In May 2025, the Company’s board of directors authorized a new share repurchase program, which supersedes and replaces all prior repurchase programs. Under the 2025 Repurchase Program, the Company is authorized to repurchase up to 3,000,000 shares of the Company’s Class B common stock in the aggregate through open market and privately negotiated transactions, at such times and in such amounts as the Company deems appropriate. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, capital availability, and other market conditions. The 2025 Repurchase Program does not have an expiration date and may be expanded, limited, or terminated at any time without prior notice. The Company has made no repurchases under the 2025 Repurchase Program and additionally no repurchases were made under the superseded 2014 Repurchase Program for the three months ended March 31, 2026 and 2025. Shares repurchased but not yet retired by the Company will be classified as treasury stock on the Consolidated Balance Sheets before retirement. Retirement of treasury stock results in reductions to common stock and additional paid-in capital.

Stock-based compensation expense was included in the following operating expense categories:


	Three Months Ended March 31,
(In Thousands)	2026		2025
Cost of revenue	$	3	$	2
Sales and marketing		171		25
Product development		101		27
General and administrative		214		401
Total stock-based compensation	$	489	$	455

The Company uses the Black-Scholes option pricing model to estimate the per share fair value of stock option grants with time-based vesting. The Black-Scholes model relies on a number of key assumptions to calculate estimated fair values. There were no stock option grants during the three months ended March 31, 2026. For the three months ended March 31, 2025, the expected life of each award granted was determined based on historical experience with similar awards, giving consideration to contractual terms, anticipated exercise patterns, and vesting schedules. Expected volatility is based on historical volatility levels of the Company’s Class B common stock. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury issues with terms approximately equal to the expected life of the option. The Company uses an expected annual dividend yield in consideration of the Company’s common stock dividend payments, which we consider to be zero.

The following assumptions were used in determining the fair value of time-vested stock option grants for the periods indicated (there were no stock option grants for the three months ended March 31, 2026):

As of March 31, 2026, there were $2.1 million of unrecognized compensation costs related to stock options. These costs are expected to be recognized over the weighted average periods of 2.17 years. Stock option activity during the period was as follows:


	Options (In Thousands)			Weighted average exercise price of options		Weighted average remaining contractual term (in years)
Balance at December 31, 2025		7,633		$	1.89		7.50
Options granted		—			—
Options forfeited		(221	)		1.76
Options expired		(13	)		2.43
Options exercised		(1	)		1.53
Balance at March 31, 2026		7,398		$	1.89		7.14

As of March 31, 2026, there was $1.6 million of unrecognized compensation costs related to restricted stock. These costs are expected to be recognized over the weighted average period of 1.90 years. RSA and RSU activity during the period was as follows:


	Shares/ Units (In Thousands)			Weighted Average Grant Date Fair Value
Unvested at December 31, 2025		983		$	1.84
Granted		659			1.56
Vested		(499	)		1.82
Forfeited		(23	)		1.60
Unvested at March 31, 2026		1,120		$	1.69

Three Months Ended March 31,

Expected life (in years)

Risk-free interest rate

4.01% - 4.32%

Expected volatility