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STOCK-BASED COMPENSATION PLAN | 3 Months Ended
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Mar. 31, 2025
STOCK-BASED COMPENSATION PLAN |
STOCK-BASED COMPENSATION PLAN | NOTE 14. STOCK-BASED COMPENSATION PLAN Under the Company’s current 2015 Stock Incentive Plan (the “2015 Plan”), the Company’s Board of Directors has flexibility to determine the type and amount of awards to be granted to eligible participants, who must be employees, directors, officers or consultants of the Company or its subsidiaries. The 2015 Plan allows for grants of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and restricted units. The aggregate number of shares of common stock that may be granted through awards under the 2015 Plan to any employee in any calendar year may not exceed 500 shares. The 2015 Plan will continue in effect until December 2025 unless terminated sooner. ​ Options Granted: ​ During the three months ended March 31, 2025, the Company issued stock option awards for an aggregate of 550 shares of Common Stock under the 2015 Plan to directors and employees of the Company. Of the 550 stock options, 500 stock options shall vest and become exercisable one year from the date of the grant and 50 stock options shall vest and become exercisable over a period of three years from the date of the grant. All of the issued stock options expire ten years from the date of the grant. ​ For computing the fair value of the stock-based awards, the fair value of each option grant has been estimated as of the date of grant using the Black-Scholes option-pricing model with the following assumptions: ​ Options Granted During the Three Months Ended March 31, 2025 ​
​ | ​ | ​
Number of options | ​ | 550
Option vesting period | ​ | 1 - 3 Years
Grant price (per share) | ​ | $4.02
Dividend yield | ​ | 2.49%
Expected volatility (a) | ​ | 50.6% - 52.8%
Risk-free interest rate | ​ | 4.01% - 4.07%
Expected life (years) (b) | ​ | 5.50 - 6.50
Weighted average fair value (per share) | ​ | $1.71 - $1.74
​
| (a) | Expected volatility is based upon the Company’s historical volatility.
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| (b) | The expected term was determined based upon the underlying terms of the awards and the category and employment history of employee award recipient.
​ ​ The grant date fair value of the stock options granted during the three months ended March 31, 2025 was $940, which will be recognized over the vesting period of the options. During the three months ended March 31, 2025, the Company did not issue any restricted stock awards under the 2015 Plan to directors and employees of the Company. The total non-cash stock compensation expense for continuing operations related to restricted stock, stock options and stock awards recorded by the Company for the three months ended March 31, 2025 and 2024 was $1,469 and $1,178, respectively. For the three months ended March 31, 2025 and 2024, the majority of stock-based compensation costs were classified as selling, general and administrative expenses. As of March 31, 2025, there were 1,057 unvested stock options and unrecognized compensation cost of $2,500 related to unvested stock options, as well as 1,050 unvested restricted stock awards and unrecognized compensation costs of $3,449 related to unvested restricted stock awards.

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