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SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2024

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION

13. SHARE-BASED COMPENSATION

Pursuant to the Legacy Housing Corporation 2018 Incentive Compensation Plan (the “Plan”), the Company may issue up to 10.0 million equity awards to employees, directors, consultants and nonemployee service providers in the form of stock options, stock, restricted stock and stock appreciation rights. Stock options may be granted with a contractual life of up to ten years. At September 30, 2024, the Company had 8.7 million shares available for grant under the Plan.

Restricted Stock

The following is a summary of restricted stock award activity for the year ended December 31, 2023 and the three and nine months ended September 30, 2024 (number of units in thousands except per unit data):


		Number of Units			Weighted Average Grant Date Fair Value Per Unit
Nonvested, January 1, 2023		42		$	6.93
Granted		1		$	23.26
Vested		(18)		$	14.98
Canceled		(17)		$	13.63
Nonvested, December 31, 2023		8		$	17.09

Nonvested, January 1, 2024		8		$	17.09
Granted		-		$	-
Vested		-		$	-
Canceled		-		$	-
Nonvested, March 31, 2024		8		$	17.09

Nonvested, March 31, 2024		8		$	17.09
Granted		-		$	-
Vested		(7)		$	16.01
Canceled		-		$	-
Nonvested, June 30, 2024		1		$	23.26

Nonvested, June 30, 2024		1		$	23.26
Granted		-		$	-
Vested		-		$	-
Canceled		-		$	-
Nonvested, September 30, 2024		1		$	23.26

As of September 30, 2024, approximately 1,000 shares of restricted stock remained unvested. Unrecognized compensation expense related to these restricted stock awards at September 30, 2024 was $3 and is expected to be recognized over 0.08 years. Compensation expense for restricted stock awards for the three months ended September 30, 2024 and 2023 was $5 and $67, respectively, and for the nine months ended September 30, 2024 and 2023 was $69 and $200, respectively.

Stock Options

The following is a summary of option award activity for the year ended December 31, 2023 and the three and nine months ended September 30, 2024 (number of units in thousands except per unit data):


		Number of Units		Weighted Average Exercise Price Per Unit			Weighted Average Grant Date Fair Value Per Unit			Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value
Outstanding, January 1, 2023		1,025		$	40.59		$	4.99		9.44
Granted		43		$	22.94		$	15.32		4.70
Exercised		(6)		$	16.01		$	8.57		—
Forfeited		(56)		$	16.01		$	8.57		—
Outstanding, December 31, 2023		1,006		$	41.35		$	5.22		8.28		$
Exercisable, December 31, 2023		96		$	42.18		$	4.76		8.44		$	—

Outstanding, January 1, 2024		1,006		$	41.35		$	5.22		8.28
Granted		—		$	—		$	—		—
Exercised		(6)		$	16.01		$	8.57		—
Forfeited		—		$	—		$	—		—
Outstanding, March 31, 2024		1,000		$	41.51		$	5.20		8.03		$
Exercisable, March 31, 2024		90		$	44.00		$	4.49		8.44		$	—

Outstanding, March 31, 2024		1,000		$	41.51		$	5.20		8.03
Granted		—		$	—		$	—		—
Exercised		—		$	—		$	—		—
Forfeited		—		$	—		$	—		—
Outstanding, June 30, 2024		1,000		$	41.51		$	5.20		7.78		$
Exercisable, June 30, 2024		191		$	42.59		$	4.86		7.85		$	45

Outstanding, June 30, 2024		1,000		$	41.51		$	5.20		7.78
Granted		19		$	25.83		$	19.12		4.85
Exercised		(6)		$	16.01		$	8.57		—
Forfeited		—		$	—		$	—		—
Outstanding, September 30, 2024		1,013		$	41.37		$	5.44		7.47		$
Exercisable, September 30, 2024		184		$	43.49		$	4.73		7.85		$	21

As of September 30, 2024, approximately 829,000 options remained nonvested. Unrecognized compensation expense related to these options at September 30, 2024 was $4,387 and is expected to be recognized over 7.5 years. Compensation expense for stock option awards for the three months ended September 30, 2024 and 2023 was $168 and $131, respectively, and for the nine months ended September 30, 2024 and 2023 was $462 and $386, respectively.