In November 2014, the Company’s board of directors authorized a new share repurchase program (the “2014 Repurchase Program”), which supersedes and replaces any prior repurchase programs. Under the 2014 Repurchase Program, the Company is authorized to repurchase up to 3 million shares of the Company’s Class B common stock in the aggregate through open market and privately negotiated transactions, at such times and in such amounts as the Company deems appropriate. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, capital availability, and other market conditions. The 2014 Repurchase Program does not have an expiration date and may be expanded, limited or terminated at any time without prior notice. The Company made no repurchases under the 2014 Repurchase Program during the three months ended March 31, 2023 and 2024. Shares repurchased but not yet retired by the Company are classified as treasury stock on the Condensed Consolidated Balance Sheets before retirement. Retirement of treasury stock results in reductions to common stock and additional paid-in capital.

Stock-based compensation expense was included in the following operating expense categories as follows:


	Three Months Ended March 31,
(In Thousands)	2023		2024
Service costs	$	45	$	3
Sales and marketing		263		88
Product development		86		8
General and administrative		405		334
Total stock-based compensation	$	799	$	433

The Company uses the Black-Scholes option pricing model to estimate the per share fair value of stock option grants with time-based vesting. The Black-Scholes model relies on a number of key assumptions to calculate estimated fair values. For the three months ended March 31, 2023 and 2024, the expected life of each award granted was determined based on historical experience with similar awards, giving consideration to contractual terms, anticipated exercise patterns, and vesting schedules. Expected volatility is based on historical volatility levels of the Company’s Class B common stock and the expected volatility of companies in similar industries that have similar vesting and contractual terms. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury issues with terms approximately equal to the expected life of the option. The Company uses an expected annual dividend yield in consideration of the Company’s common stock dividend payments, which we consider to be zero.

The following weighted average assumptions were used in determining the fair value of time-vested stock option grants for the periods presented:


	Three Months Ended March 31,
	2023	2024
Expected life (in years)	4.00 - 6.25	4.00 - 6.25
Risk-free interest rate	3.58% - 3.71%	4.21% - 4.31%
Expected volatility	53% -64%	57% - 64%

Stock option activity during the three months ended March 31, 2024 is summarized as follows:


	Options (in thousands)			Weighted average exercise price of options		Weighted average remaining contractual term (in years)
Balance at December 31, 2023		5,395		$	2.21		7.39
Options granted		72		$	1.34
Options forfeited		(82	)	$	1.74
Options expired		(22	)	$	2.62
Options exercised		—
Balance at March 31, 2024		5,363		$	2.20		7.16

Restricted stock awards and restricted stock unit activity during the three months ended March 31, 2024 is summarized as follows:


	Shares/ Units (In Thousands)			Weighted Average Grant Date Fair Value
Unvested at December 31, 2023		782		$	1.94
Granted		—			—
Vested		(104	)		2.17
Forfeited		(15	)		1.46
Unvested at March 31, 2024		663			1.97