v3.25.2
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based payment arrangement, restricted stock and restricted stock unit, activity
A summary of the quantity and vesting conditions for stock-based units granted to the Company’s employees for the three months ended March 31, 2025 was as follows:
 
Vesting conditions
   
Number of
Restricted
Stock Units
Granted
  
Performance and service conditions - Type 1
(1) (2)
      11,296
Performance and service conditions - Type 2
(1) (2)
      35,392
  
 
 
  
Total shares of stock award granted
      46,688
  
 
 
  
 
(1)
The performance conditions with respect to restricted stock units may be satisfied as follows:
(a)
For grants to Corporate office employees subject to 2024 performance conditions, 100% of the restricted stock units may be earned on the basis of performance as measured by a “group adjusted EBITDA”.
(2)
To the extent restricted stock units are earned, such restricted stock units will vest on the basis of service as follows:
(a)
33% and 66.6% for Type 1 and Type 2, respectively, of the restricted stock units will vest on the first anniversary of the grant date;
(b)
33% and 16.7% for Type 1 and Type 2, respectively, of the restricted stock units will vest on the second anniversary of the grant date; and
(c)
34% and 16.7% for Type 1 and Type 2, respectively, of the restricted stock units will vest on the third anniversary of the grant date; provided that, in each case, the employee remains employed by the Company from the grant date through the applicable service vesting date.
A summary of the quantity and vesting conditions for stock-based units granted to the Company’s employees for the year ended December 31, 2024 was as follows:
 
Vesting conditions
   
Number of
Restricted
Stock Units
Granted
  
Performance and service conditions - Type 1
(1) (2)
      14,939
Performance and service conditions - Type 2
(1) (2)
      32,708
Service conditions only - Type 1
(2)
      82,913
  
 
 
  
Total shares of stock award granted
      130,560
  
 
 
  
 
(1)
The performance conditions with respect to restricted stock units may be satisfied as follows:
(a)
For grants to Corporate office employees subject to 2023 performance conditions, 100% of the restricted stock units may be earned on the basis of performance as measured by a “group adjusted EBITDA”.
(2)
To the extent restricted stock units are earned, such restricted stock units will vest on the basis of service as follows:
(a)
33% and 66.6% for Type 1 and Type 2, respectively, of the restricted stock units will vest on the first anniversary of the grant date;
 
 
(b)
33% and 16.7% for Type 1 and Type 2, respectively, of the restricted stock units will vest on the second anniversary of the grant date; and
(c)
34% and 16.7% for Type 1 and Type 2, respectively, of the restricted stock units will vest on the third anniversary of the grant date; provided that, in each case, the employee remains employed by the Company from the grant date through the applicable service vesting date.
Schedule of stock-based compensation expense
For the three months ended March 31, 2025 and 2024, the Company’s stock-based compensation expense related to restricted stock units and restricted shares of common stock were as follows:
 
    
Three Months Ended
March 31,
  
    
 2025 
     
 2024 
  
Restricted stock units
    $ 386    $ 378
  
 
 
     
 
 
  
Total
    $ 386    $ 378
  
 
 
     
 
 
  
For the years ended December 31, 2024 and 2023, the Company’s stock-based compensation expense related to restricted stock units and restricted shares of common stock, which are included in the accompanying Consolidated Statements of Operations, were as follows:
 
    
For The
Year Ended
December 31,
  
    
2024
     
2023
  
Restricted shares of common stock
    $ —       $ 16
Restricted stock units
      1,173      1,453
Restricted stock units-cash settled liabilities
      107      — 
  
 
 
     
 
 
  
Total
    $ 1,280    $ 1,469
  
 
 
     
 
 
  
Schedule of unrecognized compensation cost, nonvested awards
Changes in the Company’s restricted stock units for the three months ended March 31, 2025 and 2024 were as follows:
 
    
Three Months Ended March 31, 2025
  
    
Performance-based
     
Time-based/Director
     
Total
  
    
Number of
Shares of
Restricted
Stock Units
    
Weighted
Average
Grant-Date

Fair Value
     
Number of
Shares of
Restricted
Stock Units
    
Weighted
Average
Grant-Date

Fair Value
     
Number of
Shares of
Restricted
Stock Units
    
Weighted
Average
Grant-Date

Fair Value
  
Unvested restricted stock units at January 1, 2025
      55,591   $ 17.58      128,474   $ 14.96      184,065   $ 15.75
Granted
      46,688   $ 13.28      3,836   $ 10.30      50,524   $ 13.05
Vested
      (3,373 )    $ 30.00      (4,249 )    $ 10.71      (7,622 )    $ 19.24
Forfeited
      (47,647 )    $ 14.51      (340 )    $ 38.77      (47,987 )    $ 14.69
  
 
 
       
 
 
       
 
 
    
Unvested restricted stock units at March 31, 2025
      51,259   $ 15.70      127,721   $ 14.90      178,980   $ 15.13
  
 
 
       
 
 
       
 
 
    
    
Three Months Ended March 31, 2024
  
    
Performance-based
     
Time-based/Director
     
Total
  
    
Number of
Shares of
Restricted
Stock Units
    
Weighted
Average
Grant-Date

Fair Value
     
Number of
Shares of
Restricted
Stock Units
    
Weighted
Average
Grant-Date

Fair Value
     
Number of
Shares of
Restricted
Stock Units
    
Weighted
Average
Grant-Date

Fair Value
  
Unvested restricted stock units at January 1, 2024
      95,264   $ 23.49      80,422   $ 16.50      175,686   $ 20.29
Granted
      43,147   $ 14.37      3,483   $ 16.54      46,630   $ 14.53
Vested
      (43,781 )    $ 17.21      (6,993 )    $ 15.55      (50,774 )    $ 16.98
Forfeited
      (28,841 )    $ 22.27      —    $ —         (28,841 )    $ 22.27
  
 
 
       
 
 
       
 
 
    
Unvested restricted stock units at March 31, 2024
      65,789   $ 22.23      76,912   $ 16.59      142,701   $ 19.19
  
 
 
       
 
 
       
 
 
    
As of December 31, 2024 and 2023, the Company’s unrecognized compensation expense and the weighted average periods over which the compensation expense is expected to be recognized relating to the unvested portion of the Company’s restricted stock unit awards, were as follows:
 
    
As of December 31,
  
    
2024
     
2023
  
    
Unrecognized
Expense
     
Weighted Average
Period in Years
     
Unrecognized
Expense
     
Weighted Average
Period in Years
  
Restricted stock units
    $ 1,445      0.9      $ 1,346      0.9  
Restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Disclosure of share based compensation arrangements other than options fair value vested  
Changes in the Company’s restricted stock units arising from grants to certain employees and
non-employee
directors for the years ended December 31, 2024 and 2023 were as follows:
 
    
Year Ended December 31, 2024
  
    
Performance-based
     
Time-based/Director
     
Total
  
    
Number of
Shares of
Restricted
Stock Units
    
Weighted
Average
Grant-Date

Fair Value
     
Number of
Shares of
Restricted
Stock Units
    
Weighted
Average
Grant-Date

Fair Value
     
Number of
Shares of
Restricted
Stock Units
    
Weighted
Average
Grant-Date

Fair Value
  
Unvested restricted stock units at January 1
      95,264   $ 23.49      80,422   $ 16.50      175,686   $ 20.29
Granted
      47,647   $ 14.51      103,197   $ 15.03      150,844   $ 14.87
Vested
      (58,479 )    $ 22.40      (54,465 )    $ 17.21      (112,944 )    $ 19.90
Forfeited
      (28,841 )    $ 22.27      (680 )    $ 27.16      (29,521 )    $ 22.38
  
 
 
       
 
 
       
 
 
    
Unvested restricted stock units at December 31
      55,591   $ 17.58      128,474   $ 14.96      184,065   $ 15.75
  
 
 
       
 
 
       
 
 
    
 
    
Year Ended December 31, 2023
  
    
Performance-based
     
Time-based/Director
     
Total
  
    
Number of
Shares of
Restricted
Stock Units
    
Weighted
Average
Grant-Date

Fair Value
     
Number of
Shares of
Restricted
Stock Units
    
Weighted
Average
Grant-Date

Fair Value
     
Number of
Shares of
Restricted
Stock Units
    
Weighted
Average
Grant-Date

Fair Value
  
Unvested restricted stock units at January 1
      130,186   $ 23.56      33,390   $ 20.31      163,576   $ 22.89
Granted
      28,841   $ 22.27      87,083   $ 15.76      115,924   $ 17.39
Shares earned above target
(a)
      3,940   $ 35.72      —    $ —         3,940   $ 35.72
Vested
      (58,834 )    $ 22.10      (36,321 )    $ 18.06      (95,155 )    $ 20.56
Forfeited
      (8,869 )    $ 35.10      (3,730 )    $ 18.26      (12,599 )    $ 30.11
  
 
 
       
 
 
       
 
 
    
Unvested restricted stock units at December 31
      95,264   $ 23.49      80,422   $ 16.50      175,686   $ 20.29
  
 
 
       
 
 
       
 
 
    
 
(a)
The number of shares earned above target are based on the performance targets established by the Compensation Committee at the initial grant date.
Fair value activity of instrument vested  
The total fair value of restricted stock units vested during the years ended December 31, 2024 and 2023 were as follows:
 
    
For The
Year Ended
December 31,
  
    
2024
     
2023
  
Fair value of restricted stock units vested
    $ 1,693    $ 1,976
Restricted stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Disclosure of share based compensation arrangements other than options fair value vested   Changes in the Company’s restricted shares of common stock for the year ended December 31, 2023 were as follows:
 
    
For The Year Ended
December 31,
  
    
2023
  
    
Number of
Shares of
Restricted
Stock Units
     
Weighted
Average
Grant-Date

Fair Value
  
Unvested restricted shares of common stock units at January 1
      17,410    $ 9.57
Vested
      (17,410 )     $ 9.57
  
 
 
     
Unvested restricted shares of common stock units at December 31
      —     $ —