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Share-Based Compensation And Share Repurchase Plans
 12 Months Ended
Dec. 31, 2023
Share-Based Compensation and Stock Repurchase Plans [Abstract]  
Share-Based Compensation and Share Repurchase Plans NOTE 16 – SHARE-BASED COMPENSATION AND SHARE REPURCHASE PLANS

2020 Stock Incentive Plan

On November 4, 2020, the Company enacted the 2020 Stock Incentive Plan, which was also approved by the Company’s stockholders on December 8, 2020 (the “2020 Plan”). Under the 2020 Plan, the number of permitted authorized shares for issuance was 1,250,000 (the “2020 Authorized Amount”). Added to the 2020 Authorized Amount would be any awards outstanding under the 2010 Plan and 2020 Plan that were subsequently forfeited (for instance, through a then outstanding out of the money option) or if the related shares are repurchased, a corresponding number of shares would automatically become available for issuance under the 2020 Plan, thus resulting in a potential increase from the 2020 Authorized Amount available for issuance under the 2020 Plan. On December 7, 2023, the Company’s stockholders, upon recommendation of the Company’s board of directors, approved the First Amendment to the 2020 Stock Incentive Plan, increasing the number of Class A Common Stock reserved for issuance under the 2020 Plan by an additional 971,807 shares.

Under the 2020 Plan, the Company may grant stock options and other share-based payment awards of our Class A Common Stock to eligible employees, directors and consultants. At December 31, 2023, there were 1,295,241 shares of Class A Common Stock available for issuance under the 2020 Plan, which includes shares from the 2010 Plan that become available for issuance due to the forfeiture of then outstanding out of the money stock options.

Stock options are granted at exercise prices equal to the grant-date market prices and typically expire no later than five years from the grant date. In contrast to a stock option where the grantee buys our Company’s share at an exercise price determined on the grant date, a restricted stock unit (“RSU”) entitles the grantee to receive one share for every RSU based on a vesting plan, typically between one year and four years from grant. As discussed further below, a performance component has been added to certain of the RSUs granted to management. At the time the options are exercised or RSUs vest and are settled, at the discretion of management, we will issue treasury shares or make a new issuance of shares to the option or RSU holder.

Stock Options

We estimated the grant-date fair value of our stock options using the Black-Scholes option-valuation model, which takes into account assumptions such as the dividend yield, the risk-free interest rate, the expected stock price volatility, and the expected life of the options. We expensed the estimated grant-date fair values of options over the vesting period on a straight-line basis. Based on our historical experience, the “deemed exercise” of expiring in-the-money options and the relative market price to strike price of the options, we have not estimated any forfeitures of vested or unvested options.

207,657 stock options were issued to the Board of Directors in the year ended December 31, 2023. No stock options were issued in the years ended December 31, 2022 or December 31, 2021.

The weighted average assumptions used in the option-valuation model for the years 2023, 2022 and 2021 were as follows:

2023

2022

2021

Stock option exercise price

$

1.92

$

—

$

—

Risk-free interest rate

4.12%

0.00%

0.00%

Expected dividend yield

—

—

—

Expected option life in years

5.50

—

—

Expected volatility

53.20%

0.00%

0.00%

Weighted average fair value

$

1.01

$

—

$

—

We recorded stock-based compensation expense of $50,000, $212,000, and $402,000 for 2023, 2022, and 2021, respectively. At December 31, 2023, the total unrecognized estimated compensation cost related to non-vested stock options was $196,000 which is expected to be recognized over a weighted average vesting period of 9.94 years. No cash was received from option exercises in 2023, 2022 or 2021.

The following is a summary of the status of RDI’s outstanding stock options for the three years ended December 31, 2023:

Outstanding Stock Options

Number of
‎Options

Weighted Average
‎Exercise Price

Weighted Average
‎Remaining Years of
‎Contractual Life

Aggregate
‎Intrinsic
‎Value

Class A

Class B

Class A

Class B

Class A&B

Class A&B

Outstanding - January 1, 2021

713,479

—

$

14.64

$

—

2.18

$

13,969

Granted

—

—

—

—

Exercised

(38,803)

—

4.66

—

63,831

Expired

(157,332)

—

11.87

—

Outstanding - December 31, 2021

517,344

—

$

15.42

$

—

1.66

$

—

Granted

—

—

—

—

Exercised

—

—

—

—

—

Expired

(189,846)

—

14.63

—

Outstanding - December 31, 2022

327,498

—

$

15.87

$

—

1.24

$

—

Granted

207,657

—

1.92

—

Exercised

—

—

—

—

—

Expired

(122,376)

—

—

—

Outstanding - December 31, 2023

412,779

—

$

14.19

$

—

1.79

$

—

The following is a summary of the status of RDI’s vested and unvested stock options as of December 31, 2023, 2022 and 2021:

Vested and Unvested Stock Options

Number of
‎Options

Weighted Average
‎Exercise Price

Weighted Average
‎Remaining Years of
‎Contractual Life

Aggregate
‎Intrinsic
‎Value

Class A

Class B

Class A

Class B

Class A&B

Class A&B

Vested

December 31, 2023

205,122

—

$

15.92

$

—

0.56

$

—

December 31, 2022

276,218

—

15.81

—

1.17

—

December 31, 2021

384,189

—

15.38

—

1.42

—

Unvested

December 31, 2023

207,657

—

$

4.54

$

—

1.79

$

—

December 31, 2022

51,281

—

16.15

—

1.24

—

December 31, 2021

133,155

—

15.65

—

2.29

—

Restricted Stock Units

Time vested RSU awards to management vest 25% on the anniversary of the grant date and the remainder over a period of four years. Beginning in 2020, a performance component has been added to certain of the RSUs granted to management, which vest on the third anniversary of their grant date based on the achievement of certain performance metrics. From 2021 onwards, RSUs have two vesting structures, which include time vesting and performance vesting. The majority of RSUs vest 75% evenly over a period of four years, with the remaining 25% contingent upon the achievement of certain performance metrics, vesting in full on the third anniversary of the date of the grant. In the case of our Chief Executive Officer, RSUs vest 50% evenly over a period of four years with the remaining 50%, contingent upon the achievement of certain performance metrics, vesting in full on the third anniversary of the grant date. On April 11 and April 21, 2023, the Board of Directors determined that our Company was not in a position to pay cash bonuses that would otherwise have been earned by certain members of management under our Company’s Incentive Compensation Plan for 2022, and authorized the issuance in lieu of such cash bonuses 85,139 RSUs, vesting on April 11, 2024 and 52,360 RSUs, vesting on April 21, 2024.

During the years ended December 31, 2023 and December 31, 2022, we recognized compensation expense related to RSUs of $1.8 million and $1.7 million respectively. The total unrecognized compensation expense related to these unvested RSUs was $3.6 million as of December 31, 2023.

Below is a table that shows the restricted stock units that have been issued and vested during the years ending December 31, 2023 along with the dollar value of these awards:

Number of RSUs

$ value of RSUs

Granted

Vested

Forfeited

Unvested

Granted

Vested

Forfeited

Unvested

2016

68,153

67,372

781

—

$

815,160

$

805,759

$

9,400

$

—

2017

70,538

70,006

532

—

1,124,348

1,115,852

8,496

—

2018

97,600

94,426

3,174

—

1,581,512

1,529,648

51,864

—

2019

59,258

56,154

3,104

—

944,070

894,065

50,005

—

2020

401,966

354,950

28,258

18,758

2,281,899

1,996,354

170,840

114,705

2021

361,593

177,510

35,657

148,426

2,185,222

1,002,259

229,250

953,712

2022

502,582

149,404

70,676

282,502

1,998,505

525,753

294,720

1,178,033

2023

671,682

—

55,857

615,825

2,173,049

—

180,451

1,992,598

Total

2,233,372

969,822

198,039

1,065,511

$

13,103,765

$

7,869,691

$

995,025

$

4,239,049

Stock Repurchase Plan

At December 31, 2023, we had available $26.0 million in our Board approved Stock Repurchase Program. That program expired on March 10, 2024. No stock has been repurchased by our Company since March 10, 2020.