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STOCK-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Stock Incentive Plans We have one long-term equity incentive plan, the RadNet, Inc. Equity Incentive Plan, which has been amended and restated on April 20, 2015, March 9, 2017, April 15, 2021, April 27, 2023, and most recently following approved by our stockholders at our annual stockholders meeting on June 7, 2023 (the “Restated Plan”). We have reserved for issuance under the Restated Plan 20,100,000 shares of common stock. We can issue options (incentive and nonstatutory), performance based options, stock awards (restricted or unrestricted), stock units, performance based stock units, and stock appreciation rights under the Restated Plan. Options Certain options granted under the Restated Plan to employees are intended to qualify as incentive stock options under existing tax regulations. Stock options generally vest over 3 to 5 years and expire 5 to 10 years from the date of grant. The following summarizes all of our option transactions for the nine months ended September 30, 2024:
Outstanding Options Under the 2006 Plan |  | Shares |  | Weighted Average Exercise price Per Common Share |  | Weighted Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2023 |  | 911,411 |  |  | $ | 16.60 |  |  |  |  |
Granted |  | — |  |  | — |  |  |  |  |
Exercised |  | (60,306) |  |  | 6.15 |  |  |  |  |
Balance, September 30, 2024 |  | 851,105 |  |  | 17.34 |  |  | 5.69 |  | $ | 44,301 |
Exercisable at September 30, 2024 |  | 729,806 |  |  | 16.62 |  |  | 5.31 |  | 38,515 |
Aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between our closing stock price on September 30, 2024 and the exercise price, multiplied by the number of in-the-money options as applicable) that would have been received by the holder had all holders exercised their options on September 30, 2024. As of September 30, 2024, total unrecognized stock-based compensation expense related to non-vested employee awards was $0.5 million, which is expected to be recognized over a weighted average period of approximately 0.39 years. DeepHealth Options During the second quarter of fiscal 2020, in connection with the completion of the DeepHealth acquisition, we granted options to acquire 412,434 shares at a grant date fair value of $16.93 per share unit to DeepHealth employees in replacement of their stock options that were outstanding as of the closing date. As of September 30, 2024, total unrecognized stock based compensation expense related to non-vested DeepHealth options was insignificant.
Outstanding Options Under the Deep Health Plan |  | Shares |  | Weighted Average Exercise price Per Common Share |  | Weighted Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in thousands)
Balance, December 31, 2023 |  | 79,073 |  |  | $ | — |  |  |  |  |
Exercised |  | (9,377) |  |  | — |  |  |  |  |
Balance, September 30, 2024 |  | 69,696 |  |  | — |  |  | 5.0 |  | $ | 4,836 |
Exercisable at September 30, 2024 |  | 69,696 |  |  | — |  |  | 5.0 |  | 4,836 |
Options issued in replacement of original DeepHealth options as a result of our acquisition are not included in the share count under the Restated Plan. Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs") The Restated Plan permits the award of RSAs and RSUs. The following summarizes all unvested RSA's and RSU's activities during the nine months ended September 30, 2024:
| RSAs and RSUs |  | Weighted-Average Remaining Contractual Term (Years) |  | Weighted-Average Fair Value per Share
RSAs and RSUs unvested at December 31, 2023 | 762,083 |  |  |  |  | $ | 22.13 |
Changes during the period |  |  |  |  |
Granted | 797,309 |  |  |  |  | $ | 37.40 |
Vested | (875,185) |  |  |  |  | $ | 27.78 |
Forfeited or Canceled | (13,460) |  |  |  |  | $ | 27.74 |
RSAs and RSUs unvested at September 30, 2024 | 670,747 |  |  | 1.74 |  | $ | 32.33 |
We determine the fair value of all RSAs and RSUs based on the closing price of our common stock on the award date. Performance based stock units ("PSUs") In January 2023, we granted certain employees PSUs with a target award of 60,685 shares of our common stock. The PSUs will vest in two equal parts, starting three years from the grant date based on continuous service, with the number of shares earned (0% to 200% of the target award) depending upon the extent to which we achieve a performance condition as determined by the board of directors over the period from January 1, 2023 through December 31, 2023. In March of 2024, based on the performance condition being achieved, the board of directors issued 121,370 units with a fair value of $18.64 per unit. Performance based stock options ("PSOs") In January 2023, we granted certain employees PSOs with a potential to option a maximum of 235,227 shares of our common stock. The PSOs will vest in three equal parts, starting three years from the grant date based on continuous service, with the number of shares earned (0% to 100% of the target award) depending upon the extent to which we achieve a performance condition as determined the board of directors over the period from January 1, 2023 through December 31, 2023. In March 2024, based on the performance condition being achieved, the board of directors issued 235,227 options with a strike price of $18.64 per share. Shares available Of the 20,100,000 shares of common stock reserved for issuance under the Restated Plan, at September 30, 2024, there remain approximately 3,285,500 shares available under the Restated Plan for future issuance.

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