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STOCK COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2024
STOCK COMPENSATION PLANS  
STOCK COMPENSATION PLANS

(8)     STOCK COMPENSATION PLANS

Restricted Stock Units (RSUs)

The table below shows the number of RSUs available for issuance at December 31, 2024:

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Total authorized RSUs in Plan approved by shareholders

  

4,850,000

Stock issued out of the Plan from vested grants

 

(3,761,430)

Non-vested grants

 

(1,034,486)

RSUs available for future issuance

 

54,084

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Non-vested grants at December 31, 2022

  

1,056,937

Granted – weighted average share price on grant date was $9.30

 

312,147

Vested

 

(472,721)

Forfeited

 

(38,000)

Non-vested grants as of December 31, 2023

 

858,363

Awarded - weighted average share price on award date was $5.69

 

599,013

Vested

 

(380,390)

Forfeited

 

(42,500)

Non-vested grants as of December 31, 2024

 

1,034,486

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RSU Vesting Schedule

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Vesting Year

    

RSUs Vesting

2025

  

682,068

2026

 

176,210

2027

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176,208

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1,034,486

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Shares vested in 2024 had a value of $2.0 million based on the share price of $5.33 on their vesting dates. Under our RSU plan, participants are allowed to relinquish shares to pay for their required statutory income taxes.

The outstanding RSUs have a value of $8.9 million based on the March 10, 2025 closing stock price of $8.60.

For the years ended December 31, 2024 and 2023, stock-based compensation was $4.5 million and $3.6 million, respectively.

As of December 31, 2024, unrecognized stock compensation expense to be recognized over the remaining 3-year vesting period was $2.7 million, and we had 54,084 RSUs available for future issuance. RSUs are not allocated earnings and losses as they are considered non-participating securities. Forfeitures are recognized as they occur.

Stock Options

We have no stock options outstanding.