Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

NOTE 16 - STOCK-BASED COMPENSATION

Equity Incentive Plan

Our 2018 Equity Incentive Plan (the “Plan”) was approved by stockholders in May 2018, authorizing us to issue up to 4.35 million shares of common stock, along with non-qualified stock options, stock appreciation rights, restricted stock units and performance restricted stock units to our officers, key employees, nonemployee directors and consultants. In May 2021 and 2023, the stockholders approved amendments to the Plan that, among other things, increased the authorized shares by 2.0 million and 3.5 million, respectively. At March 31, 2024, there were 0.9 million shares available for future grants under this Plan. It is our policy to issue shares from authorized but not issued shares upon the exercise of stock options.

Under the terms of the Plan, each year eligible participants are granted time value restricted stock units (“RSUs”), vesting ratably over a three-year period, and performance restricted stock units (“PSUs”) with three-year cliff vesting. Upon vesting, each restricted stock award is exchangeable for one share of the Company’s common stock, with accrued dividends.

RSU, PSU and option activity for the three months ended March 31, 2024 and March 31, 2023 is summarized in the following table:

	Equity Incentive Awards
	Restricted Stock Units			Weighted Average Grant Date Fair Value		Performance Shares			Weighted Average Grant Date Fair Value
Balance at January 1, 2024		1,001,634		$	4.39		2,192,759		$	5.24
Granted		397,496			2.99		762,584			3.82
Settled		(231,037	)		4.90		(605,150	)		5.80
Forfeited or expired		—			—		—			—
Balance at March 31, 2024		1,168,093		$	3.81		2,350,193		$	4.63
Awards estimated to vest in the future		1,168,093		$	3.81		2,350,193		$	4.63

	Equity Incentive Awards
	Restricted Stock Units			Weighted Average Grant Date Fair Value		Performance Shares			Weighted Average Grant Date Fair Value
Balance at January 1, 2023		896,799		$	4.16		2,323,101		$	6.26
Granted		56,818			4.40		56,818			5.39
Settled		(369,585	)		4.04		(1,016,574	)		5.13
Forfeited or expired		(29,853	)		5.80		(34,037	)		8.50
Balance at March 31, 2023		554,179		$	4.23		1,329,308		$	6.78
Awards estimated to vest in the future		554,179		$	4.23		1,329,308		$	6.78

Stock-based compensation expense for the three months ended March 31, 2024 and 2023 was $1.7 million and $0.8 million, respectively. Unrecognized stock-based compensation expense related to nonvested awards of $10.1 million is expected to be recognized over a weighted average period of approximately 2.1 years as of March 31, 2024.