Stock Options

For the three months ended  March 31, 2025 and 2024, the Company recognized share-based compensation expense related to stock options of $2,237 and $34,774, respectively.  For the three months ended  March 31, 2025 and 2024, the tax benefit available from share-based compensation expense related to stock options was approximately $0 and $4,000, respectively.

Restricted Stock Units

For the three months ended March 31, 2025 and 2024, the Company recognized share-based compensation expense related to restricted stock units of $24,590 and $93,226, respectively.  For the three months ended  March 31, 2025 and 2024, the tax benefit available from share-based compensation expense related to restricted stock units was $6,148 and $14,595, respectively.

Phantom Stock Awards

On and effective as of  March 24, 2022, the Corporation issued an award of 111,111 Phantom Stock Units to each of its executives: Kori G. Belzer; William Linnane; and Ron Lutz. Each Phantom Stock Unit represents the right of the grantee to receive cash payments based on the fair market value of the Corporation's common stock at the time of vesting. Vesting will occur in three tranches of one-third each over the three (3) year period following the grant date, provided that (i) the Grantee is an employee of the Company at the time and (ii) the Corporation has achieved 90% of the agreed upon the applicable financial target for the year commencing with 2022 (which was EBITDA for 2022), but tranches will rollover to the following year and be payable upon achievement of 120% of the agreed upon applicable financial target for such following year. The Phantom Stock Units do not possess the rights of common stockholders of the Corporation, including any voting or dividend rights, and cannot be exercised or traded for the Corporation's common stock. Due to the cash settlement feature, the Phantom Stock Units are classified as liabilities in accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheet.

On and effective as of  September 20, 2023, the Corporation issued an award of 181,818 Phantom Stock Units to each of its executives: Kori G. Belzer; William Linnane; and Ron Lutz. Each Phantom Stock Unit represents the right of the grantee to receive cash payments based on the fair market value of the Corporation's common stock at the time of vesting. Vesting will occur in three tranches of one-third each over the three (3) year period following the grant date, provided that (i) the Grantee is an employee of the Company at the time and (ii) the Corporation has achieved 70% of the agreed upon applicable financial target for the year commencing with 2023 (which was EBITDA for 2023), with the first criteria having been achieved, the second has respectively vested on the second and will vest on the third anniversary dates of the vesting of the first year’s tranche with no additional vesting criteria. The Phantom Stock Units do not possess the rights of common stockholders of the Corporation, including any voting or dividend rights, and cannot be exercised or traded for the Corporation's common stock. Due to the cash settlement feature, the Phantom Stock Units are classified as liabilities in accrued expenses and other current liabilities and other long-term liabilities in the consolidated balance sheet.

During the quarter ended  March 31, 2025 and March 31, 2024 the Company has recognized compensation expense of $52,727 and $0, respectively, related to the 2022 and 2023 Phantom Stock Awards.  This amount is reflected within accrued expenses and other current liabilities on the condensed consolidated balance sheets as of March 31, 2025.