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STOCK COMPENSATION
 9 Months Ended
Sep. 30, 2021
STOCK COMPENSATION  
Note - 4 STOCK COMPENSATION

4. STOCK COMPENSATION

 

The fair value of restricted stock awards is estimated to be the market price of the Company's common stock at the close of the date of grant. Restricted stock activity during the nine months ended September 30, 2021 is as follows:

 

 

 

Performance-Based

 

 

Service-Based

 

 

Number of Shares

 

 

Weighted Average Grant Date Fair Value per Share

 

Non-vested, December 31, 2020

 

 

—

 

 

 

36,336

 

 

 

36,336

 

 

$8.98

 

Granted

 

 

42,466

 

 

 

4,718

 

 

 

47,184

 

 

 

11.72

 

Vested

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-vested, end of period

 

 

46,466

 

 

 

41,054

 

 

 

83,520

 

 

$10.53

 

 

The actual number of shares of common stock of the Company, if any, to be earned by the award recipients is determined over a three year performance measurement period based on measures that include Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) margin, revenue growth, and free cash flow for the grant in April 2021. The EBITDA margin and revenue growth performance targets have been set for each of the Minimum, Target, and Maximum levels. The actual performance amount achieved is determined by the Compensation Committee and may be adjusted for items determined to be unusual in nature or infrequent in occurrence, at the discretion of the Compensation Committee. A smaller portion is also earned based on Board discretion and continued service. The stock compensation cost is recognized over the requisite performance/service period using the straight-line method and can be periodically adjusted for the probable number of shares to be awarded.

 

Stock compensation (in thousands) for the three and nine month periods ended September 30, 2021 was approximately $87 and $258, respectively, based upon the value at the date of grant. Stock compensation for the three and nine month periods ended September 30, 2020 was less than $1, based upon the value at the date of grant. There was $620 of unrecognized compensation cost related to the non-vested restricted stock as of September 30, 2021.