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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Plan Information
The 2015 Incentive Stock Plan (the “Plan”) provides for awards of stock options and restricted stock to officers, directors, key employees and consultants. In September 2022, at the Company's annual meeting of shareholders, the shareholders authorized an additional 1,000,000 shares of common stock be added to the Plan. At September 30, 2022, 3,100,415 shares of common stock were reserved for stock award grants under the Plan.  Of these reserved shares, 1,160,695 shares were available for future grants.
Stock Options
As of December 31, 2021, there were 50,000 stock options with a weighted average exercise price of $1.28 per share and an aggregate intrinsic value of $22 thousand outstanding under the Plan. There were 50,000 stock options exercised during the nine months ended September 30, 2022. As of September 30, 2022, no stock options remained outstanding.
Restricted stock awards
A summary of the Company's non-vested restricted share awards at September 30, 2022 and changes during the quarter ended September 30, 2022 is presented in the following table (in thousands, except shares):
SharesFair Value
Non-vested at June 30, 2022531,787 $1,228 
Granted108,000 146 
Vested (107,190)(269)
Forfeited— — 
Non-vested at September 30, 2022532,597 $1,105 
During the three month period ended September 30, 2022 and 2021, expenses related to share-based arrangements including restricted stock and stock option awards, were $0.1 million and $0.2 million, respectively.
During the nine month period ended September 30, 2022 and 2021, compensation expenses related to share-based arrangements including restricted stock and stock option awards, were $0.5 million and $0.7 million respectively.
The Company did not recognize a tax benefit for compensation expense recognized during the three and nine month period ended September 30, 2022 and 2021.
At September 30, 2022, unrecognized compensation expense related to non-vested stock-based compensation awards not yet recognized in the consolidated statements of operations was $0.4 million. That cost is expected to be recognized over a period of 2.75 years.