STOCK COMPENSATION PLANS

3 Months Ended

Mar. 31, 2024

NOTE 8 – STOCK COMPENSATION PLANS

On December 9, 2015, the Company’s stockholders approved the 2015 Equity Compensation Plan, or the 2015 Plan, that replaced the 2005 Equity Compensation Plan, or the 2005 Plan, which expired on May 24, 2015. The 2015 Plan provides that grants may be in any of the following forms: incentive stock options, nonqualified stock options, stock units, stock awards, dividend equivalents and other stock-based awards. The 2015 Plan is administered and interpreted by the Compensation Committee of the Board of Directors, or the Committee. The Committee has the authority to determine the individuals to whom grants will be made under the 2015 Plan, determine the type, size and terms of the grants, determine the time when grants will be made and the duration of any applicable exercise or restriction period (subject to the limitations of the 2015 Plan) and deal with any other matters arising under the 2015 Plan. The Committee presently consists of three directors, each of whom is a non-employee director of the Company. All of the employees of the Company and its subsidiaries are eligible for grants under the 2015 Plan. Non-employee directors of the Company are also eligible to receive grants under the 2015 Plan.

On May 9, 2023, 5,000 shares of Class A Common Stock, or Class A Stock, were granted as restricted stock awards. The fair value per share was $54.88, the closing price of the Class A Stock as recorded on the Nasdaq Global Select Market on May 9, 2023. These restricted stock awards will be fully vested and released one year after the grant date and, prior to their vesting date, are subject to forfeiture in the event of the recipient’s termination of service.

Compensation expense of $68,000, related to the May 2023 issue of restricted stock awards, was recorded for the three months ended March 31, 2024. Compensation expense of $56,000 was recorded for the three months ended March 31, 2023 for restricted stock awards issued in May 2022. Costs were determined based on the fair value on the dates of the awards and those costs were charged to income over the service periods associated with the awards.

There was no stock compensation cost capitalized as part of an asset.

The following summary reflects changes in the shares of Class A Stock underlying options and restricted stock awards for the three months ended March 31, 2024:

	Options								Restricted Awards
	Option Shares		Weighted Average Exercise Price		Weighted Average Remaining Life (Yrs.)		Aggregate Intrinsic Value (in thousands)		Outstanding Restricted Stock Awards		Weighted Average Grant Date FairValue
Plan options/restricted stock awards
Outstanding at January 1, 2024		—	$	—			$	—		5,000	$	54.88
Granted		—		—				—		0		0
Exercised/vested and released		—		—				—		0		0
Expired/cancelled		—		—				—		—		—
Outstanding at March 31, 2024		0	$	0		0	$	0		5,000	$	54.88

Exercisable/vested at March 31, 2024		0	$	0		0	$	0		—		—

There were no options exercised during the three months ended March 31, 2024.

There were no unvested option shares outstanding under the 2015 Plan during the three months ended March 31, 2024.

As of March 31, 2024, there were no unrecognized expenses related to non-vested option shares granted under the 2015 Plan.

As of March 31, 2024, there was $28,000 total unrecognized expenses related to non-vested awards of restricted shares awarded under the 2015 Plan. The cost will be recognized over 0.10 years, the remaining vesting period for the restricted stock awards.