STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

STOCK-BASED COMPENSATION [Abstract]

STOCK-BASED COMPENSATION

7. STOCK-BASED COMPENSATION

During the three and six months ended June 30, 2024, we recognized a recovery of expense of $(0.3) million and a net expense of $20 thousand related to time-based restricted stock units (“RSU”) and performance-vesting restricted stock units (“PRSU”) awards, respectively.  The recovery in the second quarter 2024 is the result of $0.3 million of forfeitures of RSUs and PRSUs as a result of the departure of our CEO.  During the three and six months ended June 30, 2023, we recognized $0.3 million and $0.5 million of stock-based compensation expense related to RSU and PRSU awards, respectively.

During the six month ended June 30, 2024, we granted approximately 56,259 time-based RSUs with an aggregate fair value of approximately $0.1 million. We granted no time-based RSUs during the three months ended June 30, 2024.  During the three and six months ended June 30, 2023, we granted approximately 40,827 and 56,827 RSU with an aggregate fair value of approximately $0.2 million and $0.2 million, respectively.

During the three months ended June 30, 2024 and 2023, we vested approximately 45,307 and 26,886 RSUs, respectively. During the six months ended June 30, 2024 and 2023, we vested approximately 68,440 and 43,448 RSUs, respectively. Typically RSUs vest quarterly in equal amounts over the course of one to three years.

During the three and six months ended June 30, 2024, no PRSU’s were granted.  During the three and six months ended June 30, 2023, we granted approximately 597,665 PRSU’s. These grants are subject to multiple vesting criteria including reaching a 20-day VWAP of $15.00 prior to the expiration of the awards, and a time-vesting restriction, which will vest in equal parts over the next 18 quarters.

During the six months ended June 30, 2023, we vested 10,000 PRSUs, of which, 2,500 PRSUs were cash-settled, respectively.  During the six months ended June 30, 2024, we vested 5,000 PRSUs, of which 1,250 were cash-settled. The market vesting criteria for the Q1 2022 PRSU grant was achieved in April 2022 for the 80,000 PRSUs which will fully vest over the next 10 quarters.

We did not grant any stock options for the three and six months ended June 30, 2024 and 2023.