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STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2023
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY

8.    STOCKHOLDERS’ EQUITY:

Stock Repurchase Program

From time to time, the Board of Directors has authorized repurchases of shares of the Company’s Class A and Class D common stock. Under the stock repurchase program, the Company intends to repurchase shares through open market purchases, privately negotiated transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the “Exchange Act”).

During the three months ended March 31, 2023, the Company repurchased 824 shares of Class D common stock for approximately $3,000 at an average price of $3.99 per share. As of March 31, 2023, the Company had approximately $10.0 million remaining under its most recent and open authorization with respect to its Class A and Class D common stock. During the three months ended March 31, 2022, the Company did not repurchase any shares of Class A common stock and Class D common stock.

On September 27, 2022, the Compensation Committee authorized the repurchase of up to $500,000 worth of shares in the aggregate from employees who want to sell in connection with the Company’s most recent employee stock grant. During the three months ended March 31, 2023, the Company did not repurchase any shares of Class A or Class D stock under this authorization.  Giving effect to repurchases, the Company has $443,000 remaining under its most recent and open authorization. 

In addition, the Company has limited but ongoing authority to purchase shares of Class D common stock (in one or more transactions at any time there remain outstanding grants) under the 2019 Equity and Performance Incentive Plan. This limited authority is used to

satisfy any employee or other recipient tax obligations in connection with the exercise of an option or a share grant under the 2019 Equity and Performance Incentive Plan, to the extent that the Company has capacity under its financing agreements (i.e., its current credit facilities and indentures) (each a “Stock Vest Tax Repurchase”). During the three months ended March 31, 2023 and 2022, the Company executed Stock Vest Tax Repurchases of 255,618 shares of Class D Common Stock in the amount of approximately $1.3 million at an average price of $5.17 per share and 2,649 shares of Class D Common Stock in the amount of $10,000 at an average price of $3.63 per share, respectively.

Stock Option and Restricted Stock Grant Plan

The Company has one equity and performance incentive plan, the 2019 Equity and Performance Incentive Plan, for stock options and restricted stock. Both Class A and Class D common stock are available for grant. The Company uses an average life for all option awards. The Company settles stock options, net of tax, upon exercise by issuing stock.

During the quarter ended March 31, 2023, the Compensation Committee awarded certain executive officers and management personnel 743,599 restricted shares of the Company’s Class D common stock, and stock options to purchase 439,429 shares of the Company’s Class D common stock. Of these awards, 688,987 restricted shares of the Company’s Class D common stock and stock options to purchase 415,141 shares of the Company’s Class D common stock vested upon grant. In connection with the vesting of these awards, a total of 226,980 shares were disposed of to settle the recipients’ tax obligations.

Pursuant to the terms of each of our stock plans and subject to the Company’s insider trading policy, a portion of each recipient’s vested shares may be sold in the open market for tax purposes on or about the vesting dates.

The Company granted a total of 439,429 and 6,887 options to purchase the Company’s Class D shares during the three months ended March 31, 2023, and 2022, respectively.

Transactions and other information relating to stock options for the three months ended March 31, 2023, are summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

​

    

Weighted-Average

    

​

​

​

​

​

​

​

​

​

Remaining

​

Aggregate

​

​

Number of 

​

Weighted-Average

​

Contractual Term

​

Intrinsic

​

​

Options

​

Exercise Price

​

 (In Years)

​

Value

Outstanding at December 31, 2022

 

4,594,734

​

$

2.59

 

5.72

​

$

5,871,492

Grants

 

439,429

​

​

5.14

 

—

​

 

—

Exercised

 

—

​

​

—

 

—

​

 

—

Forfeited/cancelled/expired/settled

 

—

​

​

—

 

—

​

 

—

Balance as of March 31, 2023

 

5,034,163

​

$

2.81

 

5.86

​

$

13,575,645

Vested and expected to vest at March 31, 2023

 

4,982,498

​

​

2.80

 

5.82

​

​

13,510,620

Unvested at March 31, 2023

 

441,730

​

​

4.28

 

9.51

​

​

539,477

Exercisable at March 31, 2023

 

4,592,433

​

​

2.67

 

5.51

​

​

13,036,168

​

The aggregate intrinsic value in the table above represents the difference between the Company’s stock closing price on the last day of trading during the three months ended March 31, 2023, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on March 31, 2023. This amount changes based on the fair market value of the Company’s stock.

There were no options exercised during the three months ended March 31 2023 and 2022, respectively.  A total of 463,497 and 16,795 options vested during the three months ended March 31, 2023 and 2022, respectively.  

As of March 31, 2023, approximately $0.9 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 14 months. The weighted-average fair value per share of shares underlying stock options was $1.76 at March 31, 2023.

The Company did not grant any options to purchase shares of Class A common stock during the three months ended March 31, 2023 and 2022. The Company granted a total of 743,599 and 6,887 restricted shares of Class D common stock during the three months ended March 31, 2023 and 2022, respectively.

Activity relating to grants of restricted shares of Class D common stock for the three months ended March 31, 2023, are summarized below:

​

​

​

​

​

​

​

​

    

​

    

Average

​

​

​

​

Fair Value

​

​

​

​

at Grant

​

​

Shares

​

Date

Unvested at December 31, 2022

 

434,264

​

$

4.27

Grants

 

743,599

​

​

5.13

Vested

 

(771,729)

​

​

5.04

Forfeited/cancelled/expired

 

—

​

​

—

Unvested at March 31, 2023

 

406,134

​

$

4.39

​

The Company did not award any restricted shares of Class A common stock during the three months ended March 31, 2023 and 2022. There were no restricted shares of Class A common stock that vested or were cancelled during the period. There were 750,000 unvested shares of restricted Class A common stock as of March 31, 2023 and no unvested shares of restricted Class A common stock as of March 31, 2022.  

​

Restricted stock grants for Class A and Class D shares were and are included in the Company’s outstanding share numbers on the effective date of grant. As of March 31, 2023, approximately $3.1 million of total unrecognized compensation cost related to awards of restricted Class A common stock is expected to be recognized over a weighted-average period of 21 months. As of March 31, 2023, approximately $1.2 million of total unrecognized compensation cost related to awards of restricted Class D common stock is expected to be recognized over a weighted-average period of 12 months.