Stock Based Compensation |
6 Months Ended |
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Jun. 30, 2025 | |
Retirement Benefits [Abstract] | |
Stock Based Compensation | Stock Based Compensation As of June 30, 2025, the Company had one active equity plan: the 2021 Plan. As a result of the 2021 Plan having been approved by the Company's stockholders at the 2021 annual meeting of stockholders, the Company discontinued granting awards under the 2014 Plan, and no further shares will be granted as awards under the 2014 Plan. Of the awarded shares under the Plans, generally 50% vest ratably over three years with one-third of such shares vesting at each of the first, second and third anniversary dates of the awards. The remaining 50% of each award will vest three years after the award date based on the level of the Company's achievement of identified performance targets in comparison to the level of achievement of such identified performance targets by a defined peer group. If a participant leaves the Company prior to the third anniversary date of an award, any unvested shares are usually forfeited. Dividends declared with respect to shares awarded will be held by the Company and paid to the participant only when the shares vest. Under the Plans, shares of the Company's common stock are reserved for issuance as restricted stock awards to officers, employees, and non-employee directors of the Company. Shares issued upon vesting may be either authorized but unissued shares or reacquired shares held by the Company as treasury shares. Any shares not issued because vesting requirements are not met will be retired back to treasury and be made available again for issuance under the Plans. During the three and six months ended June 30, 2025 and June 30, 2024, no restricted stock awards were issued, respectively. Total expense for the Plans was $1.0 million and $0.8 million for the three months ended June 30, 2025 and 2024, respectively. Total expense for the Plans was $1.9 million and $1.9 million for the six months ended June 30, 2025 and 2024, respectively.
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