General form of registration statement for all companies including face-amount certificate companies

Stock Based Compensation

v3.22.2
Stock Based Compensation
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]    
Stock Based Compensation

Note 9 - Stock Based Compensation

 

The Company’s stock-based awards that result in compensation expense consist of restricted stock units (RSUs) and restricted stock awards (RSAs). As of March 31, 2022, the Company had 1,645,526 shares available for grant under its stock plans. As of March 31, 2022, the total unrecognized compensation cost related to all unvested stock-based compensation awards was $4.1 million is expected to be recognized over the next four years. RSUs generally vest over three years and RSAs generally vest from one to four years.

 

Restricted Stock Units (RSUs)

 

The following table summarizes the Company’s RSU activity:

 

Nonvested Restricted Stock Units  
             
          Weighted Average  
    Restricted Stock     Award Date Fair Value  
    Units     Per Share  
Restricted Stock at January 1, 2022     399,000     $ 5.20  
Added     -       —  
Forfeiture     (4,500 )     5.16  
Vested     -       —  
Restricted Stock at March 31, 2022     394,500     $ 5.20  

 

The fair value of RSUs is determined based on the closing market price of the Company’s stock on the grant date.

 

Restricted Stock Awards (RSAs)

 

The following table summarizes the Company’s RSA activity:

 

Nonvested Restricted Stock Awards  
                         
          Weighted Average           Weighted Average  
    Restricted Stock     Award Date Fair Value     Director Stock     Award Date Fair Value  
    Awards     Per Share     Awards     Per Share  
Restricted Stock at January 1, 2022     328,500     $ 5.31       -     $ —  
Added     50,000     $ 2.31       58,500     $ 2.51  
Forfeiture     —       —       —     $ —  
Vested     (21,875 )   $ 5.43       (14,625 )   $ 2.51  
Restricted Stock at March 31, 2022     356,625     $ 4.89       43,875     $ 2.51  

 

The fair value of RSAs is determined based on the closing market price of the Company’s stock on the grant date.

 

Stock Based Compensation Expense

 

Share based compensation costs associated with RSUs and RSAs grants are recorded as a separate component of Selling Expenses on the consolidated statements of income. Share-based compensation expense for service-based awards that contain a graded vesting schedule is recognized net of estimated forfeitures for plan participants on a straight-line basis.

 

 

Note 13 - Stock Based Compensation

 

The Company’s stock-based awards that result in compensation expense consist of restricted stock units (RSUs) and restricted stock awards (RSAs). As of December 31, 2021, the Company had 1,749,526 shares available for grant under its stock plans. As of December 31, 2021, the total unrecognized compensation cost related to all unvested stock-based compensation awards was $3.8 million is expected to be recognized over the next four years. RSUs generally vest over three years and RSAs generally vest from one to four years.

 

Restricted Stock Units (RSUs)

 

The following table summarizes the Company’s RSU activity:

 

          Weighted Average  
    Restricted Stock     Award Date Fair  
    Units     Value Per Share  
Restricted Stock at January 1, 2021     -     $ -  
Added     403,000     $ 5.21  
Forfeiture     (500 )   $ 5.16  
Vested     (3,500 )   $ 5.73  
Restricted Stock at December 31, 2021     399,000     $ 5.20  

 

The fair value of RSUs is determined based on the closing market price of the Company’s stock on the grant date.

 

There were 3,500 RSUs that vested in 2021.

 

 

Restricted Stock Awards (RSAs)

 

The following table summarizes the Company’s RSA activity:

 

          Weighted Average           Weighted Average  
    Restricted Stock     Award Date Fair Value     Director     Award Date Fair Value  
    Awards     Per Share     Stock Awards     Per Share  
Restricted Stock at January 1, 2021     -       -       -     $ —  
Added     578,250     $ 5.45       22,184     $ 5.70  
Forfeiture     (187,500 )   $ 5.73             $ —  
Vested     (62,250 )   $ 5.33       (22,184 )   $ 5.70  
Restricted Stock at December 31, 2021     328,500     $ 5.31       -     $ —  

 

The fair value of RSAs is determined based on the closing market price of the Company’s stock on the grant date.

 

There were 62,250 RSAs that vested in 2021.

 

Stock Based Compensation Expense

 

The Company has a long-term incentive plan under which the Compensation Committee of the Board of Directors has the authority to grant share-based awards to Company employees and non-employees. Share based compensation costs associated with RSUs and RSAs grants are recorded as a separate component of Selling Expenses on the consolidated statements of income. Share-based compensation expense for service-based awards that contain a graded vesting schedule is recognized net of estimated forfeitures for plan participants on a straight-line basis.