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STOCK COMPENSATION | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
STOCK COMPENSATION | STOCK COMPENSATION On December 31, 2021, the Company granted equity compensation under its 2021 Plan. The 2021 Plan was adopted on December 22, 2021 and approved by the Company’s stockholder on December 24, 2021. The 2021 Plan provides for the Company to grant nonqualified stock options, incentive stock options, stock appreciation rights, restricted shares, restricted stock units, performance share awards, other stock-based awards and cash-based awards. Shares available for issuance under the 2021 Plan are 5,952,996 sh ares as of December 31, 2024. The Company may satisfy its obligations under any award granted under the 2021 Plan by issuing new shares. Restricted Stock Awards. The Company recognizes compensation expense using the fair value method. All awards are time-based awards which vest over a period that ranges between two and approximately four years. The Company recognizes compensation cost net of an estimated forfeiture rate ratably using the straight-line attribution method over the expected vesting period. A summary of employee restricted stock award transactions is presented below:
| Shares |  | Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022 | 3,664,500 |  |  | $ | 10.95 |
Granted | 94,500 |  |  | $ | 7.85 |
Vested | (1,001,438) |  |  | $ | 10.94 |
Forfeited | (26,250) |  |  | $ | 9.72 |
Nonvested at December 31, 2022 | 2,731,312 |  |  | $ | 10.86 |
Granted | 3,786,750 |  |  | $ | 3.08 |
Vested (1) | (1,926,751) |  |  | $ | 6.97 |
Forfeited | — |  |  | $ | — |
Nonvested at December 31, 2023 | 4,591,311 |  |  | $ | 6.07 |
Granted | 7,532,023 |  |  | $ | 2.16 |
Vested (1) | (1,724,495) |  |  | $ | 3.86 |
Forfeited | (4,365,500) |  |  | $ | 4.25 |
Nonvested at December 31, 2024 | 6,033,339 |  |  | $ | 3.14 |
_____________________________ (1)The total fair value of restricted stock awards vested during 2024 a nd 2023 was $3,243 and $4,877, respecti vely. As of December 31, 2024, there was $17,857 of total un recognized compensation costs related to nonvested restricted stock awards. The cost is expected to be recognized over a weighted-average period of approximately 1.98 years.

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