STOCK COMPENSATION PLANS

9 Months Ended

Sep. 30, 2025

NOTE 8 – STOCK COMPENSATION PLANS

On October 30, 2025, the Company’s stockholders approved the 2025 Equity Compensation Plan, or the 2025 Plan, that replaced the 2015 Equity Compensation Plan, or the 2015 Plan. Outstanding grants under the 2015 Plan shall continue in effect according to their terms, consistent with the 2015 Plan. No further grants will be made under the 2015 Plan after the approval date of the 2025 Plan. The 2025 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 2025 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 2025 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 2025 Plan) and deal with any other matters arising under the 2025 Plan. All of the employees of the Company and its subsidiaries are eligible for grants under the 2025 Plan. Non-employee directors of the Company are also eligible to receive grants under the 2025 Plan.

On September 16, 2025, 5,000 shares of Class A Stock were granted as restricted stock awards. The fair value per share was $32.08, the closing price of the Class A Stock as recorded on the Nasdaq Global Select Market on September 16, 2025. 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 July 1, 2025, 1,000 shares of Class A Stock were granted as a restricted stock award. The fair value per share was $33.96, the closing price of the Class A Stock as recorded on the Nasdaq Global Select Market on July 1, 2025. This restricted stock award will be fully vested and released May 6, 2026 and, prior to its vesting date, is subject to forfeiture in the event of the recipient’s termination of service.

On May 5, 2025, 4,000 shares of Class A Stock were granted as restricted stock awards. The fair value per share was $34.27, the closing price of the Class A Stock as recorded on the Nasdaq Global Select Market on May 5, 2025. 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 April 11, 2025, 1,000 shares of Class A Stock were granted as a restricted stock award. The fair value per share was $33.51, the closing price of the Class A Stock as recorded on the Nasdaq Global Select Market on April 11, 2025. This restricted stock award will be fully vested and released one year after the grant date and, prior to its vesting date, is subject to forfeiture in the event of the recipient’s termination of service.

On May 6, 2024, 5,000 shares of 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 were fully vested and released one year after the grant.

Compensation expense of approximately $60 thousand and $152 thousand was recorded for the three and nine months ended September 30, 2025, respectively, for restricted stock awards issued in May 2024, April 2025, May 2025, July 2025 and September 2025. Compensation expense of approximately $47 thousand and $172 thousand was recorded for the three and nine months ended September 30, 2024, respectively, for restricted stock awards issued in 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, 2025:

	Options							Restricted Awards
		Option Shares		Weighted Average Exercise Price	Weighted Average Remaining Life (Yrs.)		Aggregate Intrinsic Value (in thousands)		Outstanding Restricted Stock Awards			Weighted Average Grant Date Fair Value
Plan options/restricted stock awards
Outstanding at January 1, 2025		-	$	-	-	$	-		5,000		$	37.07
Granted		-		-	-		-		11,000			33.18
Exercised/vested and released		-		-	-		-		(5,000	)		37.07
Expired/cancelled		-		-	-		-		-			-
Outstanding at September 30, 2025		-	$	-	-	$	-		11,000		$	33.18

Exercisable/vested at September 30, 2025		-	$	-	-	$	-		-		$	-

There were no options exercised during the nine months ended September 30, 2025.

There were no unvested option shares outstanding under the 2015 Plan during the nine months ended September 30, 2025.

As of September 30, 2025, there were no unrecognized expenses related to non-vested option shares granted under the 2015 Plan.

As of September 30, 2025, there was approximately $276 thousand total unrecognized expenses related to non-vested awards of restricted shares awarded under the 2015 Plan. The cost will be recognized over 0.76 years, the remaining vesting period for the restricted stock awards.