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Shared-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Shared-Based Compensation | Share-Based Compensation The following table lists the components of share-based compensation expense by type of award, which is recognized in the “Selling, general, and administrative expense” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Restricted stock | $ | 550 |  |  | $ | 587 |  |  |  |  |
Performance share units | 289 |  |  | 259 |  |  |  |  |
Share-based compensation expense | $ | 839 |  |  | $ | 846 |  |  |  |  |
Restricted Stock The following table presents the status of unvested restricted stock awards as of March 31, 2025, and activity during the three months then ended.
| Nonvested Restricted Shares |  | Weighted Average Grant-Date Fair Value
Unvested at January 1, 2025 | 2,326 |  |  | $ | 2.18 |
Granted | 664 |  |  | 2.55 |
Vested | (249) |  |  | 4.77 |
Forfeited | (37) |  |  | 2.94 |
Unvested at March 31, 2025 | 2,704 |  |  | $ | 2.02 |
During the three months ended March 31, 2025, we granted 664,000 shares of restricted stock to non-executive directors, officers and certain other employees. The shares of these restricted stock awards vest pro-rata generally over three years for employees and over one year for non-executive directors. Total grant date fair value of restricted stock that vested in the three months ended March 31, 2025, was $1.2 million. Performance Share Units Performance Share Units (“PSUs”) are a form of long-term incentive compensation awarded to executive officers and certain other key employees designed to directly align the interests of employees to the interests of our stockholders, and to create long-term stockholder value. The following table presents the status of unvested PSUs as of March 31, 2025, and activity during the three months then ended.
| Nonvested PSU Awards |  | Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2025 | 3,671 |  |  | $ | 1.45 |
Granted | 231 |  |  | 2.24 |
Nonvested at March 31, 2025 | 3,902 |  |  | $ | 1.50 |
During the three months ended March 31, 2025, we granted 231,000 PSUs to certain executive officers, which vest, if at all, upon our achieving a specified relative total shareholder return, which will be measured against the total shareholder return of a specified index during the three-year performance period that ends December 31, 2027. We estimated the grant date fair value of the PSU awards using the Monte Carlo simulation model, as the total shareholder return metric and changes in stock price are considered market conditions under ASC Topic 718, Compensation – stock compensation.

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