XML 33 R22.htm IDEA: XBRL DOCUMENT v3.24.3
Long Term Incentive Compensation
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Long Term Incentive Compensation LONG TERM INCENTIVE COMPENSATION
The Company grants phantom stock ("Phantom Stock Awards") to key employees under the 2021 Plan. These Phantom Stock Awards are measured based on the fair value of the Company's common stock on the vesting date and are marked to market at each reporting period. Compensation expense is recognized over the applicable vesting period, typically three years, and is adjusted for actual forfeitures as they occur.
At September 30, 2024, there was $405,000 of total unrecognized compensation expense related to Phantom Stock Awards. The unrecognized compensation expense at September 30, 2024 is expected to be recognized over the weighted-average period of 3 years. Total compensation cost related to Phantom Stock Awards for the three months ended September 30, 2024 was $14,000. Total compensation cost related to Phantom Stock Awards for the nine months ended September 30, 2024 was also $14,000. A total of 23,276 shares of phantom stock were granted in 2024. No Phantom Stock Awards were granted in 2023.