Stock-Based Compensation and Employee Benefit Plans

3 Months Ended

Mar. 31, 2025

Stock-Based Compensation and Employee Benefit Plans [Abstract]

Stock-Based Compensation and Employee Benefit Plans

Note 12 — Stock-Based Compensation and Employee Benefit Plans

2022 Omnibus Equity Incentive Plan

On April 29, 2022, the Company’s Board of Directors, and on June 8, 2022, the Company’s stockholders, adopted and approved the 2022 Omnibus Equity Incentive Plan (the “2022 Plan”), which provides for the grant of stock options, stock appreciation right awards, performance share awards, restricted stock awards, restricted stock unit awards, other stock-based awards and cash-based awards. The aggregate number of shares of Common Stock that may be reserved and available for grant and issuance under the 2022 Plan is 1,765 shares and 16,667 additional shares issued upon approval by the Board of Directors on January 8, 2024. On August 12, 2024, the Company’s stockholders approved an amendment to the 2022 Plan to increase the number of shares issuable thereunder by 166,667. Shares will be deemed to have been issued under the 2022 Plan solely to the extent actually issued and delivered pursuant to an award. The 2022 Plan shall continue in effect, unless sooner terminated, until the tenth anniversary of the date on which it was adopted by the Board of Directors. As of March 31, 2025, there were 920 shares of Common Stock available to be granted under the Company’s 2022 Plan.

The Company’s stock compensation expense from continuing operations was $587 thousand and $453 thousand for the three months ended March 31, 2025 and 2024, respectively.

The Company’s stock compensation expense from discontinued operations was $2 thousand and $37 thousand for the three months ended March 31, 2025 and 2024, respectively.

Stock Options

For three months ended March 31, 2025, there were no options granted or exercised under the Company’s stock option plans. For the same period, there were 126 options expired with a weighted average exercise price of $12 thousand. There were 90 and 216 options outstanding with a weighted average exercise price of $24 thousand and $19 thousand as of March 31, 2025 and December 31, 2024, respectively. There were 90 options vested and exercisable with a weighted average exercise price of $24 thousand as of March 31, 2025. There were 90 options vested and expected to vest with a weighted average exercise price of $24 thousand as of March 31, 2025.

As of March 31, 2025, there was no unrecognized compensation expense related to unvested options.

The following table summarizes information about options vested and exercisable at March 31, 2025:

		Options Vested and Exercisable
Price ($)		Number of Options		Weighted- Average Remaining Contractual Life (Years)		Weighted-Average Exercise Price
$	40,234		38		5.89	$	40,234
$	14,248		41		5.59	$	14,248
$	5,717		11		5.24	$	5,717

The following table summarizes information about options vested and expected to vest after March 31, 2025:

		Options Vested and Expected to Vest
Price ($)		Number of Options		Weighted- Average Remaining Contractual Life (Years)		Weighted-Average Exercise Price
$	40,234		38		5.89	$	40,234
$	14,248		41		5.59	$	14,248
$	5,717		11		5.24	$	5,717

Restricted Stock Units

Under the 2022 Plan, the Company may grant restricted stock units to employees, directors and officers. The restricted stock units granted generally vest equally over periods ranging from one to three years, subject to certain exceptions for directors. The fair value of restricted stock units is determined based on the closing market price of the Company’s Common Stock on the date of grant. Compensation expense related to the restricted stock units is recognized using a straight-line attribution method over the vesting period.

The following table presents restricted stock unit activity for the three months ended March 31, 2025:

	Number of Shares			Weighted- Average Grant Date Fair Value
Unvested at December 31, 2024		102,867		$	17.42
Granted		2,500			23.71
Vested		—			—
Forfeited		(3,235	)		4.74
Unvested at March 31, 2025		102,132			18.01

As of March 31, 2025, total unrecognized compensation expense related to unvested restricted stock units was $858 thousand, which is expected to be recognized over a weighted average period of 0.43 years.