STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

NOTE 7 - STOCK-BASED COMPENSATION

2015 Incentive Plan

The Company is authorized to grant shares of restricted stock, restricted stock units (“RSU”), stock appreciation rights, cash incentive awards and options to purchase shares of Common Stock to employees and non-employee directors pursuant to its 2015 Incentive Plan (the “2015 Plan”). The 2015 Plan also designates measures that may be used for performance awards and market-based awards. The vesting period for awards granted under the 2015 Plan is generally determined by the Board of Directors at the date of the grant. Generally, the awards vest one third each year, over 3 years.

dp polar Earnout

On October 4, 2022 the Company acquired dp polar. The acquisition agreement included an earnout arrangement for $2.2 million incremental to the acquisition purchase price, which would be settled via the issuance of 250 thousand shares of the Company's Common Stock. The dp polar earnout was settled subsequent to March 31, 2025 through the issuance of 250 thousand shares of the Company's Common Stock in April 2025 pursuant to the earnout agreement.

Stock-Based Compensation Activity and Expense

The following table shows the stock-based compensation expense recognized:


	Three Months Ended
(in thousands)	March 31, 2025		March 31, 2024
Stock-based compensation expense	$	4,168	$	8,252

Included in stock-based compensation expense recognized for the three months ended March 31, 2025 and 2024 are $0.5 million and $1.6 million, respectively, of accrued expense pertaining to annual incentive compensation for which settlement would ultimately occur using shares of Common Stock. There was no stock-based compensation expense relating to the dp polar earnout arrangement for the three months ended March 31, 2025 and the three months ended March 31, 2024 included $0.2 million of related expense.

As of March 31, 2025, there was $14.9 million of unrecognized stock-based compensation expense related to all unvested share-based payment awards that the Company expects to recognize over a weighted-average period of 2 years.