The 2015 Incentive Stock Plan (the “Plan”) provides for awards of stock options and restricted stock to officers, directors, key employees and consultants. At March 31, 2023, 3,100,415 shares of common stock were reserved for stock award grants under the Plan. Of these reserved shares, 415,480 shares were available for future grants.

As of December 31, 2022, there were no outstanding stock options under the Plan. There were no stock options granted during the three months ended March 31, 2023.

A summary of the Company's non-vested restricted share awards at March 31, 2023 and changes during the three months ended March 31, 2023 is presented in the following table (in thousands, except shares):


	Shares	Fair Value
Non-vested at December 31, 2022	531,725	$	1,016
Granted	692,824	804
Vested	(275,666)	(368)
Forfeited	(36,000)	(49)
Non-vested at March 31, 2023	912,883	$	1,403

During the three month period ended March 31, 2023 and 2022, expenses related to share-based arrangements including restricted stock and stock option awards, were $0.4 million and $0.2 million, respectively.

The Company did not recognize a tax benefit for compensation expense recognized during the three months ended March 31, 2023 and 2022.

At March 31, 2023, unrecognized compensation expense related to non-vested stock-based compensation awards not yet recognized in the consolidated statements of operations was $0.8 million. That cost is expected to be recognized over a period of 3.0 years.