We maintain stock incentive plans for the benefit of certain officers, directors, and employees. Our stock incentive plans provide for the ability to issue stock options, cash stock appreciation rights, performance stock units, phantom stock units and cash performance stock units. Our cash stock appreciation rights, phantom stock units and cash performance stock units settle solely in cash and are treated as the current liability, which are adjusted each reporting period based on changes in our stock price.

We determined the fair value of the stock options using the Black-Scholes option pricing model and we determined the fair value of the performance stock units using Monte-Carlos simulation model.

Compensation expense for stock-based awards is based on the fair values of the awards on the date of grant and is recognized on a straight-line basis over the vesting period of the entire award in the “Labor” line of the Consolidated Statements of Comprehensive Income. We recognized $2.0 million and $1.4 million of stock-based compensation expense for the years ended December 31, 2024 and 2023, respectively.

In 2020, we established our 2020 Equity Incentive Plan ("2020 Plan") which replaced the 2013 Equity Incentive Plan (“2013 Plan”). Any shares of common stock that remained eligible for issuance under the 2013 Plan are now instead eligible for issuance under the 2020 Plan. The “2013 Plan” as of December 31, 2024 and 2023, has 195,124 and 190,187 shares available for grant, respectively. In August 2020, we filed a Form S-8 to register up to an aggregate of 2,521,244 shares that may be issued under the 2020 Plan. The 2020 Plan provides for the issuance of stock-based awards to directors, employees and consultants. No additional stock-based awards will be granted under the 2013 Plan, but awards previously granted under the 2013 Plan will remain outstanding in accordance with their respective terms. As of December 31, 2024 and 2023, there were 1.1 million and 1.3 million shares available, respectively, for grant under the 2020 Plan.

In August 2023, we established the 2023 Inducement Equity Incentive Plan ("2023 Plan"), pursuant to which the Company issued 240,000 shares of stock option awards. During 2024, the Board approved the issuance of 148,200 incentive stock options.

Options granted under the 2023 Plan have an exercise price equal to the closing market price of our common stock on the date prior to the grant date. These options become exercisable in 33.3% increments on the first three anniversaries of their date of grant and expire on the tenth anniversary of their date of grant. Options to purchase 388,200 and 240,000 shares granted under 2023 Plan awards were outstanding as of December 31, 2024 and 2023, respectively, with exercise prices ranging from $5.59 to $76.80 per share.

Options granted under the 2020 Plan, 2013 Plan or as inducement awards have an exercise price equal to the market value of the common stock on the grant date. These options become exercisable in 25% increments on the first four anniversaries of their date of grant and expire on the tenth anniversary of their date of grant. There were no options outstanding under the 2020 plan as of December 31, 2024 and 2023.

Options to purchase 1,726 and 6,663 shares granted under 2013 Plan awards were outstanding as of December 31, 2024 and 2023, respectively, with exercise prices ranging from $5.59 to $116.40 per share.

Options under the 2005 Plan were granted at exercise prices equal to the market value of the common stock on the grant date. All such awards have met their respective vesting dates. There were no options outstanding under the 2005 Plan as of December 31, 2024 and 2023.

Options granted to officers after April 2015 vest in full upon a change in control if such options are not assumed or replaced by a publicly traded successor with an equivalent award (as defined in such officers’ change in control severance agreements).


	Number of Shares	Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Options outstanding at December 31, 2022	12,668	$	78.88	1.16	$	—

Granted	240,000	5.59		9.63	288
Exercised	—	—		—	—
Unvested options forfeited	—	—		—	—
Vested options expired	(6,005)	77.38		—	—
Options outstanding at December 31, 2023	246,663	$	7.61	9.67	288

Granted	148,200	$	7.59	—	—
Exercised	—	—		—	—
Unvested options forfeited	—	—		—	—
Vested options expired	(4,937)	81.35		—	—
Options outstanding at December 31, 2024	389,926	$	6.67	8.84	$	—

Vested and expected to vest at December 31, 2024	389,926	$	6.67	8.84	$	—

Exercisable at December 31, 2024	81,726	$	7.10	8.45	$	—

The aggregate intrinsic value at year end in the table above represents the total pre-tax intrinsic value that would have been received by the option holders if all of the in-the-money options were exercised on December 31, 2024. The pre-tax intrinsic value is the difference between the closing price of our common stock on December 31, 2024, and the exercise price for each in-the-money option. This value fluctuates with the changes in the price of our common stock.


Range of Exercise Prices	Number Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Life (Years)	Number Exercisable	Weighted-Average price per share Outstanding and Vested
$5.59 - 76.80	389,356	$	6.60	8.51	81,156	$	6.60
$77.60 - 116.40	570	$	77.60	0.1	570	$	77.60

There were 148,200 and 240,000 options granted during 2024 and 2023, respectively. The weighted average grant date fair value of 2024 options granted is $5.08 As of December 31, 2024, there was $1.0 million of unrecognized compensation cost related to unvested stock options.

Restricted stock units granted as inducement awards or under the 2020 Plan and 2013 Plan vest in three equal increments on the first three anniversaries of their date of grant. Restricted stock units settle in treasury stock or newly issued shares and are treated as equity. Outstanding restricted stock units granted to officers as inducement awards or under the 2013 Plan vest in full (to the extent not previously vested) upon a change in control if such unvested shares are not assumed or replaced by a publicly traded successor with an equivalent award (as such terms are defined in such officers’ change-in-control severance agreements).


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested shares outstanding at December 31, 2022	516,176	$6.43

Granted in 2023	80,225	5.73
Vested in 2023	(308,523)	5.53
Forfeited in 2023	(44,437)	7.02
Unvested shares outstanding at December 31, 2023	243,441	$7.24

Granted in 2024	98,192	7.61
Vested in 2024	(187,778)	6.76
Forfeited in 2024	(32,662)	7.49
Unvested shares outstanding at December 31, 2024	121,193	$8.21

The fair value of each restricted stock unit is estimated on the date of grant as the closing market price of our common stock on the date prior to the grant. As of December 31, 2024, there was $535,763 of total unrecognized compensation cost related to restricted stock units. This cost is expected to be recognized over a weighted average period of approximately 1.34 years.

Performance stock units are a form of share-based award similar to unvested shares, except that the number of shares ultimately issued is based on our performance against specific performance goals over a roughly three-year period. At the end of the performance period, the number of shares of stock issued will be determined in accordance with the specified performance target(s) in a range between 0% and 100%. Performance stock units vest solely in common stock and are treated as equity. Upon a change in control, performance stock units granted to officers vest on a pro-rated basis (based on time elapsed from the grant) to the extent not previously settled if they are not assumed or replaced by a publicly traded successor with an equivalent award (as such terms are defined in such officers’ change-in-control severance agreements). Performance Stock Units have been issued under the 2013 Plan, and the 2020 Plan as inducement awards.


	Number of Units	Weighted- Average Grant Date Fair Value
Performance stock units outstanding as of December 31, 2022	142,000	$	7.34

Granted	—	—
Settled	—	—
Forfeited	(99,000)	7.14
Performance stock units outstanding as of December 31, 2023	43,000	$	7.80

Granted	50,000	$	7.53
Settled	—	—
Forfeited	(6,000)	7.96
Performance stock units outstanding as of December 31, 2024	87,000	$	7.63

The fair value of each performance stock unit is estimated on the date of grant as the closing market price of our common stock on the date prior to the grant, minus the present value of anticipated dividend payments. Periodic compensation expense is based on the current estimate of future performance against specific performance goals over a three-year period and is adjusted up or down based on those estimates. As of December 31, 2024, the total unrecognized compensation cost related to performance stock units was $53,439. This cost is expected to be recognized over a weighted average period of approximately 0.35 years.