On January 31, 2023, the Company granted shares of Common Stock in the form of time-based and market-based restricted stock to the employees and officers of the Company. Officers were awarded 299,900 market-based shares with a fair value on their award date of $1,541,893. Upon vesting, the market-based shares that do not meet certain performance criteria are forfeited. Both employees and certain officers were also awarded 97,053 time-based shares with a fair value on the award date of $350,362. The shares issued to employees time-vest ratably over a three-year period ending in December of 2025, and the shares awarded to the officers cliff vest at the end of a three-year period ending in December of 2025. All shares granted on January 31, 2023 have voting rights during the vesting period.

On April 20, 2023, the Company granted 92,544 shares of Common Stock in the form of time-based restricted stock to the non-employee directors of the Company, which had a fair value of $243,390. The shares of restricted stock fully vest in December 2023 and have voting rights during the vesting period.

Compensation expense for the restricted stock awards is recognized in G&A. Forfeitures of awards are recognized at the time of forfeiture. The following table summarizes the Company’s pre-tax compensation expense for the three and nine months ended September 30, 2023 and 2022 related to the Company’s market-based, time-based and performance-based restricted stock:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Market-based, restricted stock	$	324,039	$	313,054	$	1,370,857	$	940,654
Time-based, restricted stock		142,727		216,338		324,780		551,941
Performance-based, restricted stock		-		463,234		-		463,234
Total compensation expense	$	466,766	$	992,626	$	1,695,637	$	1,955,829

A summary of the Company’s unrecognized compensation cost for its unvested market-based and time-based restricted stock and the weighted-average periods over which the compensation cost is expected to be recognized is shown in the following table:


	As of September 30, 2023
	Unrecognized Compensation Cost		Weighted Average Period (in years)
Market-based, restricted stock	$	1,167,618		1.29
Time-based, restricted stock		472,762		1.59
Total	$	1,640,380