Stock Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

11. 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 September 30, 2024 and 2023, the Company's stock-based compensation expense amounted to $1,135 and $1,716, respectively. During the nine months ended September 30, 2024 and 2023, the Company's stock-based compensation expense amounted to $3,887 and $4,257, respectively.

RSUs

A summary of nonvested RSUs outstanding is presented below:


	Nine Months Ended September 30, 2024
	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested shares at January 1, 2024		949,510		$	21.28
Granted		58,573			10.39
Vested		(403,038	)		20.40
Forfeited		(178,338	)		20.05
Nonvested shares at September 30, 2024		426,707		$	21.13

As of September 30, 2024, the total unrecognized stock-based compensation expense related to RSUs outstanding was $3,278 and is expected to be recognized over a weighted-average period of 1.3 years.

Stock Options

A summary of the time-based incentive stock option activity for the nine months ended September 30, 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		6.3	$	—
Forfeited		(232,229	)	$	10.32		6.3	$	—
Balance as of September 30, 2024		595,188		$	10.58		5.6	$	—
Options vested and exercisable as of September 30, 2024		203,542		$	11.15		1.9	$	—

As of September 30, 2024, the total unrecognized stock-based compensation expense related to stock options outstanding was $1,209 and is expected to be recognized over a weighted-average period of 2.3 years.