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Stock Compensation - Restricted Stock and Performance Share Grants
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock Compensation - Restricted Stock and Performance Share Grants STOCK COMPENSATION - RESTRICTED STOCK AND PERFORMANCE SHARE GRANTS
The Company’s stock incentive plans provide for the making of awards to employees based upon a service condition or through the achievement of performance-related objectives. The Company has issued three types of stock grant awards under these plans: restricted stock with service condition vesting; performance share grants that only vest upon the achievement of specified performance conditions, such as corporate cash flow goals or share price, or Performance Condition Grants; and performance share grants that include threshold, target, and maximum achievement levels based on the achievement of specific performance measures, or Performance Milestone Grants. Performance Condition Grants with market-based conditions are based on the achievement of a target share price. The share price used to calculate vesting for market-based awards is determined using a Monte Carlo simulation. Failure to achieve the target share price will result in the forfeiture of shares. Forfeiture of share awards with service conditions or performance-based restrictions will result in a reversal of previously recognized share-based compensation expense. Forfeiture of share awards with market-based restrictions does not result in a reversal of previously recognized share-based compensation expense.
The following is a summary of the Company's performance share grants with performance conditions as of the year ended December 31, 2021:
Performance Share Grants with Performance Conditions
Threshold performance32,282 
Target performance515,919 
Maximum performance924,338 
The following is a summary of the Company’s stock grant activity, both time and performance unit grants, assuming target achievement for outstanding performance grants for the following twelve-month periods ended:
December 31, 2021December 31, 2020December 31, 2019
Stock Grants Outstanding Beginning of the Year at Target Achievement840,307 409,373 538,599 
New Stock Grants/Additional shares due to achievement in excess of target63,622 797,364 160,471 
Vested Grants(196,328)(307,250)(188,032)
Expired/Forfeited Grants(23,956)(59,180)(101,665)
Stock Grants Outstanding at Target Achievement683,645 840,307 409,373 
The following is a summary of the assumptions used to determine the price for the Company's market-based Performance Condition Grants for the year ended December 31, 2021:
($ in thousands except for share prices)
Grant dateDecember 12, 2019March 11, 2020December 11, 2020March 18, 2021
Vesting endDecember 31, 2022December 31, 2022December 31, 2023March 18, 2024
Share price at target achievement$18.80$16.36$17.07$20.02
Expected volatility17.28%18.21%29.25%30.30%
Risk-free interest rate1.69%0.58%0.19%0.33%
Simulated Monte Carlo share price$11.95$5.87$15.59$18.82
Shares granted6,32781,7163,62810,905
Total fair value of award$76$480$57$205
The unamortized cost associated with unvested stock grants and the weighted-average period over which it is expected to be recognized as of December 31, 2021 was $3,818,000 and 13 months respectively. The fair value of restricted stock with time-based vesting features is based upon the Company’s share price on the date of grant and is expensed over the service period. Fair value of performance grants that cliff vest based on the achievement of performance conditions is based on the share price of the Company’s stock on the day of grant once the Company determines that it is probable that the award will vest. This fair value is expensed over the service period applicable to these grants. For performance grants that contain a range of shares from zero to maximum the Company determines, based on historic and projected results, the probability of (1) achieving the performance objective, and (2) the level of achievement. Based on this information, the Company determines the fair value of the award and measure the expense over the service period related to these grants. Because the ultimate vesting of all performance grants is tied to the achievement of a performance condition, the Company estimates whether the performance condition will be met and over what period of time. Ultimately, the Company adjusts compensation cost according to the actual outcome of the performance condition. Under the Non-Employee Director Stock Incentive Plan, or NDSI Plan, each non-employee director, during the years presented, received his or her annual compensation in stock.
The following table summarizes stock compensation costs for the Company's 1998 Stock Incentive Plan, or the Employee 1998 Plan, and NDSI Plan for the following periods:
Employee 1998 Plan ($ in thousands):December 31, 2021December 31, 2020December 31, 2019
    Expensed$3,742 $4,060 $2,667 
    Capitalized460 1,135 760 
4,202 5,195 3,427 
NDSI Plan529 434 531 
$4,731 $5,629 $3,958