Stockholders' Equity

6 Months Ended

Jun. 30, 2025

Stockholders' Equity

Stockholders' Equity

5.  Stockholders’ Equity

As of June 30, 2025, the Company had 103,690,340 shares of common stock outstanding. The Company declared and paid dividends as follows (in thousands, except per share amounts):

	Dividends Per		Total
Quarter Paid	Share		Dividends
2025:
First quarter of 2025	$	0.01	$	1,036
Second quarter of 2025	$	0.01	$	1,035
2024:
First quarter of 2024	$	0.01	$	1,034
Second quarter of 2024	$	0.01	$	1,034

Equity-Based Compensation

On May 20, 2002, the stockholders of the Company approved the 2002 Stock Incentive Plan (the “Plan”). The Plan is an equity-based incentive compensation plan and provides for the grants of up to a maximum of 2,000,000 shares of the Company’s common stock (“Awards”). All of the Company’s employees, officers, directors, consultants and advisors are eligible to be granted Awards. Awards under the Plan are made at the discretion of the Company’s Board of Directors, and have no vesting requirements. Upon granting an Award, the Company will recognize compensation cost equal to the fair value of the Company’s common stock, as determined by the Company’s Board of Directors, on the date of the grant.

On May 31, 2024 and May 30, 2025, the Company granted shares under the Plan to non-employee directors with the compensation cost related to such grants indicated in the table below, which was recognized during the three months ended June 30, 2024 and June 30, 2025, respectively, and is included in general and administrative expenses for such period. Such shares were fully vested on the date of issuance.

	Shares Available		Compensation
	for Grant		Cost
Balance December 31, 2023		1,502,248	$	1,721,241
Shares granted 2024		(136,362)		269,997
Balance December 31, 2024		1,365,886	$	1,991,238
Shares granted 2025		(123,625)		224,998
Balance June 30, 2025		1,242,261	$	2,216,236