Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

NOTE 16 - STOCK-BASED COMPENSATION

The Company's 2018 Equity Incentive Plan (the “Plan”) was approved by stockholders in May 2018, authorizing it to issue up to 4.35 million shares of common stock, along with nonqualified stock options, stock appreciation rights, restricted stock, and performance restricted stock units to 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. At December 31, 2024, there were 1.5 million shares available for future grants under this Plan. It is the Company's 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 $5.0 million is expected to be recognized over a weighted average period of approximately 1.5 years.

Stock-based compensation expense was $9.0 million and $7.5 million for the years ended December 31, 2024 and 2023 and is recognized in selling, general, and administrative expenses in the consolidated statement of income (loss).

The following tables summarize the RSU and PSU activity for the year ended December 31, 2024 and 2023:

	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		1,081,216			3.96
Settled		(574,185	)		4.49		(605,150	)		5.80
Forfeited or expired		—			—		(1,191,905	)		5.05
Balance at December 31, 2024		1,048,973		$	3.66		1,476,920		$	4.22
Awards estimated to vest in the future		1,048,973		$	3.66		1,476,920		$	4.22

	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		687,781			4.23		1,222,839			4.80
Settled		(553,093	)		3.80		(1,016,574	)		5.13
Forfeited or expired		(29,853	)		5.80		(336,607	)		10.99
Balance at December 31, 2023		1,001,634		$	4.39		2,192,759		$	5.24
Awards estimated to vest in the future		1,001,634		$	4.39		2,192,759		$	5.24