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SHARE BASED COMPENSATION
 9 Months Ended
Sep. 30, 2025
SHARE BASED COMPENSATION  
SHARE-BASED COMPENSATION

NOTE 10 – SHARE-BASED COMPENSATION

 

For share-based awards granted, we have recognized compensation expense based on the estimated grant date fair value method.  For these awards we have recognized compensation expense using a straight-line amortization method and reduced for estimated forfeitures.  

 

The impact on our results of operations of recording share-based compensation, net of forfeitures, for the three and nine months ended September 30, 2025 and 2024, were as follows:

 

 

 

 Three Months Ended

 

 

 Nine Months Ended

 

 

 

September 30,

2025

 

 

September 30,

2024

 

 

September 30,

2025

 

 

September 30,

2024

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

$18

 

 

$26

 

 

$80

 

 

$86

 

Research and development

 

 

27

 

 

 

69

 

 

 

140

 

 

 

215

 

Selling, general and administrative

 

 

70

 

 

 

209

 

 

 

319

 

 

 

666

 

Total share-based compensation

 

$115

 

 

$304

 

 

$539

 

 

$967

 

 

Equity awards granted during the three and nine months ended September 30, 2025 and 2024 were as follows:

 

 

 

 Three Months Ended

 

 

 Nine Months Ended

 

 

 

September 30,

2025

 

 

September 30,

2024

 

 

September 30,

2025

 

 

September 30,

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock Units

 

 

100,000

 

 

 

2,500

 

 

 

196,472

 

 

 

234,150

 

Performance Stock Units

 

 

-

 

 

 

-

 

 

 

-

 

 

 

119,000

 

Stock Option Units

 

 

-

 

 

 

200,000

 

 

 

-

 

 

 

200,000

 

 

Employee Restricted Stock Units (“RSUs”) typically vest annually over three or four years and employee Non-Qualified stock options typically vest quarterly over four years and have a six-year exercise period. Non-employee director RSUs typically vest over the earlier of one year or the next annual meeting of shareholders and Non-Qualified stock options vest over three years and have a six-year exercise period. 

 

Performance Stock Units (“PSUs”) typically cliff vest at the end of the performance period and the performance metric for 2023 awards is cumulative revenue growth over the three-year period ending December 31, 2025, with a cumulative revenue threshold, target, and maximum performance measure.  For 2024 awards, the performance metrics included revenue growth, EBITDA and project objective targets over the three-year period ending December 31, 2026.  There have been no Performance Stock awards granted in 2025.

 

The remaining unamortized expected future share-based compensation expense and remaining amortization period associated with award grants of RSUs, PSUs and unvested options at September 30, 2025 and 2024 are:

 

 

 

September 30,

2025

 

 

September 30,

2024

 

 

 

 

 

 

 

 

Unamortized future share-based compensation expense

(in thousands)

 

$1,060

 

 

$2,401

 

Remaining weighted average amortization period (in years)

 

 

2.09

 

 

 

2.24