Stockholders' Equity

3 Months Ended

Mar. 31, 2026

On November 5, 2025, the Company’s Board of Directors approved a Share Repurchase Program (the "Share Repurchase Program") of up to $15,000,000 of its common stock. Under the Share Repurchase Program, the Company may repurchase shares through open market transactions, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future, subject to the requirements of the Securities Exchange Act of 1934, as amended. The Share Repurchase Program has no set expiration date, and may be suspended, modified or discontinued at any time. During the three months ended March 31, 2026, the Company did not make any repurchases of its common stock. As of March 31, 2026, the Company had approximately $12,014,000 of remaining authorization for purchases under the Share Repurchase Program.

In January 2019, the Company’s board of directors adopted the 2019 Stock Incentive Plan (the "Plan"). As of March 31, 2026, a total of 1,193,517 shares of common stock were available for further award grants under the Plan. For the three months ended March 31, 2026 and 2025, the Company recognized a total of $242,000 and $346,000 in stock-based compensation expense, respectively. The Company recognizes stock-based compensation over the vesting period, which is generally within three years for both the restricted stock units and stock options.

Stock Options

A summary of the Company’s stock option activity under the Plan for the three months ended March 31, 2026 is as follows:


	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contract Life	Aggregate Intrinsic Value
				(in years)	(in thousands)
Outstanding at December 31, 2025	287,467	$	18.56	5.8	$	1,152
Exercised	(1,600)	18.86
Outstanding at March 31, 2026	285,867	$	18.56	5.6	$	2,675
Vested and expected to vest at March 31, 2026	285,867	$	18.56	5.6	$	2,675
Exercisable at March 31, 2026	285,867	$	18.56	5.6	$	2,675

There were no stock options granted during the three months ended March 31, 2026. At March 31, 2026, all stock options granted under the Plan were fully vested and exercisable.

The aggregate intrinsic value is calculated by subtracting the exercise price of the option from the closing price of the Company’s common stock on March 31, 2026 and December 31, 2025, respectively, multiplied by the number of shares per each option.

Restricted Stock Units

A summary of the Company’s unvested restricted stock units' activity under the Plan for the three months ended March 31, 2026 is as follows:


	Number of Shares Outstanding	Weighted Average Grant Date Fair Value
Unvested at December 31, 2025	43,500	$	28.53
Granted	84,000	22.34
Unvested at March 31, 2026	127,500	$	24.45

At March 31, 2026, total remaining stock-based compensation cost for unvested restricted stock units was approximately $1,936,000. The cost is expected to be recognized over a weighted-average period of 1.4 years.