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Stock Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock Compensation Stock Compensation
Overview
We have stock option and stock incentive plans for employees and non-employee directors that provide for grants of restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance stock units (“PSUs”), and options to purchase shares of our common stock at exercise prices generally equal to the fair value of such stock at the dates of grant. We also maintain a shareholder-approved Employee Stock Purchase Plan (“ESPP”) for the benefit of our employees. The ESPP allows eligible employees to purchase common stock on a regular basis at the lower of 85% of the market price at the beginning or end of each offering period.
Equity Grants
During the six months ended June 30, 2024 the Compensation Committee of our Board of Directors (the “Committee”) authorized awards from approved stock incentive plans of RSAs to non-employee directors and RSUs and PSUs to certain employees and company officers, which, assuming that performance under the PSUs will be achieved at target levels, together totaled 762,000 shares and had an aggregate grant date fair value of $15.7 million.
During the six months ended June 30, 2023 the Committee authorized awards from approved stock incentive plans of RSAs to non-employee directors and RSUs and PSUs to certain employees and company officers, which, assuming that performance under the PSUs were to be achieved at target levels, together totaled 585,000 shares and had an aggregate grant date fair value of $8.0 million.
The Committee did not authorize any grants of stock options during the six months ended June 30, 2024. During the six months ended June 30, 2023 the Committee authorized, from approved stock incentive plans, grants of stock options to purchase a total of 11,000 shares to certain company officers. The exercise prices of the options were equal to the closing stock prices on their respective grant dates.
Employees purchased common stock totaling 51,000 and 56,000 shares in the six months ended June 30, 2024 and 2023, respectively, through the ESPP.
Stock Compensation Expense
The following weighted-average assumptions were used to determine the fair value of shares purchased under the ESPP:
Three Months Ended
June 30, 2024		Six Months Ended
June 30, 2024
ESPPESPP
Expected life0.5 Years0.5 Years
Expected stock price volatility0.480.48
Risk-free interest rate5.26%5.26%
The following table summarizes total stock compensation expenses prior to the capitalization of amounts into Inventory and Deferred preservation costs (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
RSA, RSU, and PSU expense$3,873 $3,396 $6,858 $6,038 
Stock option and ESPP expense583 723 1,270 1,595 
Total stock compensation expense$4,456 $4,119 $8,128 $7,633 
Included in the total stock compensation expense, as applicable in each period, were expenses related to RSAs, RSUs, PSUs, and stock options issued in each respective year, as well as those issued in prior periods that continue to vest during the period, and compensation related to the ESPP. These amounts were recorded as stock compensation expense and were subject to our normal allocation of expenses to inventory costs and deferred preservation costs. We capitalized $204,000 and $398,000 for the three and six months ended June 30, 2024, respectively, as compared to $182,000 and $354,000 for the three and six months ended June 30, 2023, respectively, of the stock compensation expense into our inventory costs and deferred preservation costs.