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Note 11 - Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Shareholders' Equity and Share-Based Payments [Text Block]

11.

Stock-Based Compensation

Stock-based compensation expense for the three months ended March 31, 2024 and 2023 was allocated as follows:

		Three Months Ended March 31,
(in thousands)		2024				2023
Cost of revenues		$	52			$	69
Sales and marketing expenses			130				145
General and administrative expenses			771				869
Research and development expenses			95				70
Total stock-based compensation expense		$	1,048			$	1,153

As of March 31, 2024, the total compensation costs related to unvested awards not yet recognized was $8.4 million and the weighted average period over which it is expected to be recognized is approximately 2.3 years. The Company did not capitalize any stock-based compensation.

Restricted stock unit (“RSU”) activity for the three months ended March 31, 2024 was as follows:

										Market-								Performance-
		*Time-Based*								*Based*								*Based*
		*Restricted*				*Grant Date*				*Restricted*				*Grant Date*				*Restricted*				*Grant Date*
		*Stock Units*				*Fair Value*				*Stock Units*				*Fair Value*				*Stock Units*				*Fair Value*
Balance at December 31, 2023			1,164,996			$	3.28				801,845			$	3.37				-			$	-
Granted			779,629				4.19				-				-				375,895				4.19
Vested			(33,979	)			2.58				-				-				-				-
Forfeited			(16,083	)			3.27				-				-				-				-
Balance at March 31, 2024			1,894,563			$	3.67				801,845			$	3.37				375,895			$	4.19

Unvested shares related to market-based and performance-based vesting conditions are reflected at 100% of their target vesting amount in the table above. Actual vesting could range from zero up to 150% of their target amounts.

Performance-based RSU awards are contingent on the achievement of certain performance metrics. Compensation cost associated with performance-based RSUs are recognized based on the estimated number of shares that the Company ultimately expects will be earned. If the estimated number of shares to be earned is revised in the future, then stock-based compensation expense will be adjusted accordingly.

Stock option activity for the three months ended March 31, 2024 was as follows:

		Number of Options				Weighted- Average Exercise Price			Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Outstanding and Exerciseable at December 31, 2023			924,067			$	3.37
Exercised			(3,899	)			3.96
Outstanding and Exerciseable at March 31, 2024			920,168			$	3.37		3.2 years		$	964

The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $4.24 as of the end of the reporting period, which would have been received by the option holders had all option holders exercised their options as of that date. The aggregate intrinsic value of options exercised during the three months ended March 31, 2024, was not significant.