(9)   STOCK-BASED COMPENSATION PLANS

In June 2017, our stockholders approved the 2017 Stock Incentive Plan (the “2017 Stock Plan”) with a maximum of 5,500,000 shares reserved for issuance. Awards permitted under the 2017 Stock Plan include: Stock Options and Restricted Stock. Awards issued under the 2017 Stock Plan are at the discretion of the Board of Directors. As applicable, awards are granted with an exercise price equal to the closing price of our common stock on the date of grant and generally vest over four years. Restricted Stock Awards are issued to the recipient upon grant and are not included in outstanding shares until such vesting and issuance occurs.

During the three months ended March 31, 2025 and 2024, no stock option awards were granted. At March 31, 2025, the Company had 0.3 million stock options outstanding and exercisable under the following plans:

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During the three months ended March 31, 2025, 51,000 shares of restricted stock were granted under the 2017 Stock Plan. During the three months ended March 31, 2024, 67,000 shares of restricted stock were granted to the Board of Directors and management under the 2017 Stock Plan. The fair market value of restricted shares for share-based compensation expensing is equal to the closing price of our common stock on the date of grant. The vesting on restricted stock awards typically occurs quarterly over three years for the Board of Directors and quarterly or annually over two to four years for management.

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The following summarizes stock-based compensation expenses recorded in the condensed consolidated statements of income (in thousands):

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The Company received proceeds of $0.1 million related to option exercises during the three months ended March 31, 2025 and 2024.

A summary of stock option activity under all equity compensation plans for the three months ended March 31, 2025, is presented below:

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A summary of restricted stock award activity under all equity compensation plans for the three months ended March 31, 2025, is presented below:

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As of March 31, 2025, the Company had approximately $3.5 million of unrecognized compensation expense related to stock options and restricted stock awards that will be recognized over a weighted average period of approximately 2.3 years.