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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:

 

           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):

 

   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.