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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

Note 11 – Stock-Based Compensation

 

Empire recognizes stock-based compensation expense associated with granted stock options and restricted stock units (“RSUs”). Empire accounts for forfeitures of equity-based incentive awards as they occur. Stock-based compensation expense related to time-based restricted stock units is based on the price of the common stock on the grant date and recognized as vesting occurs. For options, the fair value is determined using the Black-Scholes option valuation assumptions on dividend yield, expected annual volatility, risk-free interest rate and an expected useful life. Stock-based compensation is recorded with a corresponding increase in additional paid-in capital within the unaudited interim condensed consolidated balance sheets.

 

 

 

 

The following summary reflects nonvested restricted stock unit activity and related information for the nine months ended September 30, 2024.

 

       Weighted Average 
   RSUs   Fair Value (a) 
           
Outstanding, December 31, 2023   204,817   $10.61 
Granted   83,760    5.37 
Vested    (157,034)   9.89 
Forfeited   (22,500)   11.05 
Outstanding, September 30, 2024   109,043   $7.54 
           
_____________          
(a) Shares are valued at the grant-date market price.          

 

 

The following summary reflects stock option activity and related information:

 

       Weighted Average 
   Options   Exercise Price 
           
Outstanding, December 31, 2023   2,065,381   $4.89 
Granted   —    — 
Exercised   (193,866)   1.35 
Cancelled   —    — 
Outstanding, September 30, 2024   1,871,515   $5.25 

 

 

The following table summarizes information about stock options outstanding as of September 30, 2024.

 

Range of     Weighted Average   Weighted     Weighted
Exercise   Options   Remaining   Average   Options   Average
Prices   Outstanding   Contractual Life   Exercise Price   Exercisable   Exercise Price
                     
$1.32 to $12.36   1,871,515   4.09 years   $5.25   1,611,094   $4.26