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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

(5) Stock-Based Compensation

 

The Company is authorized to grant stock options, stock grants and other forms of equity-based compensation under its 2018 Equity Incentive Plan (the “2018 Plan”). The plan has been approved by the shareholders. The Company is currently authorized to issue up to 1,050,000 shares of common stock under the 2018 Plan, due to an amendment to increase the number of authorized shares from 500,000 to 1,050,000 that was approved by shareholders in June 2023. At June 30, 2023, 539,320 shares remain available for grant.

 

During the six-month period ended June 30, 2023, the Company issued 66,479 shares to a director for services performed and recorded compensation expense of $274,000.

 

During the six-month period ended June 30, 2023, the Company issued 52,622 shares to employees for services performed and recorded compensation expense of $216,000.

 

(continued)

 

 

OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY

 

Notes to Condensed Consolidated Financial Statements (Unaudited)