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Long Term Incentive Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Long Term Incentive Compensation | STOCK BASED COMPENSATION On May 13, 2021, the Company’s stockholders approved the 2021 Long Term Equity Incentive Plan and, on May 14, 2024, the Company’s stockholders approved an amendment to the 2021 Long Term Equity Incentive Plan (as amended, the “2021 Plan”). The 2021 Plan replaced the 2006 Long Term Equity Incentive Plan (the “2006 Plan”) approved in May 2006 and amended in May 2015. The 2021 Plan allows for grants to employees, officers, non-employee directors, consultants, independent contractors and advisors of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards (“stock awards”) up to an aggregate of 1,094,823 shares for issuance. At March 31, 2025, 133,558 shares of common stock were available for issuance under the 2021 Plan. Awards can be granted under the 2021 Plan through the earlier of May 13, 2031, or the date the maximum number of available shares under the 2021 Plan have been granted. Awards under the 2021 Plan vest over one to three years. Shares granted under the 2021 Plans vest immediately upon the date of a participant’s death, disability or change in control. The Company follows the provisions of FASB ASC 718 requiring that compensation cost relating to share-based payment transactions be recognized in the financial statements. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee's requisite service period (generally the vesting period of the equity award). During the three months ended March 31, 2025 and March 31, 2024 employees surrendered 19,340 and 17,773 shares of the Company's common stock, respectively, to satisfy income tax withholding obligations in connection with the vesting of restricted awards. Restricted Stock The Company grants shares of its common stock to certain directors, officers, key managers and employees in the form of unvested stock and units (“Restricted Stock”). These awards are measured at the fair value of the Company's common stock on the date of issuance and recognized ratably as compensation expense over the applicable vesting period, which is typically three years. The Company adjusts compensation expense for actual forfeitures, as they occur. The following summarizes the status of Restricted Stock and changes during the three months ended March 31, 2025:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2024 | 242,910 |  |  | $ | 15.76 |
Granted | 110,472 |  |  | 12.81 |
Vested | (75,937) |  |  | 17.49 |
Forfeited | — |  |  | — |
Unvested balance at March 31, 2025 | 277,445 |  |  | $ | 14.11 |
At March 31, 2025 and 2024, there was $3,065,000 and $4,113,000, respectively, of total unrecognized compensation expense, related to Restricted Stock grants. The unrecognized compensation expense at March 31, 2025 is expected to be recognized over the weighted-average period of 2.1 years. Total compensation cost related to Restricted Stock grants for the three months ended March 31, 2025 and 2024 was $548,000 and $711,000, respectively, all of which was recorded to selling, general and administrative expense. Performance Restricted Stock Awards The Company grants shares of its common stock to certain officers and key managers in the form of shares of performance-based restricted stock ("Performance Restricted Stock Awards"). These awards are measured at the fair value of the Company's common stock on the date of issuance and recognized ratably as compensation expense over the applicable vesting period to the extent that the performance measures have been satisfied as of the last day of the performance period of the award. The total amount payable as of the award's vesting date is determined by the three year average Operational Income and Return on Capital Employed performance measure achievement. The Company adjusts compensation expense for actual forfeitures as they occur, and for estimated performance measure achievement. The following summarizes the status of Performance Restricted Stock Awards and changes during the three months ended March 31, 2025:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2024 | 38,430 |  |  | $ | 18.35 |
Granted | 68,545 |  |  | 12.81 |
Vested | — |  |  | — |
Forfeited | — |  |  | — |
Unvested balance at March 31, 2025 | 106,975 |  |  | $ | 14.80 |
At March 31, 2025 and 2024, there was $1,251,000 and $651,000 of total unrecognized compensation expense related to Performance Restricted Stock Awards. The unrecognized compensation expense at March 31, 2025 is expected to be recognized over the weighted-average period of 2.5 years. Total compensation cost related to Performance Restricted Stock Awards for the three months ended March 31, 2025 and March 31, 2024 was $83,000 and 28,000, all of which was recorded to selling, general and administrative expense. 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 March 31, 2025 there was $294,000 of total unrecognized compensation expense related to Phantom Stock Awards. At March 31, 2024 there was no unrecognized compensation expense related to Phantom Stock Awards. The unrecognized compensation expense at March 31, 2025 is expected to be recognized over the weighted-average period of 2.2 years. Total compensation cost related to Phantom Stock Awards for the three months ended March 31, 2025 was $28,000, all of which was recorded to selling, general and administrative expense. There was no compensation cost related to Phantom Stock Awards for the three months ended March 31, 2024.

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