Stock-Based Compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Note 9. Stock-Based Compensation
On April 29, 2025, the Company granted PSAs totaling 3,400,000 shares of common stock to certain executive officers under the Company's Amended and Restated 2023 Stock Incentive Plan. The vesting of these awards is contingent upon the Company achieving specified performance conditions for three one-year measurement periods, 2025, 2026, and 2027.
Stock-based compensation expense, reported as a component of salaries and employee benefits in the consolidated statements of operations, was $2.9 million and $1.2 million for the years ended December 31, 2025 and 2024, respectively. Expense recognized for PSAs for the year ended December 31, 2025 reflects the partial vesting of 566,668 shares of 973,333 shares for the 2025 measurement period, which occurred subsequent to December 31, 2025.
Unrecognized compensation expense related to time-based RSAs and PSAs as of December 31, 2025 totaled $0.9 million. The amount of unrecognized compensation expense reflects only those PSAs expected to vest based on an assessment of the probability of achieving applicable performance conditions.
The following table presents time-based RSA and PSA activity as of the dates and for the periods stated.
At December 31, 2025, the Company had 19,933 stock options outstanding with a weighted average exercise price of $12.20 per stock option and a remaining weighted average life of 2.5 years. |
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