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Share-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Compensation  
Share-Based Compensation

9. Share-Based Compensation

Incentive Plan

The Company makes equity incentive grants pursuant to our 2017 Equity Incentive Plan (the “2017 Plan”) under which a maximum of 3,000 shares may be granted. As of June 30, 2025, 873 shares were available for grants under the 2017 Plan.

Restricted Stock

During the six months ended June 30, 2025, the Company granted 86 shares of common stock with a service vesting condition to certain of its executives, officers and employees. The restricted shares have voting rights and vest in five annual installments of 20%, with the first installment vesting in March of the calendar year following the date of grant (the “first vesting date”) and subsequent installments vesting on each of the four anniversaries of the first vesting date. Upon vesting, shares will be withheld in lieu of taxes equivalent to the minimum statutory tax withholding required to be paid when the restricted stock vests. During the six months ended June 30, 2025, the Company withheld 53 shares of common stock in lieu of taxes at a cost of $9,463 on the restricted stock vesting dates. In June 2025, following the annual stockholders meeting, the Company granted 2 shares of common stock to the non-employee members of the Board of Directors. The restricted shares granted to these directors have voting rights and vest on the earlier of (a) the one-year anniversary of the date of grant or (b) immediately prior to the next annual stockholders meeting.

On June 30, 2024, a named executive officer resigned for “good reason” which resulted in an acceleration of the next tranche of restricted stock awards that would have vested on March 1, 2025. As a result, the incremental share-based compensation expense from the modification on five restricted stock awards for the accelerated vesting date was

$558 and is included in the general and administrative expenses in the Company’s consolidated income statement. In July of 2024, 5 shares vested and 2 shares were withheld in lieu of taxes at a cost of $324 on the accelerated vesting date.

A summary of the activity related to restricted stock granted under the 2017 Plan since December 31, 2024 is as follows:

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Weighted Average

​

​

Total

​

Grant Date

​

​

Shares

​

Fair Value per Share

Outstanding as of December 31, 2024

 

403

​

$

104.54

Granted

 

88

​

$

173.00

Vested

 

(139)

​

$

98.09

Forfeited, canceled or expired

 

(5)

​

$

121.54

Outstanding as of June 30, 2025

 

347

​

$

124.18

​

Share-based Compensation Expense

The table below outlines share-based compensation expense for the six months ended June 30, 2025 and 2024 related to restricted stock granted:

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2025

    

2024

Technology and academic services

$

1,452

​

$

1,254

Counseling services and support

 

3,834

​

 

3,607

Marketing and communication

 

132

​

 

110

General and administrative

 

1,699

​

 

2,508

Share-based compensation expense included in operating expenses

$

7,117

​

$

7,479

Tax effect of share-based compensation

 

(1,779)

​

 

(1,870)

Share-based compensation expense, net of tax

$

5,338

​

$

5,609

​