Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION

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SHARE-BASED COMPENSATION
12 Months Ended
Dec. 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 or five-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 December 31, 2023.
Restricted stock authorized under the plan 5,000,000
Less net restricted stock granted (558,807)
Restricted stock available for issuance as of December 31, 2023
4,441,193 
As of December 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.
Restricted stock authorized under the plan 300,000
Less net restricted stock granted (7,525)
Restricted stock available for issuance as of December 31, 2023
292,475
For the years ended December 31, 2023, 2022 and 2021, Main Street recognized total share-based compensation expense of $16.5 million, $13.6 million and $10.9 million, respectively, related to the restricted stock issued to Main Street employees and non-employee directors.
Summarized RSA activity for the year ended December 31, 2023 is as follows:
Year Ended December 31, 2023
Number Weighted-Average Grant-Date Fair Value
Restricted Stock Awards (RSAs): of Shares ($ per share)
Non-vested, December 31, 2022
817,401  $ 38.78 
Granted (1) 551,730  39.43 
Vested (1)(2)
(398,914) 39.20 
Forfeited (11,992) 40.47 
Non-vested, December 31, 2023
958,225  $ 40.48 
Aggregate intrinsic value as of December 31, 2023 (in thousands)
$ 41,424  (3)
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(1)Restricted units generally vest over a three-year or five-year period from the grant date (as noted above).
(2)Vested shares included 151,058 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 December 31, 2023 and $43.23 per share, the closing price of our common stock on December 31, 2023.

The total fair value of RSAs that vested during the years ended December 31, 2023, 2022 and 2021, was $15.6 million, $10.5 million and $10.9 million, respectively.
As of December 31, 2023, there was $26.3 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 2.3 years as of December 31, 2023.