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STOCK COMPENSATION
 9 Months Ended
Sep. 30, 2025
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, 2025, is as follows:

 

 

 

Performance-Based

 

 

Service-Based

 

 

Number of Shares

 

 

Weighted Average Grant Date Fair Value per Share

 

Non-vested, December 31, 2024

 

 

—

 

 

 

1,000

 

 

 

1,000

 

 

$19.15

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Vested (Settled)

 

 

—

 

 

 

(1,000 )

 

 

(1,000 )

 

$19.15

 

Forfeited

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-vested, September 30, 2025

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

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.

 

Awards are being amortized to expense ratably, based upon the vesting schedule. Stock compensation for the three and nine month periods ended September 30, 2025 was approximately $5 and $14, respectively, based upon the value at the date of grant. During the nine months ended September 30, 2025, 1,000 shares of service-based restricted stock vested and were settled through the issuance of common stock. No new restricted stock awards were granted, and no awards were forfeited during the period. As of September 30, 2025, there were no non-vested restricted stock awards outstanding, and no unrecognized compensation cost related to restricted stock awards.