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STOCK COMPENSATION | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
STOCK COMPENSATION | STOCK COMPENSATION On June 20, 2024, the stockholders of the Company approved an amendment and restatement of the Company's Amended and Restated 2000 Long Term Incentive Plan (the "Plan"). The amendment and restatement of the Plan revised the terms and conditions of the Plan to, among other things, increase the shares available for grant under the Plan by 1,500,000 shares. As of September 30, 2024, there were 1,805,462 shares available for the grant of awards under the Plan, assuming maximum performance of performance-based awards. Option Awards A summary of the Company’s stock option activity and related information for the nine months ended September 30, 2024 is as follows:
| Options |  | Weighted- average exercise price |  | Weighted- average remaining contractual life (years) |  | Aggregate intrinsic value (in thousands)
Options outstanding, January 1, 2024 | 999,500 |  |  | $ | 13.31 |  |  |  |  |
Grants(1) | 65,000 |  |  | 9.46 |  |  |  |  |
Expirations | (252,000) |  |  | 18.68 |  |  |  |  |
Options outstanding, September 30, 2024(1) | 812,500 |  |  | 11.34 |  |  | 5.0 |  | $ | 36 |
Options exercisable, September 30, 2024 | 674,500 |  |  | $ | 11.78 |  |  | 4.3 |  | $ | 13 |
Total unrecognized stock option expense remaining (in thousands) | $ | 509 |  |  |  |  |  |  |
Weighted-average years expected to be recognized over | 1.6 |  |  |  |  |  |
(1) Includes a non-plan stock option award of 15,000 stock options. The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their stock options on September 30, 2024. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company’s common stock on September 30, 2024 and the exercise price. Restricted Stock A summary of the Company’s restricted stock activity and related information for the nine months ended September 30, 2024 is as follows:
| Restricted Shares |  | Weighted- average grant date fair value
Non-vested restricted shares, January 1, 2024 | 597,528 |  |  | $ | 8.44 |
Grants | 313,199 |  |  | 9.54 |
Vested | (306,425) |  |  | 7.53 |
Cancellations | (9,150) |  |  | 10.01 |
Non-vested restricted shares, September 30, 2024 | 595,152 |  |  | $ | 9.46 |
Total unrecognized compensation expense remaining (in thousands) | $ | 4,253 |  |  |
Weighted-average years expected to be recognized over | 1.6 |  |
The total fair value of restricted stock that vested during the nine months ended September 30, 2024 was $2.8 million. Performance shares Each performance award represents the right to receive up to 150% of the target number of shares of common stock. The number of shares of common stock earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board. The shares are subject to the terms and conditions of the Company’s Plan. A summary of the Company’s performance-based award activity and related information for the nine months ended September 30, 2024 is as follows:
| Performance- based stock awards (1) |  | Weighted- average grant date fair value
Non-vested performance-based awards, January 1, 2024 | 486,972 |  |  | $ | 10.44 |
Grants | 219,975 |  |  | 9.76 |
Vested | (152,188) |  |  | 14.18 |
Cancellations | (24,315) |  |  | 13.23 |
Non-vested performance-based awards, September 30, 2024 | 530,444 |  |  | $ | 8.96 |
Total unrecognized compensation expense remaining (in thousands)(2) | $ | 2,105 |  |  |
Weighted-average years expected to be recognized over | 2.0 |  |
(1)Represents the target number of shares to be issued for each performance-based award. (2)The performance metric for the performance-based awards granted in 2022 is not probable of achievement. Therefore, no compensation expense has been recorded on these awards. The total fair value of performance-based awards that vested during the nine months ended September 30, 2024 was $1.5 million. Cash-settled performance-based awards Each cash-settled performance-based award represents the right to receive up to 150% of the target number of deferred stock units with payment in cash equivalent to the value of one share of the Company's common stock. The number of deferred stock units earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board. The cash-settled performance-based awards are subject to the terms and conditions of the Company’s Plan. A summary of the Company’s cash-settled performance-based awards activity and related information for the nine months ended September 30, 2024 is as follows:
| Cash-settled performance-based awards (1) |  | Weighted- average fair value
Non-vested cash-settled performance-based awards, January 1, 2024 | 83,611 |  |  | $ | 6.71 |
Cancellations | (1,419) |  |  | 6.77 |
Non-vested cash-settled performance-based awards, September 30, 2024 | 82,192 |  |  | $ | 6.54 |
Total unrecognized compensation expense remaining (in thousands)(2) | $ | — |  |  |
Weighted-average years expected to be recognized over | 0.0 |  |
(1) Represents the target number of units to be settled in cash. (2) The performance metric for the cash-settled performance-based awards granted in 2022 is not probable of achievement. Therefore, no compensation expense has been recorded on these awards. The Company recorded stock compensation expense as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Stock Compensation Expense Components | 2024 |  | 2023 |  | 2024 |  | 2023
Equity based stock option expense | $ | 73 |  |  | $ | 46 |  |  | $ | 183 |  |  | $ | 225 |
Restricted and performance-based stock awards expense | 973 |  |  | 852 |  |  | 2,706 |  |  | 2,549 |
Stock compensation expense for equity based awards | $ | 1,046 |  |  | $ | 898 |  |  | $ | 2,889 |  |  | $ | 2,774 |
Liability based stock option expense | (4) |  |  | — |  |  | (3) |  |  | (4) |
Total Stock Compensation Expense | $ | 1,042 |  |  | $ | 898 |  |  | $ | 2,886 |  |  | $ | 2,770 |

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