Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

NOTE 14 - STOCK-BASED COMPENSATION

Our 2018 Equity Incentive Plan (the “Plan”), as amended, authorizes us to issue up to 9.85 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. At June 30, 2024, there were 0.6 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. Unrecognized stock-based compensation expense related to nonvested awards of $8.6 million is expected to be recognized over a weighted average period of approximately 1.9 years as of June 30, 2024.

Stock-based compensation expense is recognized in selling, general and administrative expenses in the condensed consolidated statement of income (loss). Total compensation expense is as follows:

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Stock compensation expense	$	2,367	$	2,203	$	4,087	$	3,004

RSU and PSU activity for the six months ended June 30, 2024 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		621,524			3.26		762,584			3.82
Settled		(574,185	)		4.49		(605,150	)		5.80
Balance at June 30, 2024		1,048,973		$	3.66		2,350,193		$	4.63
Awards estimated to vest in the future		1,048,973		$	3.66		2,350,193		$	4.63