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Stockholders' Equity/(Deficit)
 9 Months Ended
Sep. 30, 2024
Federal Home Loan Banks [Abstract]  
Stockholders' Equity/(Deficit) – STOCKHOLDERS’ EQUITY/(DEFICIT)

 

Share-Based Compensation

 

The Company recorded share-based compensation expense related to our options and restricted stock units of $0.1 million and $0.2 million, for the three months ended September 30, 2024 and 2023, respectively, and $1.7 million and $0.5 million, for the nine months ended September 30, 2024 and 2023, respectively.

 

On January 29, 2024, we granted options to purchase an aggregate of 90,000 shares of Common Stock to directors, options to purchase an aggregate of 200,000 shares of common stock to officers, and options to purchase an aggregate of 302,200 shares of common stock to employees. The value of the stock options granted was determined using the Black-Scholes-Merton option-pricing model (“BSM”), which values options based on the stock price at the grant date, the expected life of the option, the estimated volatility of the stock, the expected dividend payments, and the risk-free interest rate over the life of the option. Expected volatilities are based on the historical volatility of the Company’s stock as well as other companies operating similar businesses. The expected term (in years) is determined using historical data to estimate option exercise patterns. Forfeitures are recognized in compensation expense when they occur. The expected dividend yield is based on the annualized dividend rate over the vesting period. The risk-free interest rate is based on the rate for US Treasury bonds commensurate with the expected term of the granted option.

 

The Company used the following assumptions for the BSM to determine the fair value of the stock options granted during the nine months ended September 30, 2024.

 



 

 

January 29, 2024

 

Risk free interest rate

 

 

 

3.97

%

Expected life

 

 

5 years

 

Expected volatility

 

 

 

62.42

%

Expected dividend yield

 

 

—

 

Grant-date fair value

 

 

2.61