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Share-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Compensation |
Share-Based Compensation | Note 7 - Share-based compensation Share-based compensation represents the cost related to share-based awards, typically stock options or stock grants, granted to employees, non-employees, officers and directors. Share-based compensation is measured at grant date, based on the estimated aggregate fair value of the award on the grant date, and such amount is charged to compensation expense on a straight-line basis (net of estimated forfeitures) over the requisite service period. For the six-month periods ended June 30, 2025 and 2024, share-based compensation expense of $0.5 million and $0.7 million, respectively, is reflected in Selling, general and administrative expenses in the Consolidated Statements of Income. Share-based awards have historically been made as stock options, and recently also as stock grants, issued pursuant to the terms of the Company’s stock option and stock incentive plans (collectively, the “Plans”), described below. The Plans may be administered by the Board of Directors or the Compensation Committee of the Board or by another committee appointed by the Board from among its members as provided in the Plans. Presently, the Plans are administered by the Company’s Compensation Committee of the Board of Directors. As of June 30, 2025 there were an aggregate of 6,706,835 shares of the Company’s common stock available under the Plans for issuance pursuant to future stock option grants or other stock based awards. Stock option awards, which allow the recipient to purchase shares of the Company’s common stock at a fixed price, are typically granted at an exercise price equal to the Company’s stock price at the date of grant. Typically, the Company’s stock option awards have vested from immediately to two years from the grant date and have had a contractual term ranging from three to ten years. ISOs granted under the Plans may not be granted at a price less than the fair market value of the common stock on the date of grant (or 110% of fair market value in the case of persons holding 10% or more of the voting stock of the Company). Nonqualified options granted under the Plans may not be granted at a price less than the fair market value of the common stock. Options granted under the Plans expire not more than ten years from the date of grant (five years in the case of ISOs granted to persons holding 10% or more of the voting stock of the Company). Effective June 7, 2018, the Company adopted its 2018 Stock Incentive Plan (“2018 Plan”) pursuant to which 4,000,000 shares of common stock were reserved for issuance (i) upon the exercise of options, designated as either ISOs under the Code or nonqualified options, or (ii) as stock, deferred stock or other stock-based awards. ISOs may be granted under the 2018 Plan to employees and officers of the Company. Non-qualified options, stock, deferred stock or other stock-based awards may be granted to consultants, directors (whether or not they are employees), employees or officers of the Company. Stock appreciation rights may also be issued in tandem with stock options. Unless the 2018 Plan is sooner terminated, the ability to grant options or other awards under the 2018 Plan will expire on June 7, 2028. Effective June 11, 2020, the Company adopted its 2020 Stock Incentive Plan (“2020 Plan”) pursuant to which 3,000,000 shares of common stock were reserved for issuance (i) upon the exercise of options, designated as either ISOs under the Code or nonqualified options, or (ii) as stock, deferred stock or other stock-based awards. ISOs may be granted under the 2020 Plan to employees and officers of the Company. Non-qualified options, stock, deferred stock or other stock-based awards may be granted to consultants, directors (whether or not they are employees), employees or officers of the Company. Stock appreciation rights may also be issued in tandem with stock options. Unless the 2020 Plan is sooner terminated, the ability to grant options or other awards under the 2020 Plan will expire on June 11, 2030. Effective June 12, 2024, the Company adopted its 2024 Stock Incentive Plan (“2024 Plan”) pursuant to which 3,000,000 shares of common stock were reserved for issuance (i) upon the exercise of options, designated as either ISOs under the Code or nonqualified options, or (ii) as stock, deferred stock or other stock-based awards. ISOs may be granted under the 2024 Plan to employees and officers of the Company. Non-qualified options, stock, deferred stock or other stock-based awards may be granted to consultants, directors (whether or not they are employees), employees or officers of the Company. Stock appreciation rights may also be issued in tandem with stock options. Unless the 2024 Plan is sooner terminated, the ability to grant options or other awards under the 2024 Plan will expire on June 12, 2034. All stock options have been granted to employees and non-employees at exercise prices equal to or in excess of the market value on the date of the grant. The Company determines the fair value of share-based awards at the grant date by using the Black-Scholes option-pricing model, and has utilized the simplified method to compute expected lives of share-based awards. There were options to purchase 459,630 and 133,371 shares of common stock granted during the six – month periods ended June 30, 2025 and 2024, respectively. A summary of the activity for stock options issued under the Company’s Plans for the indicated periods is presented below: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | ​ | ​ | Average
​ | ​ | ​ | ​ | Exercise
Stock Options and Stock Appreciation Rights | ​ | Shares | ​ | Price
Outstanding at December 31, 2023 |  | 2,647,435 | ​ | $ | 3.31
-Cancelled | ​ | (10,176) | ​ | $ | 4.54
-Exercised | ​ | (39,402) | ​ | $ | 7.24
-Granted (1) | ​ | 135,603 | ​ | $ | 10.85
Outstanding at December 31, 2024 |  | 2,733,460 | ​ | $ | 3.63
-Cancelled | ​ | (22,956) | ​ | $ | 9.86
-Exercised | ​ | (216,784) | ​ | $ | 1.62
-Granted (2) | ​ | 459,630 | ​ | $ | 6.23
Outstanding at June 30, 2025 |  | 2,953,350 | ​ | $ | 4.16
(1) | Options to purchase 135,603 shares were granted in 2024, of which options to purchase 111,975 shares vested immediately in 2024 and the remainder vested 50% immediately and 50% one year after the date of the grants.
(2) | Options to purchase 459,630 shares were granted in 2025, of which options to purchase 68,490 shares vested immediately in 2025, while the remainder are subject to cliff vesting on December 31, 2027, contingent upon the achievement of performance-based metrics.
The following is the weighted average contractual life in years and the weighted average exercise price at June 30, 2025 of:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  | Weighted |  | ​ | ​
​ | ​ | ​ | ​ | Average | ​ | Weighted
​ | ​ | ​ | ​ | Remaining | ​ | Average
​ |  | Number of |  | Contractual |  | Exercise
​ | ​ | Options | ​ | Life | ​ | Price
Options outstanding and vested |  | 2,562,210 | ​ | 3.01 years | ​ | $ | 3.88
​ The intrinsic value of options outstanding at June 30, 2025 and December 31, 2024 was $13.2 million and $8.6 million, respectively. The intrinsic value of options unvested at June 30, 2025 and December 31, 2024 was $0.8 million and $0.0 million, respectively. The intrinsic value of options exercised during the six months ended June 30, 2025 and 2024 were $1.3 million and $0.2 million, respectively.

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