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Stock-Based Compensation Plans | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | Stock-Based Compensation Plans. The Company has two Equity Compensation Plans (the 2016 Equity Incentive Plan and it's replacement, the 2026 Equity Incentive Plan) under which outstanding stock options, restricted stock, and stock awards were granted to directors, officers and key employees. The plans permit the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. The options awarded under the plans have similar characteristics. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised, the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The number of common shares available for future issuance was 411,224 at March 31, 2026. On October 21, 2025, the Company completed the closing on its Purchase and Sales Agreement to acquire the business operations and development pipeline of Altman Logistics Properties, LLC, an operating platform of BBX Capital. The Company offered the hired Altman employees project profits interests grants that can be settled in Company stock at the Company’s discretion. These interests were valued by a 3rd party specialist at $796,000 of which $344,000 was earned prior to the acquisition and treated as goodwill on the balance sheet. The Company utilizes the Black-Scholes valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 28.5% and 41.2%, risk-free interest rate of 2.0% to 4.5% and expected life of 5.0 to 7.0 years. The dividend yield of zero is based on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands):
| Three Months ended |
| March 31, |
| 2026 |  | 2025 |  |  |  |  |
Stock option grants | $ | 31 |  |  | $ | 39 |  |  |  |  |  |
Restricted stock awards | 292 |  |  | 326 |  |  |  |  |  |
Profits interests grants | 45 |  |  | — |  |  |  |  |  |
| $ | 368 |  |  | $ | 365 |  |  |  |  |  |
A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts):
Options | Number Of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Term (yrs) |  | Weighted Average Grant Date Fair Value(000's) |
Outstanding at December 31, 2025 | 160,165 |  |  | $ | 25.52 |  |  |  | 4.7 |  | $ | 1,575 |  |
Time-based awards granted |  |  |  |  |  |  |  |  |  |
Performance-based awards granted |  |  |  |  |  |  |  |  |  |
Performance-based awards forfeited | (5,466) |  |  |  | 31.44 |  |  |  |  |  | (67) |  |
Outstanding at March 31, 2026 | 154,699 |  |  | $ | 25.31 |  |  |  | 4.3 |  | $ | 1,508 |  |
Exercisable at March 31, 2026 | 108,438 |  |  | $ | 22.92 |  |  |  | 2.6 |  | $ | 933 |  |
Vested during three months ended March 31, 2026 | 3,716 |  |  |  |  |  |  |  | $ | 46 |  |
The aggregate intrinsic value of exercisable in-the-money options was $64,000 and the aggregate intrinsic value of outstanding in-the-money options was $64,000 based on the market closing price of $21.88 on March 31, 2026 less exercise prices. The unrecognized compensation cost of options granted to FRP employees but not yet vested as of March 31, 2026 was $419,000, which is expected to be recognized over a weighted-average period of 3.0 years. A summary of changes in restricted stock awards is presented below (in thousands, except share and per share amounts):
Restricted stock | Number Of Shares |  | Weighted Average Grant Date Fair Value Per Share |  | Weighted Average Remaining Term (yrs) |  | Weighted Average Grant Date Fair Value(000's)
Non-vested at December 31, 2025 | 94,627 |  |  | $ | 29.73 |  |  |  | 2.7 |  | $ | 2,813 |  |
Time-based awards granted | 28,952 |  |  | 22.79 |  |  |  |  |  | 660 |  |
Performance-based awards granted | 33,572 |  |  | 22.79 |  |  |  |  |  | 765 |  |
Performance-based awards forfeited | (1,790) |  |  | 31.44 |  |  |  |  |  | (56) |  |
Vested | (4,742) |  |  | 31.21 |  |  |  |  |  | (148) |  |
Non-vested at March 31, 2026 | 150,619 |  |  | $ | 26.78 |  |  |  | 3.2 |  | $ | 4,034 |  |
Total unrecognized compensation cost of restricted stock granted but not yet vested as of March 31, 2026 was $3,363,000 which is expected to be recognized over a weighted-average period of 3.3 years.

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