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STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Stock Repurchase Program
From time to time, the Company may repurchase its equity securities in open market purchases. Under open authorizations, repurchases of the Company's equity securities may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. Repurchased equity securities are retired when repurchased. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s outstanding equity securities and other factors, and subject to restrictions under applicable law.
On June 10, 2024, the Company’s board of directors approved a share repurchase authorization to repurchase up to $20.0 million of the Company's outstanding Class A and/or Class D common stock (collectively, the “Stock Repurchase Program”). The Stock Repurchase Program will remain in effect for up to 24 months or until the authorization is exhausted.
During the six months ended June 30, 2024, the Company repurchased 449,277 shares of Class A Common Stock in the amount of approximately $0.9 million at an average price of $2.06 per share. During the six months ended June 30, 2023, the Company did not repurchase any shares of Class A Common Stock.

During the six months ended June 30, 2024, the Company repurchased 87,659 shares of Class D Common Stock in the amount of approximately $0.1 million at an average price of $1.59 per share. During the six months ended June 30, 2023, the Company repurchased 824 shares of Class D Common Stock in the amount of approximately $3,000 at an average price of $3.99 per share. See Note 19 - Subsequent Events of the Company's condensed consolidated financial statements for additional purchases subsequent to June 30, 2024.
Stock Option and Restricted Stock Grant Plan
The 2019 Equity and Performance Incentive Plan is an equity performance incentive plan for stock options and restricted stock. Both Class A and Class D common stock are available for grant. The Company settles stock options, net of tax, upon exercise by issuing stock.
Pursuant to the terms of the Company’s stock plan and subject to the Company’s insider trading policy, a portion of each recipient’s vested shares may be sold in the open market or repurchased by the Company for tax purposes on or about the vesting dates. Transactions and other information relating to stock options of Class D common stock for the six months ended June 30, 2024, are summarized below:
Number of
Options
Weighted-Average
Exercise Price
Weighted-Average
Remaining
Contractual Term
(In Years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 20235,224,136$2.90 5.28$5,021,952 
Grants
740,1393.56 —— 
Exercised
—— —— 
Forfeited/cancelled/expired/settled
—— —— 
Outstanding at June 30, 2024(a)
5,964,2752.99 5.37$49,770 
Vested and expected to vest at June 30, 20245,912,0992.97 5.3449,770 
Unvested at June 30, 2024434,3424.68 8.67— 
Exercisable at June 30, 20245,529,9332.85 5.1149,770 
(a)The aggregate intrinsic value in the table above represents the difference between the Company’s stock closing price on the last day of trading during the six months ended June 30, 2024, and the exercise price, multiplied by the number of shares that would have been received by the holders of in-the-money options had all the option holders exercised their options on June 30, 2024. This amount changes based on the fair market value of the Company’s stock.
As of June 30, 2024, $0.4 million of total unrecognized compensation cost related to Class D stock options is expected to be recognized over a weighted-average period of 5 months. The weighted-average grant date fair value of options granted during the six months ended June 30, 2024 was $1.82.
The Company did not grant any options to purchase shares of Class A common stock during the three and six months ended June 30, 2024.
Activity relating to grants of restricted shares of Class D common stock for the six months ended June 30, 2024, are summarized below:
Shares
Average
Fair Value
at Grant
Date
Unvested at December 31, 2023313,117$4.77
Grants
1,190,3823.48
Vested
(1,163,788)3.51
Forfeited/cancelled/expired
——
Unvested at June 30, 2024339,711$4.55
Restricted stock grants for Class A and Class D shares are included in the Company’s outstanding share numbers on the effective date of grant.
The Company did not grant any restricted shares of Class A stock during the three and six months ended June 30, 2024. There were no restricted shares of Class A common stock that vested or were cancelled during the period. There were 750,000 unvested shares of restricted Class A common stock as of June 30, 2024 and December 31, 2023.
As of June 30, 2024, approximately $0.9 million of total unrecognized compensation cost related to awards of restricted Class D common stock is expected to be recognized over a weighted-average period of 6 months and approximately $0.9 million of total unrecognized compensation cost related to awards of restricted Class A common stock is expected to be recognized over a weighted-average period of 6 months.