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STOCK-BASED COMPENSATION PLANS | 9 Months Ended
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Sep. 30, 2023
STOCK-BASED COMPENSATION PLANS |
STOCK-BASED COMPENSATION PLANS | (11) STOCK-BASED COMPENSATION PLANS In June 2017, our stockholders approved the 2017 Stock Incentive Plan (the “2017 Stock Plan”) with a maximum of 5,500,000 shares reserved for issuance. Awards permitted under the 2017 Stock Plan include: Stock Options and Restricted Stock. Awards issued under the 2017 Stock Plan are at the discretion of the Board of Directors. As applicable, awards are granted with an exercise price equal to the closing price of our common stock on the date of grant and generally vest over four years. Restricted Stock Awards are issued to the recipient upon grant and are not included in outstanding shares until such vesting and issuance occurs. During the three and nine months ended September 30, 2023, no stock option awards were granted under the 2017 Stock Plan. During the three months ended September 30, 2022 no stock option awards were granted under the 2017 Stock Plan. During the nine months ended September 30, 2022, 200,000 stock option awards were granted under the 2017 Stock Plan. At September 30, 2023, the Company had 0.6 million stock options outstanding and 0.6 million exercisable under the following plans: ​
​ | ​ | ​ | ​ | ​
​ |  | Outstanding |  | Exercisable
​ | ​ | Number of Options | ​ | Number of Options
​ | ​ | Outstanding Number of Options | ​ | Exercisable Number of Options
​ | ​ | (in thousands) | ​ | (in thousands)
Plan Category |  |  |  |
2005 Stock Option Plan |  | 211 | ​ | 211
2017 Stock Option Plan |  | 351 | ​ | 351
Total |  | 562 | ​ | 562
​ During the three and nine months ended September 30, 2023, 86,000 and 223,000 shares of restricted stock were granted under the 2017 Stock Plan, respectively. During the three and nine months ended September 30, 2022, 50,000 and 143,000 shares of restricted stock were granted to the Board of Directors and management under the 2017 Stock Plan, respectively. The fair market value of restricted shares for share-based compensation expensing is equal to the closing price of our common stock on the date of grant. The vesting on restricted stock awards typically occur quarterly over three years for the Board of Directors and quarterly or annually over two to four years for management. ​ The following summarizes stock-based compensation expenses recorded in the condensed consolidated statements of income (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Cost of Revenue | ​ | $ | 10 | ​ | $ | 13 | ​ | $ | 26 | ​ | $ | 40 | ​
Sales and marketing expense | ​ |  | 53 | ​ |  | 16 | ​ |  | 182 | ​ |  | 130 | ​
General, and administrative | ​ | ​ | 591 | ​ | ​ | 549 | ​ | ​ | 1,413 | ​ | ​ | 1,532 | ​
Total stock based compensation expense | ​ | $ | 654 | ​ | $ | 578 | ​ | $ | 1,621 | ​ | $ | 1,702 | ​
​ The Company received proceeds of $0.1 million related to option exercises during the three and nine months ended September 30, 2023. The Company received proceeds of $0.1 million related to option exercises during each of the three and nine months ended September 30, 2022. No stock option awards were granted by the Company during the three and nine months ended September 30, 2023. A summary of stock option activity under all equity compensation plans for the nine months ended September 30, 2023, is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted- | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted- | ​ | Average | ​ | Aggregate
​ | ​ | Number of | ​ | Average | ​ | Remaining | ​ | Intrinsic
​ | ​ | Shares | ​ | Exercise | ​ | Contractual | ​ | Value
​ |  | (in thousands) |  | Price |  | Term (Years) |  | (in thousands)
Outstanding at December 31, 2022 |  | 793 | ​ | $ | 2.67 | ​ | 5.03 | ​ | $ | 8,908
Granted |  | — | ​ | $ | — | ​ | ​ | ​ |  | ​
Forfeited | ​ | (206) | ​ | $ | 6.30 | ​ | ​ | ​ | ​ | ​
Exercised |  | (25) | ​ | $ | 5.36 | ​ | ​ | ​ |  | ​
Outstanding at September 30, 2023 |  | 562 | ​ | $ | 1.22 | ​ | 2.80 | ​ | $ | 3,807
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable at September 30, 2023 |  | 562 | ​ | $ | 1.22 | ​ | 2.80 | ​ | $ | 3,807
​ A summary of restricted stock award activity under all equity compensation plans for the nine months ended September 30, 2023, is presented below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | ​
​ | ​ | Shares |  | Weighted Average
​ |  | (in thousands) |  | Grant Date Fair Value
Granted but not vested at December 31, 2022 | ​ | 431 | ​ | $ | 11.92
Granted | ​ | 223 | ​ | ​ | 9.88
Forfeited | ​ | (11) | ​ | ​ | 11.71
Vested | ​ | (157) | ​ | ​ | 11.90
Granted but not vested at September 30, 2023 |  | 486 | ​ | $ | 11.82
​ As of September 30, 2023, the Company had approximately $4.5 million of unrecognized compensation expense related to stock options and restricted stock awards that will be recognized over a weighted average period of approximately 2.4 years.

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