Stockholders’ Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders’ Equity

Stockholders' Equity

 Common Stock 

The total number of shares of common stock, $0.001 par value, that the Company is authorized to issue is 250,000,000.

Issuer Purchases of Equity Securities

On May 31, 2022, the Board authorized a share repurchase program under which the Company was previously authorized to repurchase up to $10.0 million of the Company’s outstanding shares of common stock. The previous repurchase periods under this program were July 1, 2022 through May 15, 2023, May 16, 2023 through May 15, 2024, and May 16, 2024 through May 16, 2025. (the "Prior Repurchase Programs").

On May 19, 2025, the Company announced that the Board had authorized the Company to repurchase up to $10.0 million of the Company’s outstanding shares of common stock from time-to-time until May 16, 2025, through a trading plan established in compliance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act (the “Current Repurchase Program”). The Current Repurchase Program was paused on August 11, 2025.

As of December 31, 2025, the Company has repurchased an aggregate of 992,629 shares under the Prior Repurchase Programs and Current Repurchase Program at a total cost of $16.5 million, or $16.67 per share.

Preferred Stock

The Company’s Board may, without further action by the stockholders, issue one or more series of preferred stock and fix the rights and preferences of those shares, including the dividend rights, dividend rates, conversion rights, exchange rights, voting rights, terms of redemption, redemption price or prices, liquidation preferences, the number of shares constituting any series and the designation of such series. As of December 31, 2025, no shares of preferred stock have been issued.

Stock Compensation Plans

The Company’s 2010 Stock Incentive Plan (the “2010 Stock Incentive Plan”) provides for options, restricted stock, and other customary forms of equity to be granted to the Company’s directors, officers, employees, and independent contractors. All forms of equity incentive compensation are granted at the discretion of the Board and have a term not greater than 10 years from the date of grant.

The calculation of the fair values of our stock-based compensation plans requires estimates that require management’s judgments. Under ASC 718, Compensation - Stock Compensation, the fair value of each stock option is estimated on the grant date using the Black-Scholes option-pricing model. The valuation models require assumptions and estimates to determine expected volatility, expected life and expected risk-free interest rates. The expected volatility was determined using historical volatility of our stock based on the contractual life of the award. The risk-free interest rate assumption was based on the yield on zero-coupon U.S. Treasury strips at the award grant date. There were no options granted in the fiscal years ended December 31, 2025 and 2024.

The following table summarizes activities under the 2010 Stock Incentive Plan for the indicated periods:

	Options Outstanding
	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Balances, December 31, 2023	67,500	$	12.70	5.0	$	326
Options exercised	(18,750)	12.50
Balances, December 31, 2024	48,750	$	12.78	3.8	$	137
Options exercised	(48,750)	12.78
Balances, December 31, 2025	—	—		—	—

 The company issued an aggregate of 8,764 and 2,595 shares of common stock related to the cashless exercise of stock options during the years ended December 31, 2025 and 2024, respectively.

At December 31, 2025, there were approximately 597,401 shares reserved for issuance under the 2010 Stock Incentive Plan. There were no outstanding and exercisable options as of December 31, 2025.

Employee stock-based compensation expense recognized for time-vesting options for the years ended December 31, 2025 and 2024, uses the Black-Scholes option pricing model for estimating the fair value of options granted under the Company’s equity incentive plans. Risk-free interest rates for the options were taken from the Daily Federal Yield Curve Rates on the grant dates for the expected life of the options as published by the Federal Reserve. The expected volatility was based upon historical data and other relevant factors such as the Company’s changes in historical volatility and its capital structure, in addition to mean reversion. Employee stock-based compensation expense recognized for market performance-vesting options uses a binomial lattice model for estimating the fair value of options granted under the Company’s equity incentive plan.

In calculating the expected life of stock options, the Company determines the amount of time from grant date to exercise date for exercised options and adjusts this number for the expected time to exercise for unexercised options. The expected time to exercise for unexercised options is calculated from grant as the midpoint between the expiration date of the option and the later of the measurement date or the vesting date. In developing the expected life assumption, all amounts of time are weighted by the number of underlying options.

During the year ended December 31, 2025, 72,834 restricted shares were granted and 44,894 restricted shares vested. During the year ended December 31, 2024, 71,039 restricted shares were granted and 24,013 restricted shares vested. As of December 31, 2025 and 2024, there were 201,979 and 129,145 shares of restricted stock outstanding, respectively.

During the years ended December 31, 2025 and 2024, the Board approved compensation for Board services by granting 11,574 and 19,336 shares, respectively, of common stock as compensation for the non-employee directors. The Company recorded $0.2 million and $0.4 million in Board stock-based compensation expense during the years ended December 31, 2025 and 2024, respectively. The Company recorded aggregate stock-based compensation expense, including the quarterly and annual Board grants, of $1.2 million and $0.9 million during the years ended December 31, 2025 and 2024, respectively. The Company had $0.6 million of unrecognized stock option expense for time-based awards, which will be recognized through 2028.