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| STOCK-BASED COMPENSATION | 11. STOCK-BASED COMPENSATION The Company adopted 2022 Omnibus Equity Incentive Plan (the "2022 Plan") in 2022 which was approved by our stockholders on July 21, 2022. The purposes of the 2022 Plan are to (i) provide an additional incentive to selected employees, directors, and independent contractors of the Company or its Affiliates whose contributions are essential to the growth and success of the Company, (ii) strengthen the commitment of such individuals to the Company and its Affiliates, (iii) motivate those individuals to faithfully and diligently perform their responsibilities and (iv) attract and retain competent and dedicated individuals whose efforts will result in the long-term growth and profitability of the Company. The 2022 Plan allows for granting of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. The Company registered 19,811,726 shares of Class A common stock that can be issued under this Plan. Stock Options Stock options generally vest over three years and expire ten years from the date of grant. The fair value of the stock options granted in the three months ended March 31, 2026 was estimated at $1.76 per option using the Black-Scholes model. The valuation was based on the following assumptions: share price of $2.46, exercise price of $2.52, expiration of 10 years, annual risk-free interest rate of 4.30% and expected volatility of 59%. Stock option activity during the three months ended March 31, 2026 consisted of the following (in thousands, except for share and per share data):
The weighted-average grant date fair value of stock options granted during the three months ended March 31, 2026 and 2025 was $1.76 and $1.44 per share, respectively. The aggregate intrinsic value of the outstanding stock options is $1,107 and $922 as of March 31, 2026 and December 31, 2025, respectively. The aggregate intrinsic value of the vested and exercisable stock options is zero as of March 31, 2026 and December 31, 2025. Performance Units The applicable performance period for the units granted in 2026 is from January 1, 2026 to December 31, 2028, with all such units scheduled to vest on March 31, 2029, subject to the achievement of certain performance criteria. The applicable performance period for the units granted in 2025 is from January 1, 2025 to December 31, 2027, with all such units scheduled to vest on March 31, 2028, subject to the achievement of certain performance criteria.
Restricted Stock Units A summary of the unvested shares as of March 31, 2026, and changes during the three months ended March 31, 2026, is presented below.
The total fair value of shares vested during the three months ended March 31, 2026 and 2025, was $6,015 and $4,241 respectively. The stock-based compensation expense for the above stock awards under the 2022 Plan as well as Parent Equity Awards is included in the selling, general and administrative expenses:
Stock-based compensation expense related to unvested awards yet to be recognized as of March 31, 2026 totaled $18,514 and is expected to be recognized, on a weighted average basis, over 2.30 years.
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