Restricted Stock Units

The RSUs granted under the Plans to the Company’s employees generally vest in four equal annual installments beginning one year after the date set forth in the applicable grant agreement, while RSUs issued to the Company’s independent directors vest on the one-year anniversary from the grant date. The Company recognized compensation expense for RSUs of approximately $0.7 million and $0.5 million for the three months ended June 30, 2023 and 2022, respectively, and $1.3 million and $0.8 million for the six months ended June 30, 2023 and 2022, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of June 30, 2023, unrecognized compensation expense related to RSUs of approximately $6.7 million is expected to be recognized over a weighted-average period of 1.9 years.

A summary of RSU activity during the six months ended June 30, 2023 is presented below:

Number of RSUsWeighted-Average
Grant Price
Outstanding (nonvested) at December 31, 2022316,902 $16.58 
Granted(1)
175,121 $24.80 
Vested(101,700)$17.36 
Forfeited(17,319)$19.40 
Outstanding (nonvested) at June 30, 2023373,004 $20.10 
(1) The aggregate fair value of all RSUs granted during the six months ended June 30, 2023 was approximately $4.3 million.

Share Awards

The Lead Independent Director and Chairs of the Committees of the Board of Directors are granted, in aggregate, $80.5 thousand in awards of fully vested shares of the Company’s common stock, payable on a quarterly basis at the end of each quarter in payment of fees earned in such capacities. During the three and six months ended June 30, 2023, 781 and 1,607 fully vested shares, respectively, were granted to the Lead Independent Director and Chairs of the Committees of the Board of Directors resulting in compensation expense of $20.1 thousand and $40.3 thousand, respectively, recorded and included in salaries and benefits in the condensed consolidated statements of income and comprehensive income.

Restricted Stock Awards

The RSAs issued under the Plans to the Company’s employees generally vest in four equal annual installments beginning one year after the date set forth in the applicable grant agreement. The Company recognized compensation expense for RSAs granted of $0.4 million and $0.2 million for the three months ended June 30, 2023 and 2022, respectively, and $0.6 million and $0.3 million for the six months ended June 30, 2023 and 2022, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of June 30, 2023, there was $3.4 million of unrecognized compensation expense related to RSAs, which is expected to be recognized over a weighted-average period of 2.0 years.

A summary of RSA activity during the six months ended June 30, 2023 is presented below:
Number of RSAsWeighted-Average
Grant Price
Outstanding (nonvested) at December 31, 2022159,562 $15.28 
Granted(1)
80,402 $25.68 
Vested(47,984)$15.68 
Forfeited— $— 
Outstanding (nonvested) at June 30, 2023191,980 $19.53 
(1) The aggregate fair value of all RSAs granted during the six months ended June 30, 2023 was approximately $2.1 million.

Performance Stock Units

PSUs granted to the Company’s employees generally vest subject to attainment of performance criteria during the service period established by the Compensation Committee. Each PSU represents the right to receive one share of common stock, and the actual number of shares issuable upon vesting is determined based upon performance compared to financial performance targets. The PSUs vest based on the achievement of certain revenue or adjusted earnings per share parameters for a period of up to three years combined with a service period of three years. Compensation cost is recognized over the requisite service period when it is probable that the performance condition will be satisfied. During the third quarter of 2022, the Company reassessed the probability of vesting for PSU awards and determined that it was probable that a higher performance target will be achieved. Therefore, the Company recognized a cumulative catch-up adjustment of approximately $1.1 million as additional compensation expense for the three months ended September 30, 2022 (none in 2023). On February 28, 2023, the Compensation Committee determined that the higher performance target was achieved and approved the incremental grant of PSUs.

The Company recognized compensation expense for PSUs of $1.0 million and $0.5 million for the three months ended June 30, 2023 and 2022, respectively, and $1.8 million and $0.7 million for the six months ended June 30, 2023 and 2022, respectively, which are included in salaries and benefits in the condensed consolidated statements of income and comprehensive income. As of June 30, 2023, there was $5.7 million of unrecognized compensation expense related to PSUs, which is expected to be recognized over a weighted-average period of 1.9 years.

A summary of PSU activity during the six months ended June 30, 2023 is presented below:

Number of PSUsWeighted-Average
Remaining Contractual
Term (Years)		Weighted-Average
Grant Price
Outstanding (nonvested) at December 31, 2022300,871 8.63$17.30 
Granted(1)
318,386 $19.49 
Vested— $— 
Forfeited— $— 
Outstanding (nonvested) at June 30, 2023619,257 8.37$18.43 
(1) The aggregate fair value of all PSUs granted during the six months ended June 30, 2023 was approximately $6.2 million.