Incentive Compensation and Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

The following table shows the activity of restricted stock awards in 2021:



	Number of restricted shares	Weighted-average grant date fair value
Non-vested shares, beginning of year	210,423	$	13.55
Granted	252,503	18.45
Vested	(204,351)	13.49
Forfeited	(28,796)	16.56
Non-vested shares, end of year	229,779	$	18.61

Schedule of Activities

The following table shows the activity of RSUs and PSUs in 2021:



	Stock-settled RSUs			Cash-settled RSUs			Total RSUs			Stock-settled PSUs
	Number of RSUs	Weighted-average grant date fair value		Number of RSUs	Weighted-average grant date fair value		Number of RSUs	Weighted-average grant date fair value		Number of PSUs	Weighted-average grant date fair value
Nonvested, beginning of year	38,327	$	13.45	20,766	$	13.45	59,093	$	13.72	—	$	—
Granted	137,376	17.20		6,573	22.82		143,949	17.46		120,513	13.82
Vested	(45,586)	14.12		(20,766)	13.45		(66,352)	13.91		(1,729)	16.67
Forfeited	(8,378)	16.65		—	—		(8,378)	16.65		(8,000)	16.67
Non-vested, end of year	121,739	$	17.21	6,573	$	22.82	128,312	$	17.62	110,784	$	13.57

On February 16, 2021, in connection with the LTI Plan, the Company entered into five separate PSU Agreements with five executives which granted awards consisting of the opportunity to earn, in the aggregate, a target of 58,136 performance based restricted stock units, or PSUs. These PSUs generally vest at the end of a three-year performance period, but only results in the issuance of shares of Class A common stock if the Company achieves a performance target. The actual number of PSUs, if earned, could range from 50% to 150% of the target PSUs. The fair value of the PSUs granted was $16.67 per PSU based on the results of a Monte Carlo simulation to estimate the fair value of the PSUs as of the grant date.

On February 16, 2021, in connection with the LTI Plan, the Company entered into five separate RSU Agreements with five executives which granted, in the aggregate, 58,136 RSUs that will vest in three equal installments on each of the first three anniversaries of the grant date. The fair value of the RSUs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which was $16.65 per RSU.

On February 16, 2021, in connection with a sign-on grant, the Company entered into a PSU Agreement with one executive which granted an award consisting of the opportunity to earn a target of 62,377 PSUs. These PSUs generally vest at the end of a three-year performance period, but only results in the issuance of shares of Class A common stock if the Company achieves a performance target. The actual number of PSUs, if earned, could range from 50% to 100% of the target PSUs. The fair value of the PSUs granted was $11.15 per PSU based on the results of a Monte Carlo simulation to estimate the fair value of the PSUs as of the grant date.

On February 16, 2021, in connection with a sign-on grant, the Company entered into a RSU Agreement with one executive which granted 62,377 RSUs that will vest in three equal installments on each of the first three anniversaries of the grant date. The fair value of the RSUs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which was $16.65 per RSU.

In 2021, the Company granted 19,719 RSUs to its independent directors under the 2018 Equity Plan, including 13,146 stock-settled RSUs and 6,573 cash-settled RSUs. The fair value of the RSUs granted was based on the market price of the shares of the Company’s Class A common stock at the grant date which was $22.82 per RSU. These RSUs will vest on the first anniversary of the date of grant.