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STOCK COMPENSATION PLANS | 9 Months Ended
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Sep. 30, 2024
STOCK COMPENSATION PLANS [Abstract] |
STOCK COMPENSATION PLANS | NOTE 8 – STOCK COMPENSATION PLANS On December 9, 2015, the Company’s stockholders approved the 2015 Equity Compensation Plan, or the 2015 Plan, that replaced the 2005 Equity Compensation Plan, or the 2005 Plan, which expired on May 24, 2015. The 2015 Plan provides that grants may be in any of the following forms: incentive stock options, nonqualified stock options, stock units, stock awards, dividend equivalents and other stock-based awards. The 2015 Plan is administered and interpreted by the Compensation Committee of the Board of Directors, or the Committee. The Committee has the authority to determine the individuals to whom grants will be made under the 2015 Plan, determine the type, size and terms of the grants, determine the time when grants will be made and the duration of any applicable exercise or restriction period (subject to the limitations of the 2015 Plan) and deal with any other matters arising under the 2015 Plan. The Committee presently consists of three directors, each of whom is a non-employee director of the Company. All of the employees of the Company and its subsidiaries are eligible for grants under the 2015 Plan. Non-employee directors of the Company are also eligible to receive grants under the 2015 Plan. On May 6, 2024, 5,000 shares of Class A Common Stock, or Class A Stock, were granted as restricted stock awards. The fair value per share was $37.07, the closing price of the Class A Stock as recorded on the Nasdaq Global Select Market on May 6, 2024. These restricted stock awards will be fully vested and released one year after the grant date and, prior to their vesting date, are subject to forfeiture in the event of the recipient’s termination of service. On May 9, 2023, 5,000 shares of Class A Common Stock, or Class A Stock, were granted as restricted stock awards. The fair value per share was $54.88, the closing price of the Class A Stock as recorded on the Nasdaq Global Select Market on May 9, 2023. These restricted stock awards were fully vested and released one year after the grant date. Compensation expense, for the three and nine months ended September 30, 2024 of approximately $46,700 and $172,000, respectively, was recorded for restricted stock awards issued in May 2023 and May 2024. Compensation expense, for the three and nine months ended September 30, 2023 of approximately $69,000 and $185,000, respectively, was recorded for restricted stock awards issued in May 2022 and May 2023. Costs were determined based on the fair value on the dates of the awards and those costs were charged to income over the service periods associated with the awards. There was no stock compensation cost capitalized as part of an asset. The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards for the nine months ended September 30, 2024:
|  | Restricted Awards |
|  | Outstanding Restricted Stock Awards |  |  | Weighted Average Grant Date FairValue |
Restricted stock awards |  |  |  |  |  |
Outstanding at January 1, 2024 |  |  | 5,000 |  |  | $ | 54.88 |
Granted |  |  | 5,000 |  |  |  | 37.07 |
Exercised/vested and released |  |  | (5,000 | ) |  |  | 54.88 |
Expired/cancelled |  |  | — |  |  |  | — |
Outstanding at September 30, 2024 |  |  | 5,000 |  |  | $ | 37.07 |
Exercisable/vested at September 30, 2024 |  |  | — |  |  |  | — |
There were no options exercised during the nine months ended September 30, 2024. There were no unvested option shares outstanding under the 2015 Plan during the nine months ended September 30, 2024. As of September 30, 2024, there were no unrecognized expenses related to non-vested option shares granted under the 2015 Plan. As of September 30, 2024, there was $110,000 total unrecognized expenses related to non-vested awards of restricted shares awarded under the 2015 Plan. The cost will be recognized over 0.60 years, the remaining vesting period for the restricted stock awards.

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