STOCK-BASED COMPENSATION	6 Months Ended
Jun. 30, 2024
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	7. STOCK-BASED COMPENSATION The Company has issued various forms of stock incentives, including incentive and non-qualified stock options, time-lapse restricted shares and performance share unit awards under its Stock Incentive Plans to officers, selected employees and non-employee directors. The Company’s 2014 Stock Incentive Plan expired in April 2024. At the April 23, 2024, annual meeting of stockholders, the 2024 Stock Incentive Plan reserving 8,000,000 shares for the issuance of share-based payment awards described above was approved. As of June 30, 2024, there were 7,324,824 shares available for grant under the Company’s 2024 Stock Incentive Plan. During the second quarter of 2024, the Company issued time-lapse restricted shares to its officers and other selected employees that will vest ratably over a period of three years. The Company had previously issued time-lapse restricted shares to certain other selected employees in the first quarter of 2024 with the same vesting provisions as the current quarter. Also, during the second quarter of 2024, officers and selected employees were granted performance share unit awards that vest at different levels based on pre-established financial performance targets with a modifier for stock performance based on total shareholder return. The grant date fair value of the awards was determined with the assistance of a third-party specialist based on a range of potential outcomes relative to the market condition. The Company periodically evaluates the portion of performance share unit awards that are probable to vest and updates compensation expense accruals accordingly. In accordance with the terms of their Director Compensation Program, equity grants in the form of fully vested Company shares totaling approximately $400 thousand were awarded to all non-employee directors, in the second quarter of 2024.

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

7. STOCK-BASED COMPENSATION

The Company has issued various forms of stock incentives, including incentive and non-qualified stock options, time-lapse restricted shares and performance share unit awards under its Stock Incentive Plans to officers, selected employees and non-employee directors. The Company’s 2014 Stock Incentive Plan expired in April 2024. At the April 23, 2024, annual meeting of stockholders, the 2024 Stock Incentive Plan reserving 8,000,000 shares for the issuance of share-based payment awards described above was approved. As of June 30, 2024, there were 7,324,824 shares available for grant under the Company’s 2024 Stock Incentive Plan.

During the second quarter of 2024, the Company issued time-lapse restricted shares to its officers and other selected employees that will vest ratably over a period of three years. The Company had previously issued time-lapse restricted shares to certain other selected employees in the first quarter of 2024 with the same vesting provisions as the current quarter. Also, during the second quarter of 2024, officers and selected employees were granted performance share unit awards that vest at different levels based on pre-established financial performance targets with a modifier for stock performance based on total shareholder return. The grant date fair value of the awards was determined with the assistance of a third-party specialist based on a range of potential outcomes relative to the market condition. The Company periodically evaluates the portion of performance share unit awards that are probable to vest and updates compensation expense accruals accordingly. In accordance with the terms of their Director Compensation Program, equity grants in the form of fully vested Company shares totaling approximately $400 thousand were awarded to all non-employee directors, in the second quarter of 2024.