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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company grants stock-based awards under its 2024 Incentive Stock Plan (the “2024 Plan”). The shares issued as a result of stock-based compensation transactions generally have been funded with the issuance of new shares of the Company’s common stock. The Company may grant the following types of incentive awards under the 2024 Plan: (i) non-qualified stock options; (ii) incentive stock options; (iii) stock appreciation rights; (iv) restricted stock; and (v) restricted stock units. Each award granted under the 2024 Plan is subject to an award agreement that incorporates, as applicable, the exercise price, the term of the award, the periods of restriction, the number of shares to which the award pertains and such other terms and conditions as the plan committee determines. Awards granted under the 2024 Plan are classified as equity awards, which are recorded in stockholders’ equity in the Company’s condensed consolidated balance sheets. Through June 30, 2025, the Company has granted under the 2024 Plan (i) non-qualified stock options; (ii) incentive stock options; and (iii) restricted stock. There were no stock appreciation rights and restricted stock units granted under the 2024 Plan as of June 30, 2025. Stock Options The Company’s closing price on the date of grant is the basis of fair value of its common stock used in determining the value of share-based awards. To the extent the value of the Company’s share-based awards involves a measure of volatility, the Company uses available historical volatility of the Company’s common stock over a period of time corresponding to the expected stock option term. The Company uses the simplified method to calculate the expected term of stock option grants to employees as the Company does not have sufficient comparable historical exercise data to provide a reasonable basis upon which to estimate the expected term of stock options granted to employees. Accordingly, the expected life of the options granted is based on the average of the vesting term, which is generally four years and the contractual term, which is generally ten years. The Company will continue to evaluate the appropriateness of utilizing such method. The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected stock option term. Forfeitures are estimated based on historical and forecasted turnover, which is approximately 5%. The Company did not grant options during the three and six months ended June 30, 2025 and 2024. The information below summarizes the stock option activity for six months ended June 30, 2025:
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (Years)
Outstanding at December 31, 2024 | 281,977 |  |  | $ | 11.80 |  |  | 3.3
Granted | — |  |  | — |  |  |
Exercised | (3,000) |  |  | 3.07 |  |  |
Forfeited | (432) |  |  | 45.39 |  |  |
Expired | (71,023) |  |  | 17.78 |  |  |
Outstanding at June 30, 2025 | 207,522 |  |  | $ | 9.80 |  |  | 2.3
Exercisable at June 30, 2025 | 169,293 |  |  | $ | 9.57 |  |  | 0.8
For the three months ended June 30, 2025 and 2024, stock-based compensation expense for stock options was $17,040 and $47,037, respectively. For the six months ended June 30, 2025 and 2024, stock-based compensation expense for stock options was $38,681 and $101,775, respectively. Restricted Stock Restricted stock awards granted to employees generally vest in four equal annual installments, although on March 5, 2024, the Company granted 29,454 shares of restricted stock as part of a special award to certain executive employees that vested in one installment on the first anniversary of the grant. Restricted stock awards granted to non-employee directors typically vest in full one year after the date of grant. The information below summarizes the restricted stock activity for the six months ended June 30, 2025:
Restricted Stock Awards |  | Shares |  | Weighted Average Grant-Date Fair Value per Award
Non-vested at December 31, 2024 |  | 305,982 |  |  | $ | 11.97 |
Granted |  | 263,798 |  |  | 10.80 |
Vested |  | (91,347) |  |  | 12.90 |
Forfeited |  | (95,169) |  |  | 11.55 |
Non-vested at June 30, 2025 |  | 383,264 |  |  | $ | 11.04 |
For the three months ended June 30, 2025 and 2024, stock-based compensation expense for restricted stock awards was $313,948 and $505,028, respectively. For the six months ended June 30, 2025 and 2024, stock-based compensation expense for restricted stock awards was $586,248 and $943,685, respectively.

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