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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Options Activity

The table below provides details of the Company's stock options at December 31, 2024.

 

 

Number
of Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term in
Years

 

 

Aggregate
Intrinsic
Value
(in ‘000s)

 

Outstanding, December 31, 2023

 

 

514,000

 

 

$

9.72

 

 

 

6.8

 

 

$

—

 

Granted

 

 

150,193

 

 

 

6.46

 

 

 

7.7

 

 

 

—

 

Expired/terminated

 

 

(70,025

)

 

 

8.08

 

 

 

—

 

 

 

 

Exercised

 

 

(2,377

)

 

 

5.56

 

 

 

—

 

 

 

 

Outstanding, December 31, 2024

 

 

591,791

 

 

$

9.10

 

 

 

6.0

 

 

$

145

 

Exercisable at period end

 

 

401,991

 

 

$

9.73

 

 

 

4.7

 

 

$

47

 
Schedule of Valuation Assumptions of Stock Options

The Company determined the expected life of the stock options using a simplified method approach allowed for plain-vanilla share options. The risk-free interest rate is based on the U.S. treasury yield curve in effect as of the grant date. Expected volatility was determined using the calculated value method of an option pricing model that substitutes the historical volatility of an appropriate industry/sector index for the expected volatility.

 

 

December 31,

 

 

2024

 

 

2023

 

Weighted average fair value of options granted

$

1.66

 

 

$

1.84

 

Dividend yield

4.60%

 

 

4.29%

 

Expected volatility

35.24%

 

 

35.45%

 

Risk-free interest rate

4.47%

 

 

4.20%

 

Expected life (in years)

 

6.1

 

 

 

6.5

 

Assumed forfeiture rate

0.00%

 

 

4.00%

 
Summary of Restricted Stock Awards

The table below provides details of the Company's restricted stock activity at December 31, 2024.

 

 

Number
of Shares

 

 

Average Market Price at Grant

 

Outstanding, December 31, 2023

 

 

384,724

 

 

$

6.30

 

Restricted Stock Units Granted

 

 

125,000

 

 

 

6.58

 

Expired/terminated

 

 

—

 

 

 

 

Vested

 

 

(116,641

)

 

 

 

Outstanding, December 31, 2024

 

 

393,083

 

 

$

6.40

 

 
Schedule of Additional Information Related to Stock Option

Additional information related to the equity incentive plans during each year follows:

 

 

December 31,

 

(in thousands, except share data)

2024

 

 

2023

 

Stock-based compensation expense recognized

$

988

 

 

$

244

 

Number of unvested shares:

 

 

 

 

 

     Restricted stock plans

 

393,083

 

 

 

384,724

 

     Stock option plans

 

189,800

 

 

 

223,500

 

Fair value of unvested stock options:

 

 

 

 

 

     Restricted stock plans

$

2,518

 

 

$

2,422

 

     Stock option plans

$

193

 

 

$

355

 

Amount remaining to be recognized as expense

 

 

 

 

 

     Restricted stock plans

$

2,246

 

 

$

2,314

 

     Stock option plans

$

161

 

 

$

310