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Stock-based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-based Compensation | Stock-based Compensation The Company’s 2019 Omnibus Stock Incentive Plan (the “2019 Plan”) provides for granting stock options, restricted stock awards, and restricted stock units to employees, directors, contractors and consultants of the Company. On August 19, 2024, the Company's shareholders approved an amendment to the 2019 Plan that increased the share reserve of the 2019 Plan by 1,600,000 shares from 5,760,778 shares to 7,360,778 shares. Restricted Stock Awards Following is the restricted stock award activity for the three months ended March 31, 2025:
| Shares |  | Weighted Average Grant Date Fair Value
Nonvested at December 31, 2024 | 546,653 |  | $ | 4.72 |
Granted | — |  |  | — |
Vested | (170,800) |  | 4.74 |
Forfeited | (13,292) |  | 13.44 |
Nonvested at March 31, 2025 | 362,561 |  | $ | 4.39 |
Restricted Stock Unit Awards During 2024, the Company commenced granting restricted stock units to employees and agents. The following is the restricted stock unit award activity for the three months ended March 31, 2025:
| Shares |  | Weighted Average Grant Date Fair Value
Nonvested at December 31, 2024 | 3,018,374 |  | $ | 3.02 |
Granted | 118,124 |  | 1.04 |
Vested | (530,347) |  | 3.94 |
Forfeited | (72,841) |  | 3.32 |
Nonvested at March 31 2025 | 2,533,310 |  | $ | 2.71 |
Stock Option Awards The Company did not grant stock option awards during the three month period ended March 31, 2025. Stock-based Compensation expense Stock-based compensation expense related to all awards issued under the Company’s stock compensation plans for the three months ended March 31, 2025 and 2024 was as follows (amounts in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
Commission and service costs | $ | 663 |  |  | $ | 1,092 |
General and administrative | 813 |  |  | 1,480 |
Marketing | 30 |  |  | 80 |
Total stock-based compensation | $ | 1,506 |  |  | $ | 2,652 |
At March 31, 2025, the total unrecognized compensation cost related to nonvested restricted stock awards was approximately $0.4 million, which is expected to be recognized over a weighted average period of approximately sixteen months. At March 31, 2025, the total unrecognized compensation cost related to nonvested restricted stock units was $2.0 million, which the Company expects to recognize over a weighted average period of approximately ten months.

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