Note 11 - Equity Compensation

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

11. Equity Compensation

Restricted Stock Units (“RSUs”)

In February 2023, the Company granted time-based RSUs to certain employees under the Company’s 2022 Incentive Award Plan. 545,522 of time-based awards were granted at a grant date fair value of $5.75, which will vest ratably over a four-year period beginning on the first anniversary of the grant date and ending on February 13, 2027.

During the three and six months ended June 30, 2023, the Company recognized stock compensation expense of $499 and $892, respectively associated with all RSU awards, which is recorded within General and Administrative Expenses within the statement of operations. During the three and six months ended June 30, 2022, the Company recognized stock compensation expense of $160. As of June 30, 2023, there are approximately 1,004,938 non-vested RSUs outstanding with a weighted average grant date fair value of $6.61. The unrecognized compensation costs associated with all unvested RSUs at June 30, 2023 was approximately $6.3 million that is expected to be recognized over a weighted-average future period of 3.2 years.

Sky Incentive Units

The Company recognized equity-based compensation expense relating to awarded equity units of Sky (the “Sky Incentive Units”) of $81 and $166 for the three and six months ended June 30, 2023, respectively, and $85 and $171 for the three and six months ended June 30, 2022, respectively, which is recorded within General and Administrative Expenses within the statement of operations, and as a component of the non-controlling interest in the consolidated statement of changes in stockholders’ equity. As of June 30, 2023, there was $0.5 million of total unrecognized compensation expense that is expected to be recognized over a weighted-average future period of 1.8 years.