On May 5, 2015, the Company’s shareholders approved the Macatawa Bank Corporation Stock Incentive Plan of 2015 (the 2015 Plan).  The 2015 Plan provides for grant of up to 1,500,000 shares of Macatawa common stock in the form of stock options or restricted stock awards to employees and directors. There were 1,031,306 shares under the “2015 Plan” available for future issuance as of December 31, 2021.  The Company issues new shares under the 2015 Plan from its authorized but unissued shares.

 

 

Restricted stock awards have vesting periods of up to three years.  A summary of changes in the Company’s nonvested restricted stock awards for the year follows:

Compensation cost related to restricted stock awards totaled $684,000 and $505,000 for 2021 and 2020, respectively.

 

As of December 31, 2021, there was $1.4 million of total remaining unrecognized compensation cost related to nonvested restricted stock awards granted under the Company’s stock-based compensation plans.  The cost is expected to be recognized over a weighted-average period of 1.44 years.  The total grant date fair value of restricted stock awards vested during 2021 was $660,000.  The total grant date fair value of restricted stock awards vested during 2020 was $483,000.