Stock Based Compensation

3 Months Ended

Mar. 31, 2024

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

. Stock-Based Compensation — Under the Company’s Equity Incentive Plan of 1993, as amended (“the Plan”), all employees are eligible to receive non-assignable and non-transferable restricted stock (RSUs), options to purchase common stock, and other forms of equity. During the three months ended March 31, 2024 and 2023, the Company's stock-based compensation expense amounted to $2,005 and $1,474, respectively.

RSUs

A summary of nonvested RSUs outstanding is presented below:


	Three Months Ended March 31, 2024
	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested shares at January 1, 2024		949,510		$	21.28
Granted		51,832			10.28
Vested		(3,712	)		21.55
Forfeited		(11,379	)		21.71
Nonvested shares at March 31, 2024		986,251		$	20.69

As of March 31, 2024, the total unrecognized stock-based compensation expense related to RSUs outstanding was $6,816 and is expected to be recognized over a weighted-average service period of 1.8 years.

Stock Options

Time-based Incentive Stock Option Plans - A summary of the time-based inventive stock option activity for the three month ended March 31, 2024 is presented below:


	Options outstanding		Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value
Balance as of January 1, 2024		146,680	$	11.49		1.0	$	—
Granted		680,737	$	10.29		6.8	$	—
Balance as of March 31, 2024		827,417	$	10.51		5.7	$	2,022
Options vested and exercisable as of March 31, 2024		146,680	$	11.49		0.7	$	214

As of March 31, 2024, the total unrecognized stock-based compensation expense related to stock options outstanding was $2,592 and is expected to be recognized over a weighted-average service period of 2.8 years.