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STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2025
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

8.    STOCK-BASED COMPENSATION

Stock Incentive Plans

The Company’s Stock Incentive Plans provide for the granting of stock awards, including restricted stock, stock options and stock appreciation rights, to employees and non-employees, including directors of the Company.

Restricted Stock

For the nine months ended September 30, 2025, 151,836 shares of unvested restricted stock were awarded at a weighted average market value of $24.03. Of the restricted shares granted, 71,326 shares have performance-based vesting conditions. Stock-based compensation expense for awards with performance-based vesting conditions are reassessed each reporting period and recognized based upon the probability that performance will be achieved. The value of the shares expected to vest is amortized to compensation expense over the related service period, which is normally three years, or over the estimated performance period. Shares of unvested restricted stock are generally forfeited if a recipient leaves the Company before the vesting date. Shares that are forfeited become available for future awards.

The following is a summary of restricted stock activity for the nine months ended September 30, 2025:

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Number of

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shares

Outstanding at beginning of period

 

236,340

Awarded

 

151,836

Vested

 

(129,857)

Forfeited

 

(8,544)

Outstanding at end of period

 

249,775

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Stock-based compensation expense, net of forfeitures, of $835 and $1,098 was recorded for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024, stock-based compensation expense, net of forfeitures, of $2,590 and $3,382 was recorded, respectively.