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Note 11 - Equity Compensation
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

11.

Equity Compensation

 

Restricted Stock Units (“RSUs”)

 

In February 2025, the Company granted time-based RSUs to certain employees under the Company’s 2022 Incentive Award Plan. 437,930 of time-based awards were granted at a grant date fair value of $11.15, which will vest ratably over a four-year period beginning on the first anniversary of the grant date and ending on February 18, 2029.

 

During the three months ended March 31, 2025 and 2024, the Company recognized stock compensation expense of approximately $1.0 million and $0.9 million, respectively, associated with all RSU awards, which is recorded within employee compensation and benefits within the statement of operations. As of March 31, 2025, there are 1,132,444 unvested RSUs outstanding with a weighted average grant date fair value of $9.75. The unrecognized compensation costs associated with all unvested RSUs at March 31, 2025 was approximately $10.8 million that is expected to be recognized over a weighted-average future period of 3.0 years.

 

Non-qualified Stock Options (“NSOs”)

 

In February 2025, the Company granted to certain employees options to purchase 686,647 shares of Class A Common Stock at an exercise price of $11.07 under the Company's 2022 Incentive Award Plan. The NSOs vest ratably over a four-year period beginning on the sixth anniversary of the grant date and have a term of 10 years. The options were valued at $6.33 using a Black -Scholes pricing model. During the three months ended March 31, 2025 and 2024, the Company recognized stock compensation expense of approximately $0.2 million and $0.1 million, respectively, associated with all NSO awards. The unrecognized compensation costs associated with all unvested NSOs at March 31, 2025 was approximately $7.2 million that is expected to be recognized over a weighted-average future period of 8.5 years.

 

Sky Incentive Units

 

The Company recognized equity-based compensation expense relating to awarded equity units of Sky (the “Sky Incentive Units”) of $45 and $45 for the three months ended March 31, 2025 and 2024, respectively. Expense associated with the Sky Incentive Units is recorded within compensation and benefits within the statement of operations, and as a component of the non-controlling interest in the consolidated statement of changes in stockholders’ equity. As of March 31, 2025, there was less than $0.1 million of total unrecognized compensation expense that is expected to be recognized over a weighted-average future period of 0.2 years.