9. Stock-Based Compensation

Stock Plans

On June 18, 2024, the Company's stockholders approved the Company's Amended and Restated Omnibus Equity Incentive Plan (as amended through the date hereof, the "OEIP") which amended and restated (and renamed) the Company's 2015 Omnibus Equity Incentive Plan (as previously amended, the "2015 Plan") and increased the number of shares reserved thereunder by 0.6 million shares. On May 26, 2026, the Company's stockholders approved an additional increase of 0.6 million shares to the OEIP. As of  June 30, 2026, there were approximately 0.9 million shares available for future grants under the Company’s OEIP. References to the OEIP herein include the 2015 Plan prior to its amendment and restatement. The maximum number of shares available for issuance over the term of the OEIP may not exceed 2.1 million shares. 

During the six months ended June 30, 2026, the Company granted 40 thousand shares of restricted stock and 2,500 stock options under the OEIP.

The OEIP provides for the issuance of full value awards (restricted stock, performance stock, dividend equivalent right or restricted stock units) and partial value awards (stock options or stock appreciation rights) to employees, non-employee members of the board and consultants. The exercise price per share for stock option grants is not to be less than the fair market value per share of the Company’s common stock on the date of grant. The Board of Directors has the discretion to determine the vesting schedule. Stock options may be exercisable immediately or in installments but generally vest over a four-year period from the date of grant. In the event the holder ceases to be employed by the Company, all unvested stock options terminate, and all vested stock options may be exercised within a period of 90 days following termination. In general, stock options expire ten years from the date of grant. Restricted stock is valued using the closing stock price on the date of the grant. The total value is expensed over the vesting period, which typically ranges from two to forty-eight months.

Stock Compensation Expense

The Company accounts for all stock-based payment awards made to employees and directors based on their fair values and recognizes compensation expense over the vesting period using the straight-line method over the requisite service period for each award as required by FASB ASC Topic No. 718, Compensation-Stock Compensation.

Non-cash stock-based compensation expenses related to stock options, restricted stock grants and the ESPP are recorded in the consolidated financial statements as follows (unaudited, in thousands):

As of  June 30, 2026, there was approximately $1.0 million in unrecognized compensation costs related to unvested stock options and restricted stock awards granted under the OEIP.

Stock Options

For the six months ended June 30, 2026, there were 2,500 stock option awards granted. A summary of the Company’s stock options outstanding under the OEIP as of  June 30, 2026 and related activity during 2026 is as follows (unaudited, except weighted average exercise price and weighted average remaining contractual life):

Restricted Stock Awards

A summary of the Company’s restricted stock awards outstanding under the OEIP for the six months ended June 30, 2026 and the activity during the period therein are as follows (unaudited, except weighted average grant date fair value):