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STOCK COMPENSATION | 9 Months Ended
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Sep. 30, 2024
STOCK COMPENSATION |
STOCK COMPENSATION | 4. STOCK COMPENSATION The fair value of restricted stock awards is estimated to be the market price of the Company's common stock at the close of the date of grant. Restricted stock activity during the nine months ended September 30, 2024, is as follows:
|  | Performance- Based |  |  | Service- Based |  |  | Number of Shares |  |  | Weighted Average Grant Date Fair Value per Share |
Non-vested, December 31, 2023 |  |  | 40,278 |  |  |  | 2,000 |  |  |  | 42,278 |  |  | $ | 12.07 |
Granted |  |  | 767 |  |  |  | — |  |  |  | 767 |  |  |  | 11.72 |
Vested |  |  | (37,205 | ) |  |  | (1,000 | ) |  |  | (38,205 | ) |  |  | 11.72 |
Settlement of restricted stock |  |  | (3,840 | ) |  |  | — |  |  |  | (3,840 | ) |  |  | 37.12 |
Forfeited |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Non-vested, September 30, 2024 |  |  | — |  |  |  | 1,000 |  |  |  | 1,000 |  |  | $ | 19.15 |
In 2021, the Compensation Committee and Board of Directors approved a Long-Term Incentive Plan with respect to the grant of stock pursuant to the 2016 Equity Incentive Plan. The final equity amount earned was based on continued service through the three-year performance period ending on December 31, 2023, Board discretion, and performance results. The actual number of performance-based shares of common stock of the Company, if any, earned by the award recipients was determined based on measures that include Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) margin, revenue growth, and free cash flow. The EBITDA margin and revenue growth performance targets were set for each of the Minimum, Target, and Maximum levels. In May 2024, the actual performance amount was determined by the Compensation Committee to be $579. The stock compensation cost was recognized over the requisite performance/service period using the straight-line method and based on the probable number of shares to be awarded. During the second quarter of 2024 an additional expense amount of $25 was recorded related to the final amount awarded by the Compensation Committee. Awards are being amortized to expense ratably, based upon the vesting schedule. Stock compensation for the three and nine month periods ended September 30, 2024 was approximately $5 and $40, respectively, based upon the value at the date of grant. Stock compensation for the three and nine month periods ended September 30, 2023 was approximately $90 and $261, respectively, based upon the value at the date of grant. There was $19 of unrecognized compensation cost related to the non-vested restricted stock as of September 30, 2024.

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