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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation At the 2020 Annual Meeting, shareholders approved the 2020 Equity Incentive Plan. The 2020 Plan reserves 400,000 shares of common stock for issuance in connection with stock options, restricted stock awards, and other equity based awards to attract and retain the best available personnel, provide additional incentive to officers, employees, and non-employee Directors, and promote the success of the Company. Such grants and awards will be structured in a manner that does not encourage the recipients to expose the Company to undue or inappropriate risk. Options issued under the 2020 Plan qualify for treatment as incentive stock options for purposes of Section 422 of the Internal Revenue Code. Other compensation under the 2020 Plan qualifies as performance-based for purposes of Section 162(m) of the Internal Revenue Code, and satisfies NASDAQ guidelines relating to equity compensation. As of June 30, 2024, 131,419 shares of restricted stock had been granted under the 2020 Plan, of which 87,418 shares remain restricted as of June 30, 2024 as detailed in the following table:
Year Granted | Vesting Term (In Years) | Shares | Remaining Term (In Years)
2022 | 3.0 | 23,404 |  | 0.6
2022 | 2.5 | 1,250 |  | 0.6
2023 | 3.0 | 27,309 |  | 1.6
2023 | 2.0 | 2,946 |  | 0.6
2024 | 3.0 | 27,987 |  | 2.6
2024 | 2.0 | 2,119 |  | 1.6
2024 | 1.0 | 2,403 |  | 0.6
|  | 87,418 |  | 1.6
The compensation cost related to these non-vested restricted stock grants is $2,544,000 and is recognized over the vesting terms of each grant. In the six months ended June 30, 2024, $450,000 of expense was recognized for these restricted shares, leaving $1,242,000 in unrecognized expense as of June 30, 2024. In the six months ended June 30, 2023, $398,000 of expense was recognized for restricted shares, leaving $1,287,000 in unrecognized expense as of June 30, 2023.

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