Stock Incentive Plans

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

On April 22, 2021, Kforce’s shareholders approved the 2021 Stock Incentive Plan (the “2021 Plan”). The 2021 Plan allows for the issuance of stock options, stock appreciation rights (“SAR”), stock awards (including restricted stock awards (“RSAs”) and restricted stock units (“RSUs”)) and other stock-based awards. The aggregate number of shares reserved under the 2021 Plan is approximately 3.9 million. Grants of an option or SAR reduce the reserve by one share, while a stock award reduces the reserve by 2.72 shares. The 2021 Plan terminates on April 22, 2031.

Restricted stock (including RSAs and RSUs) are granted to directors, executives and management either for awards related to Kforce’s annual long-term incentive program or as part of a compensation package for attraction and retention purposes. Restricted stock granted during the three months ended March 31, 2022, will vest over a period of ten years, with vesting occurring in equal annual installments.

During the three months ended March 31, 2022 and March 31, 2021, stock-based compensation expense was $4.4 million and $3.4 million, respectively.

The following table presents the restricted stock activity for the three months ended March 31, 2022 (in thousands, except per share amounts):


	Number of Restricted Stock	Weighted-Average Grant Date Fair Value		Total Intrinsic Value of Restricted Stock Vested
Outstanding at December 31, 2021	1,083	$	48.86
Granted	6	$	55.40
Forfeited	(8)	$	43.97
Vested	(8)	$	25.74	$	589
Outstanding at March 31, 2022	1,073	$	49.12

As of March 31, 2022, total unrecognized stock-based compensation expense related to restricted stock was $45.7 million, which will be recognized over a weighted-average remaining period of 4.4 years