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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of RSAs activity

The following table presents time-based RSAs and PSAs activity as of the dates and for the periods stated.

 

 

Time-based RSAs

 

 

PSAs

 

 

 

Shares (1)

 

 

Weighted Average Fair Value

 

 

Shares

 

 

Weighted Average Fair Value

 

Shares unvested and outstanding, December 31, 2022

 

 

218,656

 

 

$

15.27

 

 

 

92,305

 

 

$

14.91

 

Granted

 

 

228,364

 

 

 

8.52

 

 

 

89,869

 

 

 

8.85

 

Vested

 

 

(115,122

)

 

 

14.73

 

 

 

 

 

 

 

Forfeited

 

 

(39,880

)

 

 

14.51

 

 

 

(29,294

)

 

 

13.39

 

Shares unvested and outstanding, December 31, 2023

 

 

292,018

 

 

$

10.31

 

 

 

152,880

 

 

$

11.64

 

Granted

 

 

569,330

 

 

 

2.61

 

 

 

 

 

 

 

Vested

 

 

(171,982

)

 

 

10.53

 

 

 

 

 

 

 

Forfeited

 

 

(103,666

)

 

 

5.31

 

 

 

(36,050

)

 

 

12.31

 

Shares unvested and outstanding, December 31, 2024

 

 

585,700

 

 

$

3.63

 

 

 

116,830

 

 

$

11.43

 

 

 

(1) Shares totaling 13,384 and 12,186 were withheld as payment of taxes for the years ending December 31, 2024 and 2023, respectively.

 

Summary of Stock Option Activity

The following table presents stock option activity as of the dates and for the periods presented.

 

 

 

Shares

 

 

Weighted Average Exercise Price

 

 

Weighted
Average
Remaining
Contractual
Life (in years)

 

 

Aggregate Intrinsic
Value (1)

 

Options outstanding and exercisable, December 31, 2022

 

 

52,674

 

 

$

11.71

 

 

 

5.13

 

 

$

66,754

 

Forfeited

 

 

(3,375

)

 

 

12.05

 

 

 

 

 

 

 

Exercised

 

 

(3,750

)

 

 

7.00

 

 

 

 

 

 

 

Expired

 

 

(15,058

)

 

 

12.44

 

 

 

 

 

 

 

Options outstanding and exercisable, December 31, 2023

 

 

30,491

 

 

$

11.89

 

 

 

4.50

 

 

$

 

Expired

 

 

(750

)

 

 

7.99

 

 

 

 

 

 

 

Options outstanding and exercisable, December 31, 2024

 

 

29,741

 

 

$

11.99

 

 

 

2.63

 

 

$

 

 

 

(1) The aggregate intrinsic value of a stock option in the table above represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options as of the respective years ended. This amount changes based on the market value of the Company’s common stock.