|3 Months Ended|
Mar. 31, 2023
|Share-Based Payment Arrangement [Abstract]|
|SHARE-BASED COMPENSATION||SHARE-BASED COMPENSATION
Main Street accounts for its share-based compensation plans using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards (“RSAs”), Main Street measured the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.
Main Street’s Board of Directors approves the issuance of shares of restricted stock to Main Street employees pursuant to the Main Street Capital Corporation 2022 Equity and Incentive Plan (the “Equity and Incentive Plan”). These shares generally vest over a three-year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances approved by Main Street’s Board of Directors under the Equity and Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of March 31, 2023.
As of March 31, 2023, the following table summarizes the restricted stock issued to Main Street’s non-employee directors and the remaining shares of restricted stock available for issuance pursuant to the Main Street Capital Corporation 2022 Non-Employee Director Restricted Stock Plan. These shares are granted upon appointment or election to the board
and vest on the day immediately preceding the annual meeting of stockholders following the respective grant date and are expensed over such service period.
For the three months ended March 31, 2023 and 2022, Main Street recognized total share-based compensation expense of $4.1 million and $2.8 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors.
Summarized RSAs for the three months ended March 31, 2023 is as follows:
(1)Restricted units generally vest over a three-year period from the grant date (as noted above).
(2)Vested shares included 10,489 shares withheld for payroll taxes paid on behalf of employees.
(3)Aggregate intrinsic value is the product of total non-vested restricted shares as of March 31, 2023 and $39.46 per share, the closing price of our common stock on March 31, 2023.
The total fair value of RSAs that vested during the three months ended March 31, 2023 was $1.4 million.
As of March 31, 2023, there was $21.6 million of total unrecognized compensation expense related to Main Street’s non-vested restricted shares. This compensation expense is expected to be recognized over a remaining weighted-average period of 2.2 years as of March 31, 2023.
The entire disclosure for share-based payment arrangement.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
No definition available.