STOCK COMPENSATION PLANS

3 Months Ended

Mar. 31, 2025

STOCK COMPENSATION PLANS

STOCK COMPENSATION PLANS

(9) STOCK COMPENSATION PLANS

Non-vested grants as of December 31, 2024	1,034,486
Vested - weighted average share price on vested date was $12.28	(513,068)
Forfeited	(7,000)
Non-vested grants as of March 31, 2025	514,418

For the three months ended March 31, 2025 and 2024, our stock compensation expense was $1.1 million and $0.7 million, respectively.

Non-vested RSU grants will vest as follows:

Vesting Year	RSUs Vesting
2025	162,000
2026	176,210
2027	176,208
	514,418

The outstanding RSUs have a value of $6.3 million based on the March 31, 2025 closing stock price of $12.28.

As of March 31, 2025, unrecognized stock compensation expense to be recognized over the rolling 3-year vesting period is $1.5 million, and we had 217,319 RSUs available for future issuance. RSUs are not allocated earnings and losses as they are considered non-participating securities. Forfeitures are recognized as they occur.