Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

A summary of restricted share activity for the six months ended June 30, 2023 is as follows:


	2023
	Time-Based			Performance-Based
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
	(In whole shares)			(In whole shares)
Outstanding - beginning of year	716,242	$	20.53	50,000	$	32.55
Granted(a)	332,039	15.97		—	—
Vested	(266,946)	20.38		—	—

Canceled or expired	(4,267)	20.12		—	—
Outstanding - end of period	777,068	$	18.64	50,000	$	32.55

(a) - Included in this amount is 9,000 restricted share units.

Stock-based compensation is included in Selling, general and administrative expenses in the Condensed Consolidated Statements of Income. Total stock-based compensation expense was $1.7 million and $1.8 million for the three months ended June 30, 2023 and 2022, respectively. Total stock-based compensation expense was $3.3 million and $3.4 million for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, there was $9.9 million of unrecognized compensation cost related to non-vested stock-based compensation, which cost is expected to be recognized over a weighted-average period of 2.1 years.