Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity and Stock Based Compensation

v3.20.2
Stockholders' Equity and Stock Based Compensation
6 Months Ended
Jun. 30, 2020
Stockholders' Equity and Stock Based Compensation  
Stockholders' Equity and Stock Based Compensation

15.          Stockholders’ Equity and Stock Based Compensation:

 

The 2012 Stock-Based Compensation Plan (the “2012 Plan”) authorizes the grant of Stock Options, Stock Units, Stock Appreciation Rights, Restricted Stock, Deferred Stock, Stock Bonuses and other equity-based awards. The total number of shares of the Company’s common stock, par value $0.01 per share (“Common Stock") initially available for award under the 2012 Plan was 600,000, which was increased to 1,000,000 shares by shareholder approval at the Company’s 2018 Annual Meeting in June 2018. As of June 30, 2020, the number of shares of Common Stock available for future award grants to employees, officers and directors under the 2012 Plan is 401,769.

 

During the six months ended June 30, 2020, the Company granted a total of 116,560 shares of Restricted Stock to officers and employees. These shares of Restricted Stock vest in sixteen equal quarterly installments. During the six months ended June 30, 2020, a total of 4,682 shares of Restricted Stock were forfeited.

 

During the six months ended June 30, 2019, the Company granted a total of 20,405 shares of Restricted Stock to officers and employees. These shares of Restricted Stock vest over time in sixteen equal quarterly installments. During the six months ended June 30, 2019, a total of 5,125 shares of Restricted Stock were forfeited.

 

A summary of nonvested shares of Restricted Stock awards outstanding under the 2012 Plan as of June 30, 2020, and changes during the six months then ended is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

Average Grant

 

 

 

 

 

Date

 

 

 

Shares

 

Fair Value

 

Nonvested shares at January 1, 2020

 

63,922

 

$

14.94

 

Granted in 2020

 

116,560

 

 

12.98

 

Vested in 2020

 

(25,240)

 

 

14.18

 

Forfeited in 2020

 

(4,682)

 

 

16.85

 

Nonvested shares at June 30, 2020

 

150,560

 

$

13.49

 

 

As of June 30, 2020, there is approximately $1.9 million of total unrecognized compensation costs related to nonvested share-based compensation arrangements. The unrecognized compensation cost is expected to be recognized over a weighted-average period of 3.0 years.

During the three months ended June 30, 2020 and 2019, the Company recognized share-based compensation expense of $0.2 million.  During the six months ended June 30, 2020 and 2019, the Company recognized share-based compensation expense of $0.4 million and $0.3 million, respectively.