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STOCK COMPENSATION PLANS
 9 Months Ended
Sep. 30, 2025
STOCK COMPENSATION PLANS  
STOCK COMPENSATION PLANS

(9)

STOCK COMPENSATION PLANS

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Non-vested grants as of December 31, 2024

 

1,034,486

Awarded

 

355,258

Vested

 

(577,101)

Forfeited

 

(14,500)

Non-vested grants as of September 30, 2025

 

798,143

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For the three and nine months ended September 30, 2025, our stock compensation expense was $0.6 million and $2.1 million, respectively. For the three and nine months ended September 30, 2024, our stock compensation expense was $1.1 million and $3.3 million, respectively.

Non-vested RSU grants will vest as follows:

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Vesting Year

    

RSUs Vesting

2025

 

156,000

2026

 

225,714

2027

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405,213

2028

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11,216

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798,143

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As noted in our Form 8-K filed with the SEC on June 2, 2025, on May 29, 2025, shareholders approved the Second Amended and Restated 2008 Restricted Stock Unit Plan (the “RSU Plan”) which, (i) increased the number of shares available for issuance by 2,000,000 shares, and (ii) extended the term of the RSU Plan until May 29, 2035.

As of September 30, 2025, unrecognized stock compensation expense to be recognized over the rolling 3-year vesting period is $6.4 million, and we had 1,897,154 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.