Stock Compensation Plans |
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| Stock Compensation Plans | Note 13 — Stock Compensation Plans At a special shareholders meeting held on September 29, 2022, the Company’s shareholders approved the Company’s 2022 Equity Incentive Plan whereby 1,369,771 shares of the Company’s common stock were reserved from authorized but unissued shares for purposes of grants of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, performance shares and performance units to selected employees and non-employee directors of the Company. The product of the number of shares granted and the grant date market price of the Company’s common stock determine the fair value of restricted stock under the Company’s 2022 Equity Incentive Plan. Management recognizes compensation expense for the fair value of restricted stock on a straight-line basis over the requisite service period for the entire award. As of June 30, 2025 and December 31, 2024, there were 102,759 shares available for future awards under this plan, which includes 98,311 shares available for stock options and 4,448 shares available for restricted stock awards. A summary of the Company’s restricted stock activity and related information for the three and six months ended June 30, 2025 and 2024 follows:
Compensation expense related to restricted stock was $293,000 and $252,000 for the three months, and $586,000 and $504,000 for the six months ended June 30, 2025 and 2024, respectively. At June 30, 2025 and December 31, 2024, the total compensation cost related to non-vested restricted stock awards that has not yet been recognized was $2.7 million and $3.3 million, respectively, which cost is expected to be recognized over the next three years. A summary of the Company’s stock option activity and related information for the three and six months ended June 30, 2025 and 2024 follows:
Compensation cost related to stock options is recognized based on the fair value of the stock options at the grant date on a straight-line basis over the vesting period. Compensation expense related to stock options was $186,000 and $192,000 for the three months, and $371,000 and $384,000 for the six months ended June 30, 2025 and 2024, respectively. At June 30, 2025 and December 31, 2024, unrecognized compensation cost related to stock option awards was $1.8 million and $2.1 million, respectively, which is expected to be recognized over the next three years. |
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