Equity Plans

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

The Incentive Plan allows SJW Group to provide employees, non-employee board members or the board of directors of any parent or subsidiary, consultants, and other independent advisors who provide services to the company or any parent or subsidiary the opportunity to acquire an equity interest in SJW Group. SJW Group also maintains stock plans in connection with its acquisition of CTWS which are no longer granting new stock awards. As of June 30, 2022, 178,820 shares are issuable upon the vesting of outstanding restricted stock units and deferred restricted stock units and an additional 615,154 shares are available for award issuances under the Incentive Plan.

A summary of compensation costs charged to income and proceeds from the exercise of restricted stock and similar instruments that are recorded to additional paid-in capital and common stock, by award type, are presented below for the three and six months ended June 30, 2022, and 2021:


	Three months ended June 30,			Six months ended June 30,
	2022		2021	2022		2021
Compensation costs charged to income:
ESPP	$	—	—	$	185	181
Restricted stock and deferred restricted stock	1,041		791	2,408		1,890
Total compensation costs charged to income	$	1,041	791	$	2,593	2,071
ESPP proceeds	$	—	—	$	1,049	1,026

Restricted Stock and Deferred Restricted Stock

For the three months ended June 30, 2022, and 2021, SJW Group granted under the Incentive Plan 12,604 and 11,732, respectively, one year and three year service-based restricted stock awards with a weighted-average grant date fair value of $58.04 and $65.43, respectively, per unit. For the six months ended June 30, 2022, and 2021, SJW Group granted under the

Incentive Plan 44,003 and 45,433, respectively, one year and three year service-based restricted stock awards with a weighted-average grant date fair value of $65.41 and $64.53, respectively, per unit.

For the three months ended June 30, 2022, and 2021, SJW Group granted under the Incentive Plan 32 and 1,182 target units, respectively, performance-based and market-based restricted stock awards with a weighted-average grant date fair value of $66.14 and $65.70, respectively, per unit. For the six months ended June 30, 2022, and 2021, SJW Group granted under the Incentive Plan 33,653 and 30,641 target units, respectively, performance-based and market-based restricted stock awards granted with a weighted-average grant date fair value of $70.35 and $66.33, respectively, per unit. Based upon actual attainment relative to the target performance metric, the number of shares issuable can range between 0% to 150% of the target number of shares for performance-based restricted stock awards, or between 0% and 200% of the target number of shares for market-based restricted stock awards.

As of June 30, 2022, the total unrecognized compensation costs related to restricted and deferred restricted stock plans amounted to $6,721. This cost is expected to be recognized over a weighted-average period of 1.88 years.

Employee Stock Purchase Plan

SJW Group’s recorded expenses for its ESPP were $89 and $182 for the three and six months ended June 30, 2022, respectively, and $86 and $174 for the three and six months ended June 30, 2021, respectively. The total unrecognized compensation costs related to the semi-annual offering period that ends July 29, 2022, for the ESPP is approximately $31. This cost is expected to be recognized during the third quarter of 2022.