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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Stockholders' Equity | Note 6: Stockholders' Equity Common Stock 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 and nine months ended September 30, 2024 and 2023. Shares repurchased but not yet retired by the Company are classified as Treasury stock on the Condensed Consolidated Balance Sheets before retirement. Stock-based Compensation Plans The Company grants stock-based awards, including stock options, restricted stock awards, and restricted stock units. The Company measures stock-based compensation cost at the grant date based on the fair value of the award and recognizes it as expense over the vesting or service period, as applicable, of the stock-based award using the straight-line method. The Company accounts for forfeitures as they occur. Stock-based compensation expense has been included in the same lines as compensation paid to the same employees in the Condensed Consolidated Statements of Operations. Stock-based compensation expense was included in the following operating expense categories for the periods presented below:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In Thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Service costs |  | $ | 8 |  |  | $ | — |  |  | $ | 14 |  |  | $ | — |
Sales and marketing |  |  | 41 |  |  |  | 89 |  |  |  | 217 |  |  |  | 580 |
Product development |  |  | 13 |  |  |  | (39 | ) |  |  | 35 |  |  |  | 94 |
General and administrative |  |  | 349 |  |  |  | 357 |  |  |  | 1,015 |  |  |  | 1,233 |
Total stock-based compensation |  | $ | 411 |  |  | $ | 407 |  |  | $ | 1,281 |  |  | $ | 1,907 |
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 and nine months ended September 30, 2024 and 2023, 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. 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 September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Expected life (in years) |  | 4.00 - 6.25 |  | 4.00 - 6.25 |  | 4.00 - 6.25 |  | 4.00 - 6.25
Risk-free interest rate |  | 3.93% - 4.08% |  | 4.61% - 4.70% |  | 3.93% - 4.43% |  | 3.58% - 4.70%
Expected volatility |  | 57% - 59% |  | 56% - 64% |  | 57% - 64% |  | 53% - 64%
Stock option activity during the nine months ended September 30, 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 |  | 1,730 |  |  |  | 1.58 |  |  |  |
Options forfeited |  | (164 | ) |  |  | 1.65 |  |  |  |
Options expired |  | (161 | ) |  |  | 7.36 |  |  |  |
Options exercised |  | — |  |  |  |  |  |  |
Balance at September 30, 2024 |  | 6,800 |  |  | $ | 1.93 |  |  |  | 8.00 |
Restricted stock award and restricted stock unit activity during the nine months ended September 30, 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 |  |  | (358 | ) |  |  | 1.96 |
Forfeited |  |  | (15 | ) |  |  | 1.46 |
Unvested at September 30, 2024 |  |  | 409 |  |  | $ | 2.04 |

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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