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SHARE-BASED COMPENSATION PLAN | 12 Months Ended
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Dec. 31, 2023
SHARE-BASED COMPENSATION PLAN [Abstract] |
SHARE-BASED COMPENSATION PLAN |
7. | SHARE-BASED COMPENSATION PLAN
In 2011, the Board of Directors decided to establish an incentive plan and the Company has amended its 2011 Equity Incentive Plan (the “Plan”) in 2015, 2019 and 2022. 4,000,000 stock options are authorized under the Plan, as of December 31, 2023. Stock Option Awards In October 2019, the 2011 Equity Incentive Plan was amended to reserve 1,000,000 stock options for issuance to persons employed in the management of the Company and members of the Board of Directors. The Company granted 755,000 and 234,000 stock options with vesting over a period of two and three years, respectively, and an exercise price of $4.70 per share. In October 2021, the vesting period for the 755,000 stock options that originally vested in October 2021 was prolonged with two years. In October 2022, 989,000 stock options vested without any options being exercised as the strike price was above the share price at the vesting date. After the expiration in October 2022, these options became eligible for re-distribution. In November 2022, the 2011 Equity Incentive Plan was amended to reserve an additional 3,000,000 stock options for issuance to persons employed in the management of the Company and members of the Board of Directors. The Company granted 3,990,000 stock options with vesting over a period of two years and an exercise price of $3.60 per share, adjusted for dividends. The options are exercisable in a period of twelve months following the vesting date. The Company used the Black-Scholes option pricing model to measure the grant date fair value of the options with the following assumptions applied to the model;
|  | Assumptions |
Volatility |  |  | 69.0% |
Dividend yield* |  |  | 0.0% |
Risk-free interest rate |  |  | 4.54% |
Weighted-average grant date fair value |  | $ | 1.15 |
*Applied nil as the exercise price is adjusted for dividends The expected volatility was based on historical volatility observed from historical company-specific data during the two years prior to the grant date. The compensation expense related to equity incentive awards was $2.2 million, $0.4 million and $0.2 million for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively, and the remaining unrecognized cost as of December 31, 2023, related to non-vested stock options was $1.8 million with a remaining average remaining vesting period of 0.8 years. No stock options were forfeited in 2022. During 2023, 135,000 stock options have forfeited and a cost of $0.1 million has been reversed in 2023. No stock options were exercisable as of December 31, 2023.

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