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NonCash ShareBased Employee Compensation
 3 Months Ended
Mar. 31, 2024
NonCash ShareBased Employee Compensation  
Non-Cash Share-Based Employee Compensation

Note 10. Non-Cash Share-Based Employee Compensation

 

Stock Options

 

The Company has employee and non-employee director share-based incentive compensation plans. Related to these programs, the Company recorded non-cash share-based employee compensation expense of $55 for the three months ended March 31, 2024, compared with $58 for the same period last year. The Company considers its non-cash share-based employee compensation expenses as a component of cost of products and selling, general and administrative expenses. There was no non-cash share-based employee compensation expense capitalized as part of capital expenditures or inventory for the periods presented.

 

The Company uses the Black-Scholes-Merton option valuation model to calculate the fair value of stock option grants under this plan. The non-cash share-based employee compensation expense recorded in the three months ended March 31, 2024, was calculated using certain assumptions. Such assumptions are described more comprehensively in Note 10 (Share-Based Employee Compensation) of the Notes to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Note 10. Non-Cash Share-Based Employee Compensation (continued)

 

A summary of activity under the Company’s stock option plans during the three months ended March 31, 2024, is presented below:

 

 

 

Stock

Options

 

 

Wgt. Avg. Exercise

Price ($)

Per Share

 

 

Wgt. Avg. Remaining Contractual

Life (Years)

 

 

Wgt. Avg. Grant Date

Fair Value

($) Per Share

 

 

Aggregate

Intrinsic Value ($)

 

As of January 1, 2024

Outstanding

 

 

202,600

 

 

 

14.76

 

 

 

7.60

 

 

 

5.94

 

 

 

37,773

 

Vested

 

 

105,313

 

 

 

16.01

 

 

 

6.80

 

 

 

5.78

 

 

 

9,661

 

Nonvested

 

 

97,287

 

 

 

13.41

 

 

 

8.74

 

 

 

6.12

 

 

 

28,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

110,900

 

 

 

12.27

 

 

 

—

 

 

 

7.26

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

26,000

 

 

 

16.45

 

 

 

—

 

 

 

7.04

 

 

 

—

 

Expired

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding

 

 

287,500

 

 

 

13.65

 

 

 

8.43

 

 

 

6.35

 

 

 

488,491

 

Vested

 

 

95,660

 

 

 

15.28

 

 

 

6.91

 

 

 

5.27

 

 

 

105,238

 

Nonvested

 

 

191,840

 

 

 

12.83

 

 

 

9.19

 

 

 

6.89

 

 

 

383,253

 

 

Restricted Stock Units

 

The Company recorded non-cash restricted stock unit compensation expense of $121 for the three months ended March 31, 2024, compared with $69 for the same period last year.

 

A summary of non-vested restricted stock under the Company’s non-employee director share-based incentive compensation plan is as follows:

 

 

 

Number of Shares

 

 

Weighted Average Grant Date

Price per Share

 

Unvested as of January 1, 2024

 

 

19,587

 

 

$13.22

 

Granted

 

 

41,385

 

 

 

12.01

 

Vested and issued

 

 

(4,710)

 

 

10.00

 

Cancelled/forfeited

 

 

-

 

 

 

-

 

Unvested as of March 31, 2024

 

 

56,262

 

 

$11.66