XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.24.3

SHARE-BASED COMPENSATION | 9 Months Ended
--- | ---
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | 11. SHARE-BASED COMPENSATION The Company currently has outstanding stock-based awards granted under the 2014 Omnibus Incentive Plan (the “2014 Plan”) and the 2021 Omnibus Incentive Plan (the “2021 Plan”) (hereinafter collectively referred to as “the Plans”). Under each of the Plans, the Company has discretion to grant equity and cash incentive awards to eligible individuals, including the issuance of up to 1,000,000 of the Company’s ordinary shares. During the period ended September 30, 2024, the Company granted 136,427 restricted stock to directors, officers and employees under the 2021 Plan. At September 30, 2024, there were 758,926 shares and 11,750 shares available for grant under the 2021 Plan and the 2014 Plan, respectively. Stock options Stock options granted and outstanding under the Plan vests quarterly over four years and are exercisable over the contractual term of ten years. A summary of the stock option activity for the nine-month periods ended September 30, 2024 and 2023 is as follows: SCHEDULE OF STOCK OPTION ACTIVITY
|  |  |  |  |  |  |  | Weighted- |  |  |
|  |  |  |  | Weighted- |  |  | Average |  |  |
|  |  |  |  | Average |  |  | Remaining |  | Aggregate |
|  | Number of |  |  | Exercise |  | Contractual |  | Intrinsic |
|  |  | Options |  |  | Price |  |  | Term |  | Value |
Outstanding at January 1, 2023 |  |  | 871,250 |  |  | $ | 4.62 |  |  | 5.6 years |  | $ | - |
Forfeited |  |  | (25,000 | ) |  | $ | 6.00 |  |  |  |  | $ | - |
Outstanding at March 31, 2023 |  |  | 846,250 |  |  | $ | 4.63 |  |  | 5.5 years |  | $ | - |
Exercisable at March 31, 2023 |  |  | 736,875 |  |  | $ | 4.43 |  |  | 5.2 years |  | $ | - |
Outstanding at June 30, 2023 |  |  | 846,250 |  |  | $ | 4.63 |  |  | 5.3 years |  | $ | - |
Exercisable at June 30, 2023 |  |  | 752,500 |  |  | $ | 4.46 |  |  | 5.0 years |  | $ | - |
Outstanding at September 30, 2023 |  |  | 846,250 |  |  | $ | 4.63 |  |  | 5.0 years |  | $ | - |
Exercisable at September 30, 2023 |  |  | 768,125 |  |  | $ | 4.49 |  |  | 4.78 years |  | $ | - |
Outstanding at January 1, 2024 |  |  | 846,250 |  |  | $ | 4.63 |  |  | 4.8 years |  | $ | - |
Outstanding at March 31, 2024 |  |  | 846,250 |  |  | $ | 4.63 |  |  | 4.5 years |  | $ | - |
Exercisable at March 31, 2024 |  |  | 799,375 |  |  | $ | 4.55 |  |  | 4.4 years |  | $ | - |
Outstanding at June 30, 2024 |  |  | 846,250 |  |  | $ | 4.63 |  |  | 4.3 years |  | $ | - |
Exercisable at June 30, 2024 |  |  | 815,000 |  |  | $ | 4.58 |  |  | 4.2 years |  | $ | - |
Outstanding at September 30, 2024 |  |  | 846,250 |  |  | $ | 4.63 |  |  | 4.0 years |  | $ | - |
Exercisable at September 30, 2024 |  |  | 830,625 |  |  | $ | 4.61 |  |  | 3.96 years |  | $ | - |
Compensation expense recognized for the three-month periods ended September 30, 2024 and 2023 totaled $5,000 and for the nine-month periods ended September 30, 2024 and 2023 totaled $15,000. Compensation expense is included in general and administrative expenses. At September 30, 2024 and 2023, there was approximately $5,000 and $25,000, respectively, of total unrecognized compensation expense related to non-vested stock options granted under the Plans. The Company expects to recognize the remaining compensation expense over a weighted-average period of three (3) months. Restricted Stock Awards The Company may grant restricted stock awards to eligible individuals in connection with their service to the Company. The terms of the Company’s outstanding restricted stock grants may include service, performance and market-based conditions. The fair value of the awards with market-based conditions is determined using a Monte Carlo simulation method, which calculates many potential outcomes for an award and then establishes fair value based on the most likely outcome. The determination of fair value with respect to the awards with only performance or service-based conditions is based on the value of the Company’s stock on the grant date. During the nine-month periods ended September 30, 2024 and 2023, the Company granted 136,427 and 100,647 shares of restricted stock, respectfully to directors and employees under the 2021 Plan. Information with respect to the activity of unvested restricted stock awards during the periods ended September 30, 2024 and 2023 is as follows (share amounts not in thousands): SCHEDULE OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS
|  | Weighted- |  |  |  |
|  | Number of |  |  | Weighted- |
|  | Restricted |  |  | Average |
|  | Stock |  |  | Grant Date |
|  | Awards |  |  | Fair Value |
Nonvested at January 1, 2024 |  |  | 46,073 |  |  | $ | 1.05 |
Granted |  |  | 136,427 |  |  | $ | 1.05 |
Vested |  |  | (34,574 | ) |  | $ | 1.05 |
Nonvested at March 31, 2024 |  |  | 147,926 |  |  |  |  |
Vested |  |  | (18,500 | ) |  | $ | 1.05 |
Nonvested at June 30, 2024 |  |  | 129,426 |  |  |  |  |
Vested |  |  | (54,214 | ) |  | $ | 1.05 |
Nonvested at September 30, 2024 |  |  | 75,212 |  |  |  |  |
OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES Notes to Consolidated Financial Statements (unaudited) September 30, 2024 11. SHARE-BASED COMPENSATION (cont’d) Restricted stock awards (continued) Compensation expense recognized for the three and nine-month periods ended September 30, 2024 totaled $67,000 and $163,000, respectively, and is included in general and administrative expenses. Compensation expense for the three and nine-month periods ended September 30, 2023 totaled $88,000 and $187,000, respectively. At September 30, 2024, there was approximately $125,000 unrecognized compensation expense related to non-vested restricted stock granted under the Plan, which the Company expects to recognize over a weighted-average period of five (5) months.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration