Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

. Share-Based Compensation

The Company accounts for share-based compensation in accordance with Accounting Standards Codification (“ASC”) Topic 718, “Compensation – Stock Compensation,” which requires the Company to recognize compensation expense for share-based awards, measured at the fair value of the awards at the grant date. The Company recognized $1.7 million and $0.8 million of share-based compensation related expense during the three months ended March 31, 2024 and 2023, respectively.

The Company granted approximately 284,000 and 340,000 restricted stock units during the three months ended March 31, 2024 and 2023, respectively, and approximately 25,000 and zero stock options during the three months ended March 31, 2024 and 2023, respectively.

There were 10,000 and 52,000 options exercised during the three months ended March 31, 2024 and 2023, respectively. The Company received $0.1 million and $0.6 million in cash from employees and directors exercising options during the three months ended March 31, 2024 and 2023, respectively. The intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 was $0.1 million and $0.2 million, respectively.