Stock Based Compensation |
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| Stock Based Compensation |
Note 9 - Stock Based Compensation The Company's stock-based awards that result in compensation expense consist of restricted stock units (RSUs) and restricted stock awards (RSAs). As of June 30, 2024, the Company had 412,960 shares available for grant under its stock plans. As of June 30, 2024, the total unrecognized compensation cost related to all unvested stock-based compensation awards was $1,602,458 and is expected to be recognized over the next four years. RSUs generally vest over three years and RSAs generally vest from to four years. Restricted Stock Units (RSUs) The following table summarizes the Company's RSU activity:
The fair value of RSUs is determined based on the closing market price of the Company's stock on the grant date. The fair value of RSUs with a market condition is determined based on a Monte Carlo valuation simulation.
Restricted Stock Awards (RSAs) The following table summarizes the Company's RSA activity:
The fair value of RSAs is determined based on the closing market price of the Company's stock on the grant date.
Stock Based Compensation Expense The Company has a long-term incentive plan under which the Compensation Committee of the Board of Directors has the authority to grant share-based awards to Company employees and non-employees. Stock based compensation costs associated with employee RSU and RSA grants are recorded as a separate component of salaries and wages on the condensed consolidated statements of operations. For the three and six months ended June 30, 2024, $252,310 and $498,749, respectively, were recorded in salaries and wages. For the three and six months ended June 30, 2023, $245,525 and $397,214, respectively, were recorded in salaries and wages. Stock based compensation costs associated with non-employee RSU and RSA grants are recorded as a separate component of selling expenses on the condensed consolidated statements of operations. For the three and six months ended June 30, 2024, $24,116 and $48,052, respectively, were recorded in selling expenses. For the three and six months ended June 30, 2023, $186,916 and $220,751, respectively, were recorded in selling expenses. Stock based compensation expense for service-based awards that contain a graded vesting schedule is recognized on a straight-line basis. The Company accounts for forfeitures when they occur. |
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