The Company’s 2021 Long-Term Incentive Plan (the “2021 Plan”) was adopted by the Board of Directors on March 4, 2021, amended by the Board of Directors on April 20, 2021, and approved by shareholders in the annual shareholder meeting on April 29, 2021. The 2021 Plan authorizes the Compensation and Management Development Committee of the Board of Directors (“Compensation Committee”) to issue up to 2,000,000 additional various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards to key employees and directors. No new awards may be issued under the 2021 Plan after March 16, 2024.

The Company’s 2024 Long-Term Incentive Plan (the “2024 Plan”) was adopted by the Board of Directors on February 29, 2024, and approved by shareholders in the annual shareholder meeting on April 25, 2024. The 2024 Plan authorizes the Compensation Committee to issue up to 2,500,000 additional various stock awards including stock options, performance stock units, restricted stock units and other forms of equity-based awards to key employees and directors.

Stock compensation expense was approximately $1.7 million, $6.7 million and $7.4 million for the years ended December 31, 2024, 2023 and 2022, respectively, and are included in Selling, general and administrative expenses. Changes in expected performance under performance share award arrangements can cause volatility in stock compensation expense. Total unrecognized compensation cost related to non-vested share-based compensation arrangements at December 31, 2024 was approximately $3.6 million, which will be recognized over the next three years, as such compensation is earned. Outstanding options expire, if unexercised, ten years from the date of grant.

There were no options granted in 2024, 2023 and 2022. Options exercised in 2024, 2023 and 2022 were as follows:


Year	Options Exercised		Exercised Price
2024		102,468	$18.58 to $21.30
2023		62,551	$11.62 to $18.69
2022		83,102	$12.96 to $21.30

In addition, options totaling 20, 43,729 and 588 expired or were forfeited during the years ended December 31, 2024, 2023 and 2022, respectively.

Options outstanding and exercisable at December 31, 2024, 2023 and 2022 were as follows:


Year	Outstanding		Range of Exercise Prices	Exercisable		Weighted Average Exercise Price
2024		16,114	$11.62 to $21.30		16,114	$	17.43
2023		118,602	$11.62 to $21.30		118,602	$	20.35
2022		224,882	$11.62 to $21.30		224,882	$	18.82

The following table provides a summary of stock option activity for the period ended December 31, 2024:


	Shares			Average Exercise Price		Weighted Average Life (in Years)
Outstanding at December 31, 2023		118,602		$	20.35
Options granted		—			—
Options exercised		(102,468	)		20.81
Canceled or forfeited		—			—
Expired		(20	)		20.93
Outstanding at December 31, 2024		16,114			17.43		2.63
Exercisable at December 31, 2024		16,114		$	17.43		2.63

The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The intrinsic value of stock options exercised in 2024, 2023 and 2022 was $0.1 million, $0.4 million and $0.3 million, respectively. There is no intrinsic value of stock options outstanding at December 31, 2024 as the closing stock price at the end of 2024 was below the weighted average exercise price of stock options outstanding at December 31, 2024.

The following table provides a summary of restricted stock units, including performance-based restricted stock units, and restricted stock activity for the year ended December 31, 2024:


	Shares			Average Grant-Date Fair Value
Unvested shares at December 31, 2023		845,711
Granted		535,127		$	19.23
Vested		(323,523	)	$	19.28
Canceled or forfeited		(113,460	)	$	20.05
Unvested shares at December 31, 2024		943,855

Restricted stock units are rights to receive shares of common stock, subject to forfeiture and other restrictions, which vest over a one or three year period. Restricted stock units are considered to be non-vested shares under the accounting guidance for share-based payment and are not reflected as issued and outstanding shares until the restrictions lapse. At that time, the shares are released to the grantee and the Company records the issuance of the shares. At December 31, 2024, restricted stock awards had vesting periods through December 2027. Included in the December 31, 2024 unvested shares are 624,541 performance-based restricted stock units.