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Share-Based Payments
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payment Arrangement [Text Block]

Note 17—Share-Based Payments

 

Under the Company’s 2002 Stock Award and Incentive Plan (“the Plan”), which incorporated its Third Amended and Restated 1995 Stock Option Plan, the Company has reserved shares of its common stock for issuance upon the exercise of options granted under the Plan, as well as for the awarding of other securities. Under the Plan, employees (including officers), non-employee directors and independent consultants may be granted options to purchase shares of common stock, restricted stock units and other securities (see Note 14 - Common Stock and Preferred Stock). The vesting of these share-based awards may vary, but typically vest over a requisite service period or are based on performance criteria, with a maximum vesting period of four years. Restricted shares typically vest in the same manner, with the exception of certain awards vesting over one year to three years. Share-based compensation expense is recognized on a straight-line basis over the requisite service period. Compensation expense for performance-awards is measured based on the amount of shares ultimately expected to vest, estimated at each reporting date based on management expectations regarding the relevant performance criteria. Unlike the restricted stock awards, the shares for the restricted stock units are not issued until vested. As of December 31, 2024, 1,793,551 shares were available for future grant. Additional shares may become available to the extent that options or shares of restricted stock presently outstanding under the Plan terminate, expire, or are forfeited.

 

Restricted Stock Award

 

Under the Plan, share-based compensation payments may include the issuance of shares of restricted stock. Restricted stock award grants are based upon employment contracts, which vary by individual and year, and are subject to vesting conditions.

As of December 31, 2024, 2023 and 2022 there was nil of total unrecognized compensation cost related to non-vested restricted stock awards.

 

Restricted Stock Units

 

Under the Plan, share-based compensation payments may include the issuance of Restricted Stock Units (RSUs) to employees, which occurs approximately once per year and are subject to vesting conditions. RSUs are valued at the market price of the shares underlying the award on the date of grant.

 

The following table summarizes the RSU award activity, annually for the years ended December 31, 2024, 2023 and 2022:

 

   2024   2023   2022 
       Weighted       Weighted       Weighted 
   Number of   Average
Grant Date		   Number of   Average
Grant Date		   Number of   Average
Grant Date		 
   Shares   Fair Value   Shares   Fair Value   Shares   Fair Value 
Outstanding, January 1   1,306,406   $16.47    1,408,586   $12.82    1,073,902   $8.62 
Granted   303,398    31.61    436,792    21.11    827,349    16.75 
Vested   (579,181)   14.08    (504,384)   11.75    (343,427)   8.37 
Forfeited   (22,223)   18.36    (34,588)   16.70    (149,238)   14.70 
Converted from RSA   —    —    —    —    —    — 
Outstanding, December 31   1,008,400    22.51    1,306,406    16.47    1,408,586    12.82 

 

As of December 31, 2024, there was $15.0 million of total unrecognized compensation cost related to non-vested restricted stock units, which is expected to be recognized over a weighted-average period of 2.1 years.

 

Share-Based Compensation Expense

 

The following table summarizes the total share-based compensation expense (in thousands) which is recognized in general and administrative expenses in the Consolidated Statement of Operations:

 

   Year Ended December 31, 
   2024   2023   2022 
Share-based compensation expense  $9,535   $8,027   $5,082