STOCK COMPENSATION

3 Months Ended

Mar. 31, 2025

STOCK COMPENSATION

STOCK COMPENSATION

4. STOCK COMPENSATION

The fair value of restricted stock awards is estimated to be the market price of the Company's common stock at the close of the date of grant. Restricted stock activity during the three months ended March 31, 2025, is as follows:

	Performance- Based		Service- Based		Number of Shares		Weighted Average Grant Date Fair Value per Share
Non-vested, December 31, 2024		—		1,000		1,000	$	19.15
Granted		—		—		—		—
Vested		—		—		—		—
Forfeited		—		—		—		—
Non-vested, March 31, 2025		—		1,000		1,000	$	19.15

In 2021, the Compensation Committee and Board of Directors approved a Long-Term Incentive Plan with respect to the grant of stock pursuant to the 2016 Equity Incentive Plan. The final equity amount earned was based on continued service through the three-year performance period ending on December 31, 2023, Board discretion, and performance results. The actual number of performance-based shares of common stock of the Company, if any, earned by the award recipients was determined based on measures that include Earnings Before Interest Taxes Depreciation and Amortization (“EBITDA”) margin, revenue growth, and free cash flow. The EBITDA margin and revenue growth performance targets were set for each of the Minimum, Target, and Maximum levels.

Awards are being amortized to expense ratably, based upon the vesting schedule. Stock compensation for the three month period ended March 31, 2025 was approximately $4, based upon the value at the date of grant. Stock compensation for the three month period ended March 31, 2024 was approximately $5, based upon the value at the date of grant. There was $10 of unrecognized compensation cost related to the non-vested restricted stock as of March 31, 2025.