Stock-based Compensation |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-based Compensation | Share-based Compensation Share-based compensation awards prior to April 17, 2023 were issued under the Company's Amended and Restated Omnibus Stock and Performance Compensation Plan (the "Prior Plan"). On April 18, 2023, shareholders approved the 2023 Omnibus Stock and Performance Compensation Plan (the "2023 Omnibus Plan") to replace the Prior Plan. The 2023 Omnibus Plan permits the issuance of up to 1.0 million shares of the Company’s common stock in the form of stock options, SARs, restricted stock, restricted stock units, phantom stock, and performance awards. Restricted Stock Restricted shares granted to Company employees are amortized to expense over the three-year cliff vesting period. Restricted shares granted to members of the Board of Directors are amortized to expense over a one-year service period, with the exception of those shares granted in lieu of cash payments for retainer fees which are expensed in the period earned. Changes in restricted shares outstanding for the year ended December 31, 2025 were as follows:
During 2024 and 2023, 57,502 and 57,837 shares, respectively, were granted with weighted average per share market values at date of grant of $44.01 in 2024 and $44.61 in 2023. The fair value of such shares are based on the market price on the date of grant. Amortization of restricted stock bonus awards totaled $2.4 million for 2025, $2.1 million for 2024 and $2.1 million for 2023. As of December 31, 2025, the total unrecognized compensation expense related to non-vested restricted stock awards was $1.6 million, and the related weighted average period over which it is expected to be recognized is approximately 0.97 years. The total fair value of shares vested during the years ended December 2025, 2024, and 2023 was $1.7 million, $1.6 million, and $1.3 million, respectively. Performance-Based Restricted Stock The Company has granted three-year PBRS awards which are contingent upon the Company’s achievement of pre-established financial goals over a three-year cliff vest period. The number of shares issued ranges from 0% to 150% of the target opportunity based on the actual achievement of financial goals for the three-year performance period. The following is a summary of the activity of the PBRS, based on 100% of target value, for the year ended December 31, 2025:
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