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ShareBased Compensation | 12 Months Ended
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Dec. 31, 2023
ShareBased Compensation |
Share-based Compensation | 10. Share-Based Compensation Stock Options The Company has an employee and non-employee director incentive compensation equity plan. Related to these programs, the Company recorded $200 and $271 of share-based employee compensation expense during the years ended December 31, 2023 and 2022, respectively, which is included as a component of cost of products and SG&A expenses in the accompanying consolidated statements of operations. No amount of share-based employee compensation expense was capitalized as part of capital expenditures or inventory for the years presented. The Company uses the Black-Scholes-Merton option valuation model to calculate the fair value of a stock option grant. The share-based employee compensation expense recorded in the years ended December 31, 2023 and 2022 was calculated using the assumptions noted in the following table. Expected volatilities are based on the historical volatility of the Company’s common stock over the period of time, commensurate with the expected life of the stock options. The dividend yield assumption is based on the Company’s expectations of dividend payouts at the grant date. In 2022, the Company paid dividends on January 10, for a dividend declared in 2021, May 16, August 8 and November 8. The Company has estimated its future stock option exercises. The expected term of option grants is based upon the observed and expected time to the date of post vesting exercises and forfeitures of options by the Company’s employees. The risk-free interest rate is derived from the average U.S. Treasury rate for the period, which approximates the rate at the time of the stock option grant.
|  | FY 2023 |  |  | FY 2022 |
Expected Volatility |  |  | 55.8 | % |  |  | 55.3 | %
Expected Dividends |  |  | 0 | % |  |  | 5.0 | %
Expected Term (in years) |  |  | 6.5 |  |  |  | 6.5 |
Risk-Free Rate |  |  | 3.67 | % |  |  | 2.38 | %
Estimated Forfeitures |  |  | 0.0 | % |  |  | 0.0 | %
A summary of stock option activity under the Company’s equity compensation plans as of December 31, 2023, and changes during the year ended December 31, 2023, are presented below:
|  | Stock Options |  |  | Wgt. Avg. Exercise Price ($) Per Share |  |  | Wgt. Avg. Remaining Contractual Life (Years) |  |  | Wgt Avg. Grant Date Fair Value ($) Per Share |  |  | Aggregate Intrinsic Value ($) |
As of January 1, 2023 |  |  |  |  |  |  |
Outstanding |  |  | 200,300 |  |  |  | 15.48 |  |  |  | 7.87 |  |  |  | 5.64 |  |  |  | 460,925 |
Vested |  |  | 86,846 |  |  |  | 17.83 |  |  |  | 6.73 |  |  |  | 6.57 |  |  |  | 101,090 |
Nonvested |  |  | 113,454 |  |  |  | 13.68 |  |  |  | 8.74 |  |  |  | 4.93 |  |  |  | 359,835 |
Period activity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued |  |  | 43,600 |  |  |  | 12.89 |  |  |  | — |  |  |  | 7.44 |  |  |  | — |
Exercised |  |  | 4,000 |  |  |  | 11.65 |  |  |  | — |  |  |  | 3.79 |  |  |  | — |
Forfeited |  |  | 35,300 |  |  |  | 17.08 |  |  |  | — |  |  |  | 6.27 |  |  |  | — |
Expired |  |  | 2,000 |  |  |  | 11.15 |  |  |  | — |  |  |  | 7.02 |  |  |  | — |
As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding |  |  | 202,600 |  |  |  | 14.76 |  |  |  | 7.60 |  |  |  | 5.94 |  |  |  | 37,773 |
Vested |  |  | 105,313 |  |  |  | 16.01 |  |  |  | 6.80 |  |  |  | 5.78 |  |  |  | 9,661 |
Nonvested |  |  | 97,287 |  |  |  | 13.41 |  |  |  | 8.47 |  |  |  | 6.12 |  |  |  | 28,112 |
Outstanding:
Range of Exercise Prices ($) Per Share |  |  |  |  |  | Stock Options Outstanding |  |  | Wgt. Avg. Exercise Price ($) Per Share |  |  | Wgt. Avg. Remaining Contractual Life (Years) |
| 11.51 |  |  |  | 15.53 |  |  |  | 149,800 |  |  |  | 13.19 |  |  |  | 8.44 |
| 16.20 |  |  |  | 25.50 |  |  |  | 52,800 |  |  |  | 19.23 |  |  |  | 5.24 |
|  |  |  |  |  |  |  |  | 202,600 |  |  |  | 14.76 |  |  |  | 7.60 |
Exercisable:
Range of Exercise Prices ($) Per Share |  |  |  |  |  | Stock Options Exercisable |  |  | Wgt. Avg. Exercise Price ($) Per Share |
| 11.51 |  |  |  | 15.53 |  |  |  | 63,873 |  |  |  | 13.51 |
| 16.20 |  |  |  | 25.50 |  |  |  | 41,440 |  |  |  | 19.85 |
|  |  |  |  |  |  |  |  | 105,313 |  |  |  | 16.01 |
The weighted-average grant-date fair value per option granted during the years ended December 31, 2023 and 2022 was $5.94 and $5.64, respectively. There were 4,000 and no stock options exercised during the years ended December 31, 2023 and 2022, respectively. Restricted Stock Units In connection with the restricted stock units granted to non-employee directors, the Company accrues compensation expense based on the estimated number of shares expected to be issued, utilizing the most current information available to the Company at the date of the consolidated financial statements. The Company estimates the fair value of the restricted stock unit awards based upon the market price of the underlying common stock on the date of grant. A summary of non-vested restricted stock under the Company’s non-employee director share-based incentive compensation plan is as follows:
Year ended December 31, 2023 |  | Number of Shares |  |  | Weighted Average Grant Date Price per Share |
Unvested as of January 1, 2023 |  |  | 41,129 |  |  | $ | 13.20 |
Granted |  |  | 45,412 |  |  |  | 12.37 |
Vested and issued |  |  | (66,954 | ) |  |  | 12.63 |
Cancelled/forfeited |  |  | - |  |  |  | - |
Unvested as of December 31, 2023 |  |  | 19,587 |  |  | $ | 13.22 |
Year ended December 31, 2022 |  | Number of Shares |  |  | Weighted Average Price per Share |
Unvested at January 1, 2022 |  |  | 27,411 |  |  | $ | 16.65 |
Granted |  |  | 40,857 |  |  | $ | 11.95 |
Vested and issued |  |  | (27,139 | ) |  | $ | 14.80 |
Cancelled/forfeited |  |  | - |  |  |  | - |
Unvested at December 31, 2022 |  |  | 41,129 |  |  | $ | 13.20 |
During the years ended December 31, 2023 and 2022, the Company also issued 7,040 and 7,680 RSU’s, respectively, under a consulting agreement for advisory services to the Board of Directors. The principal of the consulting firm was elected as the Chairman of the Board of Directors in December 2023. During 2023, the Company’s Board of Directors approved the Executive Salary Swap Plan to prospectively swap a portion of certain executive’s salaries for a 12 month period (10% minimum, up to 50%) otherwise payable in cash for a grant of RSUs (with each RSU representing a contingent right to receive one share of the Company’s Common Stock) at a fixed rate of $10 per share, rounded down to the nearest whole RSU. The Restricted Stock Units vest at the date of the grant. The Company issued 6,739 under this arrangement through December 31 , 2023. As of December 31, 2023 and 2022, there was approximately $299 and $1,058, respectively, of total unrecognized compensation cost related to non-vested share-based compensation arrangements, including stock options and restricted stock units. This compensation cost is expected to be recognized approximately over one to four years.

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