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Share-Based Compensation And Share Repurchase Plans | 12 Months Ended
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Dec. 31, 2024
Share-Based Compensation And Share Repurchase Plans [Abstract] |
Share-Based Compensation And Share Repurchase Plans | NOTE 17 – SHARE-BASED COMPENSATION AND SHARE REPURCHASE PL ANS 2020 Stock Incentive Plan On December 5, 2024, the Company, as approved by the Company’s stockholders, amended the 2020 Stock Incentive Plan (as amended the “2020 Plan”). Under the 2020 Plan, the number of permitted authorized shares for issuance increased from 2,221,807 shares to 5,721,807 shares. Additional shares may be added to the number of authorised shares as derived from shares forfeited from prior plans, such that the number of shares issued shall not exceed 6,556,053 shares. Under the 2020 Plan, the Company may grant stock options and other share-based payment awards of our Class A Common Stock to eligible employees, directors and consultants. At December 31, 2024, there were 5,721,807 shares of Class A Common Stock available for issuance under the 2020 Plan, which includes shares from the 2010 Plan that become available for issuance due to the forfeiture of then outstanding out of the money stock options. Stock options are granted at exercise prices equal to the grant-date market prices and typically expire on either the fifth or tenth anniversary of the grant date. In contrast to a stock option where the grantee buys our Company’s share at an exercise price determined on the grant date, a restricted stock unit (“RSU”) entitles the grantee to receive one share for every RSU based on a vesting plan, typically between one year and four years from grant. As discussed further below, a performance component has been added to certain of the RSUs or options granted to management. At the time the options are exercised or RSUs vest and are settled, at the discretion of management, we will issue treasury shares or make a new issuance of shares to the option or RSU holder. Stock Options We estimated the grant-date fair value of our stock options using the Black-Scholes option-valuation model, which takes into account assumptions such as the dividend yield, the risk-free interest rate, the expected stock price volatility, and the expected life of the options. We expensed the estimated grant-date fair values of options over the vesting period on a straight-line basis. Based on our historical experience, the “deemed exercise” of expiring in-the-money options and the relative market price to strike price of the options, we have not estimated any forfeitures of vested or unvested options. Stock options to purchase 207,657 shares of Class A Common Stock were issued to the non-employee members of the Board of Directors upon their re-election to the Board in December 2024 for their services for their 2025 term. No other stock options were granted in 2024 to directors. On June 6, 2024, we issued options to purchase 1,264,603 shares of Class A Common Stock to our senior executives. These options have a one-year vesting and a ten-year term and were granted in lieu of cash bonuses which would otherwise have been paid under our Company's Incentive Compensation Program. No other stock options were granted during 2024 to employees. The weighted average assumptions used in the option-valuation model for option grants for the years 2024, 2023 and 2022 were as follows:
|  | 2024 |  | 2023 |  | 2022
Stock option exercise price |  | $ | 1.49 |  | $ | 1.92 |  | $ | —
Risk-free interest rate |  |  | 4.26% |  |  | 4.12% |  |  | 0.00%
Expected dividend yield |  |  | — |  |  | — |  |  | —
Expected option life in years |  |  | 5.50 |  |  | 5.50 |  |  | —
Expected volatility |  |  | 55.26% |  |  | 53.20% |  |  | 0.00%
Weighted average fair value |  | $ | 0.81 |  | $ | 1.01 |  | $ | —
We recorded stock-based compensation expense of $783,000, $50,000, and $212,000 for 2024, 2023, and 2022, respectively. At December 31, 2024, the total unrecognized estimated compensation cost related to non-vested stock options was $626,000 which is expected to be recognized over a weighted average vesting period of 9.65 years. No cash was received from option exercises in 2024, 2023 or 2022. The following is a summary of the status of RDI’s outstanding stock options for the three years ended December 31, 2024:
|  | Outstanding Stock Options
|  | Number of ‎Options |  | Weighted Average ‎Exercise Price |  | Weighted Average ‎Remaining Years of ‎Contractual Life |  | Aggregate ‎Intrinsic ‎Value
|  | Class A |  | Class B |  | Class A |  | Class B |  | Class A&B |  | Class A&B
Outstanding - January 1, 2022 |  | 517,344 |  | — |  | $ | 15.42 |  | $ | — |  | 1.66 |  | $ | —
Granted |  | — |  | — |  |  | — |  |  | — |  |  |  |  |
Exercised |  | — |  | — |  |  | — |  |  | — |  |  |  |  | —
Expired |  | (189,846) |  | — |  |  | 14.63 |  |  | — |  |  |  |  |
Outstanding - December 31, 2022 |  | 327,498 |  | — |  | $ | 15.87 |  | $ | — |  | 1.24 |  | $ | —
Granted |  | 207,657 |  | — |  |  | 1.92 |  |  | — |  |  |  |  |
Exercised |  | — |  | — |  |  | — |  |  | — |  |  |  |  | —
Expired |  | (122,376) |  | — |  |  | — |  |  | — |  |  |  |  |
Outstanding - December 31, 2023 |  | 412,779 |  | — |  | $ | 14.19 |  | $ | — |  | 1.79 |  | $ | —
Granted |  | 1,499,755 |  | — |  |  | 1.49 |  |  | — |  |  |  |  |
Exercised |  | — |  | — |  |  | — |  |  | — |  |  |  |  | —
Expired |  | (205,122) |  | — |  |  | — |  |  | — |  |  |  |  |
Outstanding - December 31, 2024 |  | 1,707,412 |  | — |  | $ | 1.63 |  | $ | — |  | 9.44 |  | $ | —
The following is a summary of the status of RDI’s vested and unvested stock options as of December 31, 2024, 2023 and 2022:
|  | Vested and Unvested Stock Options
|  | Number of ‎Options |  | Weighted Average ‎Exercise Price |  | Weighted Average ‎Remaining Years of ‎Contractual Life |  | Aggregate ‎Intrinsic ‎Value
|  | Class A |  | Class B |  | Class A |  |  | Class B |  | Class A&B |  | Class A&B
Vested |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2024 |  | 207,657 |  | — |  | $ | 0.48 |  | $ | — |  | 8.94 |  | $ | —
December 31, 2023 |  | 205,122 |  | — |  |  | 15.92 |  |  | — |  | 0.56 |  |  | —
December 31, 2022 |  | 276,218 |  | — |  |  | 15.81 |  |  | — |  | 1.17 |  |  | —
Unvested |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2024 |  | 1,499,755 |  | — |  | $ | 1.62 |  | $ | — |  | 9.44 |  | $ | —
December 31, 2023 |  | 207,657 |  | — |  |  | 4.54 |  |  | — |  | 1.79 |  |  | —
December 31, 2022 |  | 51,281 |  | — |  |  | 16.15 |  |  | — |  | 1.24 |  |  | —
Restricted Stock Units Time vested RSU awards to management typically vest 25% on the anniversary of the grant date and the remainder over a period of four years. Beginning in 2020, a performance component has been added to certain management equity grants, which vest on the third anniversary of their grant date based on the achievement of certain performance metrics. From 2021 onwards, RSUs have two vesting structures, which include time vesting and performance vesting. The majority of RSUs vest 75% evenly over a period of four years, with the remaining 25% contingent upon the achievement of certain performance metrics, vesting in full on the third anniversary of the date of the grant. In the case of our Chief Executive Officer, RSUs vest 50% evenly over a period of four years with the remaining 50%, contingent upon the achievement of certain performance metrics, vesting in full on the third anniversary of the grant date. On April 11 and April 21, 2023, the Board of Directors determined that our Company was not in a position to pay cash bonuses that would otherwise have been earned by certain members of management under our Company’s Incentive Compensation Plan for 2022, and authorized the issuance in lieu of such cash bonuses 85,139 RSUs, which vested on April 11, 2024 and 52,360 RSUs, which vested on April 21, 2024. No RSUs were granted during the remainder of 2023 or the first two quarters of 2024, however, the Compensation Committee has not completed its final review of 2024 incentive compensation. During the years ended December 31, 2024 and December 31, 2023, we recognized compensation expense related to RSUs of $1.6 million and $1.8 million respectively. The total unrecognized compensation expense related to these unvested RSUs was $2.0 million as of December 31, 2024. Below is a table that shows the restricted stock units that have been issued and vested during the years ending December 31, 2024 along with the dollar value of these awards:
|  | Number of RSUs |  |  | $ value of RSUs
|  | Granted |  | Vested |  | Forfeited |  | Unvested |  | Granted |  | Vested |  |  | Forfeited |  | Unvested
2016 |  | 68,153 |  | 67,372 |  | 781 |  | — |  | $ | 815,160 |  | $ | 805,759 |  | $ | 9,400 |  | $ | —
2017 |  | 70,538 |  | 70,006 |  | 532 |  | — |  |  | 1,124,348 |  |  | 1,115,852 |  |  | 8,496 |  |  | —
2018 |  | 97,600 |  | 94,426 |  | 3,174 |  | — |  |  | 1,581,512 |  |  | 1,529,648 |  |  | 51,864 |  |  | —
2019 |  | 59,258 |  | 56,154 |  | 3,104 |  | — |  |  | 944,070 |  |  | 894,065 |  |  | 50,005 |  |  | —
2020 |  | 401,966 |  | 373,708 |  | 28,258 |  | — |  |  | 2,281,899 |  |  | 2,111,059 |  |  | 170,840 |  |  | —
2021 |  | 361,593 |  | 283,280 |  | 28,456 |  | 49,858 |  |  | 2,185,222 |  |  | 1,682,339 |  |  | 182,736 |  |  | 320,147
2022 |  | 502,582 |  | 224,716 |  | 47,265 |  | 230,601 |  |  | 1,998,505 |  |  | 839,804 |  |  | 197,095 |  |  | 961,606
2023 |  | 671,682 |  | 231,151 |  | 17,557 |  | 422,974 |  |  | 2,173,049 |  |  | 747,965 |  |  | 56,719 |  |  | 1,368,365
2024 |  | — |  | — |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Total |  | 2,233,372 |  | 1,400,813 |  | 129,127 |  | 703,433 |  | $ | 13,103,765 |  | $ | 9,726,491 |  | $ | 727,155 |  | $ | 2,650,118
Stock Repurchase Plan Our Stock Repurchase Program expired on March 10, 2024. It has not been renewed. No stock has been repurchased by our Company since March 10, 2020.

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