Stock Compensation

12 Months Ended

Dec. 31, 2021

Stock Compensation

Stock Compensation

6. STOCK COMPENSATION

On October 13, 2016, the Board of Directors of the Company adopted the 2016 Equity Incentive Plan, which allows the Company to grant up to 400,000 shares of restricted common stock of the Company to employees, officers, directors and consultants. The grants may be in the form of restricted or performance shares of common stock of the Company. The total intrinsic value (in thousands) of the outstanding shares of restricted stock at December 31, 2021 and 2020 is $1,027 and $326, respectively.

The fair value of restricted stock awards is estimated to be the market price of the Company’s common stock at the close of date of grant. The Company assumes no forfeitures as they are granted to key executives and board members. Restricted stock activity during the years ended December 31, 2020 and 2021 is as follows:

	Number of Shares		Weighted Average Grant Date Fair Value per Share
Non-vested, December 31, 2019		19,667	$	5.45
Granted		54,500		8.98
Vested		37,831		7.14
Forfeited		—		—
Non-vested, December 31, 2020		36,336		8.98
Granted		73,684		13.94
Vested		27,500		11.84
Forfeited		—		—
Non-vested, December 31, 2021		82,520	$	12.45

Awards are being amortized to expense ratably, based upon the vesting schedule. Stock compensation (in thousands) for the years ended December 31, 2021 and 2020 were approximately $531 and $163, respectively, based upon the value at the date of grant. There was $822 of unrecognized compensation cost related to the non-vested restricted stock as of December 31, 2021.