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NonCash ShareBased Employee Compensation
 6 Months Ended
Jun. 30, 2024
NonCash ShareBased Employee Compensation  
Non-Cash Share-Based Employee Compensation

Note 10. Non-Cash Share-Based Employee Compensation

 

Stock Options

 

The Company has employee and non-employee director share-based incentive compensation plans. Related to these programs, the Company recorded non-cash share-based employee compensation expense of $77 and $132 for the three and six months ended June 30, 2024, respectively, compared with $61 and $119 for the same periods last year. The Company considers its non-cash share-based employee compensation expenses as a component of cost of products and selling, general and administrative expenses. There was no non-cash share-based employee compensation expense capitalized as part of capital expenditures or inventory for the periods presented.

 

The Company uses the Black-Scholes-Merton option valuation model to calculate the fair value of stock option grants under this plan. The non-cash share-based employee compensation expense recorded in the three months ended June 30, 2024, was calculated using certain assumptions. Such assumptions are described more comprehensively in Note 10 (Share-Based Employee Compensation) of the Notes to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

A summary of activity under the Company’s stock option plans during the six months ended June 30, 2024, is presented below:

 

As of January 1, 2024

 

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 ($)

 

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

 

 

 

8.74

 

 

 

6.12

 

 

 

28,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

115,900

 

 

 

12.31

 

 

 

—

 

 

 

7.29

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

26,300

 

 

 

16.41

 

 

 

—

 

 

 

7.01

 

 

 

—

 

Expired 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding

 

 

292,200

 

 

 

13.64

 

 

 

8.21

 

 

 

6.38

 

 

 

136,666

 

Vested

 

 

105,500

 

 

 

15.17

 

 

 

6.73

 

 

 

5.39

 

 

 

40,239

 

Nonvested

 

 

186,700

 

 

 

12.78

 

 

 

9.05

 

 

 

6.94

 

 

 

96,427

 

 

Restricted Stock Units

 

The Company recorded non-cash restricted stock unit compensation expense of $148 and $269 for the three and six months ended June 30, 2024, compared with $63 and $132 for the same periods last year.

 

A summary of non-vested restricted stock under the Company’s non-employee director share-based incentive compensation plan is as follows:

 

 

 

Number of

Shares

 

 

Weighted Average Grant Date

Price per Share

 

Unvested as of January 1, 2024

 

 

19,587

 

 

$13.22

 

Granted

 

 

49,831

 

 

 

11.84

 

Vested and issued

 

 

(10,716)

 

 

10.09

 

Cancelled/forfeited

 

 

-

 

 

 

-

 

Unvested as of June 30, 2024

 

 

58,702

 

 

$12.61