Employee Benefit Plans |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | 20. Employee Benefit Plans
The Company sponsors a defined-contribution retirement plan under Section 401(k) of the Internal Revenue Code that covers substantially all employees (“401(k) plan”). Participant contributions to the 401(k) plan are voluntary and are subject to certain limitations. The Company may also make discretionary contributions to the plan. For 401(k) employee contribution matching, the Company incurred expense of $32,000 and $28,000 for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, the Company incurred an expense of $184,000 and $163,000, respectively.
On September 17, 2021, the Company’s shareholders approved the Siebert Financial Corp. 2021 Equity Incentive Plan (the “Plan”). The Plan provides for the grant of stock options, restricted stock, and other equity awards of the Company’s common stock to employees, officers, consultants, directors, affiliates and other service providers of the Company. There were 3 million shares reserved under the Plan and 990,000 and 2,214,000 and shares remained as of June 30, 2025 and December 31, 2024, respectively. The table below presents the Plan awards granted and the related fair values for the six months ended June 30, 2025.
As of June 30, 2025, there was $2,607,000 of total unrecognized compensation cost related to nonvested shares granted. The cost is expected to be recognized over a weighted average period of 2.61 years.
The Company recognized stock-based compensation expense of $435,000 and $300,000 for the three months ended June 30, 2025 and 2024, respectively. $435,000 and $99,000 of this expense is included in the line item “Employee compensation and benefits” for the three months ended June 30, 2025 and 2024, respectively. The Company did not capitalize any stock-based compensation expense for the three months ended June 30, 2025. $0 and $178,000 of this expense is fully capitalized within the line item “Software, net” in the consolidated statements of financial condition for the six months ended June 30, 2024.
The Company recognized stock-based compensation expense of $989,000 and $385,000 for the six months ended June 30, 2025 and 2024, respectively. $989,000 and $184,000 of this expense is included in the line item “Employee compensation and benefits” for the six months ended June 30, 2025 and 2024, respectively. The Company did not capitalize any stock-based compensation expense for the six months ended June 30, 2025. $0 and $201,000 of this expense is fully capitalized within the line item “Software, net” in the consolidated statements of financial condition for the six months ended June 30, 2024. |
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