XML 36 R18.htm IDEA: XBRL DOCUMENT v3.25.1
Stockholders’ Equity
 12 Months Ended
Dec. 31, 2024
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 and May 16, 2023 through May 15, 2024 (the "Prior Repurchase Programs").
On May 16, 2024, 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 actual timing, number and value of shares repurchased under the Current Repurchase Program will depend on several factors, including the constraints specified in the Rule 10b5-1 trading plan, price, and general market conditions. There is no guarantee as to the exact number of shares that will be repurchased under the Current Repurchase Program. Our Board may also suspend or discontinue the Current Repurchase Program at any time, in its sole discretion. The purchase period for the Current Repurchase Program is May 16, 2024 through May 16, 2025.
As of December 31, 2024, the Company has repurchased an aggregate of 793,411 shares under the Prior Repurchase Programs and Current Repurchase Program at a total cost of $13.5 million, or $16.99 per share. As of December 31, 2024, the maximum dollar value of shares that may yet be purchased under the Current Repurchase Program was approximately $5.4 million of shares of common stock.
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, 2024, 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, 2024 and 2023.
The following table summarizes activities under the 2010 Stock Incentive Plan for the indicated periods:
Options Outstanding
Number of SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value (in thousands)
Balances, December 31, 2022
90,000 $10.88 6.3$364 
Options canceled and retired(22,039)16.29 
Options exercised(461)16.29 
Balances, December 31, 2023
67,500 12.705.0326
Options exercised(18,750)12.50 
Balances, December 31, 2024
48,750 12.78 3.8137 
Options vested and exercisable and expected to be vested and exercisable at December 31, 2024
48,750 $12.78 3.8$137 
Options vested and exercisable at December 31, 2024
48,750 $12.78 3.8$137 
 
At December 31, 2024, there were approximately 670,235 shares reserved for issuance under the 2010 Stock Incentive Plan, and the Company had no unrecognized stock option expense for time-based awards.
The following table summarizes significant ranges of outstanding and exercisable options as of December 31, 2024:

Exercise PricesNumber OutstandingWeighted-Average Remaining Contractual Life (in years)Weighted-Average Exercise Price per ShareNumber ExercisableWeighted-Average Exercise Price per Share
$9.61 15,000 1.5$9.61 15,000 $9.61 
$12.50 18,7504.4$12.50 18,750$12.50 
$16.29 15,0005.4$16.29 15,000$16.29 
Total48,750 3.8$12.78 48,750 $12.78 
Employee stock-based compensation expense recognized for time-vesting options for the years ended December 31, 2024 and 2023, 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, 2024, 71,039 restricted shares were granted and 24,013 restricted shares vested. During the year ended December 31, 2023, 25,944 restricted shares were granted and 15,989 restricted shares vested. As of December 31, 2024 and 2023, there were 129,145 and 97,283 shares of restricted stock outstanding, respectively.
During the years ended December 31, 2024 and 2023, the Board approved compensation for Board services by granting 19,336 and 9,897 shares, respectively, of common stock as compensation for the non-employee directors. The Company recorded $0.4 million and $0.3 million in Board stock-based compensation expense during the years ended December 31, 2024 and 2023, respectively. The Company recorded aggregate stock-based compensation expense, including the quarterly and annual Board grants, of $0.9 million and $0.5 million during the years ended December 31, 2024 and 2023, respectively.