Stock-based Compensation

3 Months Ended

Mar. 31, 2025

NOTE 8 – Stock-based Compensation

Prior to June 21, 2023, the Company issued stock-based compensation awards to its directors and officers under the 2018 Long Term Incentive Plan (“LTIP”) which allowed the grant of non-qualified and incentive stock options, stock appreciation rights, full value awards and cash incentive awards. The maximum number of shares available to be awarded under the LTIP was 161,639 shares.

On June 21, 2023, stockholders approved an Amendment and Restatement of the 2018 Long Term Incentive Plan (“Amended and Restated LTIP”) which allows the issuance of 487,500 additional shares and brought the number of shares that may be issued under the Amended and Restated LTIP to 649,139 shares.

Stock-based compensation is recognized on a straight-line basis over the vesting period. During the three months ended March 31, 2025 and 2024, the Company recorded $99 thousand and $77 thousand of stock-based compensation expense, respectively. During the three months ended March 31, 2025 and 2024, the Company recorded $168 thousand and $0, respectively, of director stock compensation expense, which was determined using the fair value of the stock on the dates of the awards.

As of March 31, 2025, 417,863 shares had been awarded under the Amended and Restated LTIP and 231,251 shares were available to be awarded. The following tables present stock award activity during the three months ended March 31, 2025 and 2024:

	March 31, 2025
	(In thousands)
Outstanding at the beginning of the period		184,874
Granted during period		111,527
Forfeited during period		(710	)
Vested during period		(62,827	)
Outstanding at the end of the period		232,864

	March 31, 2024
	(In thousands)
Outstanding at the beginning of the period		114,531
Granted during period		94,413
Forfeited during period		-
Vested during period		(11,834	)
Outstanding at the end of the period		197,110

No stock options were granted, exercised or expired during the three months ended March 31, 2025 or 2024. During the three months ended March 31, 2025 and March 31, 2024, no stock options were forfeited.

Outstanding							Exercisable
Number Outstanding		Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Aggregate Intrinsic Value		Number Outstanding		Weighted Average Exercise Price		Aggregate Intrinsic Value
	12,500	0.88 years	$	12.96	$	–		12,500	$	12.96	$	–

The Company did not record any stock-based compensation expense related to stock options during the three months ended March 31, 2025 or March 31, 2024.