As of June 30, 2025, there were 908,049 shares available for the grant of awards under the Company’s Amended and Restated 2000 Long Term Incentive Plan (“Plan”), assuming maximum performance of performance-based awards.

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2025 is as follows:


	Options		Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value (in thousands)
Options outstanding, January 1, 2025	782,500		$	11.41
Grants	44,500		5.13



Options outstanding, June 30, 2025(1)	827,000		11.07		4.5	$	—
Options exercisable, June 30, 2025	700,000		$	11.73	3.7	$	—
Total unrecognized stock option expense remaining (in thousands)	$	362
Weighted-average years expected to be recognized over	1.7

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 exercisable in-the-money stock options on June 30, 2025. 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 June 30, 2025 and the exercise price.

A summary of the Company’s restricted stock activity and related information for the six months ended June 30, 2025 is as follows:


	Restricted Shares		Weighted- average grant date fair value
Non-vested restricted shares, January 1, 2025	593,526		$	9.46
Grants	588,698		4.57
Vested	(286,320)		9.96
Forfeitures	(6,751)		7.91
Non-vested restricted shares, June 30, 2025	889,153		$	6.07
Total unrecognized compensation expense remaining (in thousands)	$	4,776
Weighted-average years expected to be recognized over	1.7

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 Company’s board of directors (the “Board of Directors”). 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 six months ended June 30, 2025 is as follows:


	Performance- based stock awards (1)		Weighted- average grant date fair value
Non-vested performance-based awards, January 1, 2025	529,407		$	8.96
Grants	331,561		5.13


Forfeitures(2)	(128,796)		11.96
Non-vested performance-based awards, June 30, 2025	732,172		$	6.70
Total unrecognized compensation expense remaining (in thousands)	$	2,606
Weighted-average years expected to be recognized over	2.0

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 of Directors. 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 six months ended June 30, 2025 is as follows:


	Cash-settled performance-based awards (1)		Weighted- average fair value
Non-vested cash-settled performance-based awards, January 1, 2025	82,176		$	5.91


Forfeitures(2)	(82,176)		5.91
Non-vested cash-settled performance-based awards, June 30, 2025	—		$	—
Total unrecognized compensation expense remaining (in thousands)	$	—
Weighted-average years expected to be recognized over	0.0

The Company recorded stock compensation expense as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
Stock Compensation Expense Components	2025		2024		2025		2024
Equity based stock option expense	$	64	$	60	$	134	$	110
Restricted and performance-based stock awards expense	980		984		1,973		1,733
Stock compensation expense for equity based awards	1,044		1,044		2,107		1,843
Liability based stock option expense	—		(7)		(1)		1

Total Stock Compensation Expense	$	1,044	$	1,037	$	2,106	$	1,844