v3.25.1

STOCKHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Restricted Stock Our restricted stock activity and related information are summarized as follows:
|  |  |  | Weighted-Average |  |  |  | Weighted-Average
|  | Restricted |  | Remaining |  | Restricted |  | Remaining
|  | Stock |  | Contractual Terms |  | Stock |  | Contractual Terms
|  | Awards |  | (in Years) |  | Units |  | (in Years)
Outstanding at January 1, 2025 |  | 1,044,193 |  |  | 1.5 |  | 21,551 |  |  | 1.2
Granted |  | 606,571 |  |  |  |  | 10,500 |  |  |
Forfeited |  | (5,024) |  |  |  |  | (150) |  |  |
Vested |  | (131,283) |  |  |  |  | — |  |  |
Outstanding at March 31, 2025 |  | 1,514,457 |  |  | 2.1 |  | 31,901 |  |  | 1.5
At March 31, 2025, there was $30,468 of unrecognized compensation expense remaining related to our service-based restricted stock awards and restricted stock units. The unrecognized compensation cost is expected to be recognized over a weighted-average period of 2.0 years or earlier upon an elimination of the restriction period as a result of a change in control event. Stock-based compensation expense on restricted stock amounted to $3,859 and $2,799 for the three months ended March 31, 2025 and 2024, respectively. In connection with its approval of the Term Loan Agreement, Purchase Agreement, the Indenture and Notes, on August 2, 2024, the Board of Directors of the Company also approved a stock repurchase program of up to $5,000 in aggregate investment of the Company’s outstanding common stock, contingent upon the closing of the Term Loan and the Notes. The stock repurchases may, at the discretion of management, be made from time to time, through solicited or unsolicited transactions in the open market, in privately negotiated transactions or pursuant to a Rule 10b5-1 plan all as effected in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company is not obligated to purchase any shares under the program, and the program may be discontinued at any time. No shares have been purchased under this program as of March 31, 2025. The dollar limit on repurchases under the program after December 31, 2024 was reduced to $250 per annum.

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