On June 20, 2024, the stockholders of the Company approved an amendment and restatement of the Company's Amended and Restated 2000 Long Term Incentive Plan (the "Plan"). The amendment and restatement of the Plan revised the terms and conditions of the Plan to, among other things, increase the shares available for grant under the Plan by 1,500,000 shares. As of June 30, 2024, there were 1,804,161 shares available for the grant of awards under the Plan, assuming maximum performance of performance-based awards.

A summary of the Company’s stock option activity and related information for the six months ended June 30, 2024 is as follows:


	Options		Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value (in thousands)
Options outstanding, January 1, 2024	999,500		$	13.31
Grants	50,000		9.76


Expirations	(252,000)		18.68
Options outstanding, June 30, 2024	797,500		11.40		5.2	$	197
Options exercisable, June 30, 2024	674,500		$	11.78	4.5	$	97
Total unrecognized stock option expense remaining (in thousands)	$	495
Weighted-average years expected to be recognized over	1.8

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been received by the option holders had all option holders exercised their stock options on June 30, 2024. The intrinsic value is calculated for each in-the-money stock option as the difference between the closing price of the Company’s common stock on June 30, 2024 and the exercise price.

A summary of the Company’s restricted stock activity and related information for the six months ended June 30, 2024 is as follows:


	Restricted Shares		Weighted- average grant date fair value
Non-vested restricted shares, January 1, 2024	597,528		$	8.44
Grants	313,199		9.54
Vested	(306,425)		7.53
Cancellations	(8,599)		10.07
Non-vested restricted shares, June 30, 2024	595,703		$	9.46
Total unrecognized compensation expense remaining (in thousands)	$	4,976
Weighted-average years expected to be recognized over	1.7

Each performance award represents the right to receive up to 150% of the target number of shares of common stock. The number of shares of common stock earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board. The shares are subject to the terms and conditions of the Company’s Plan.

A summary of the Company’s performance-based award activity and related information for the six months ended June 30, 2024 is as follows:


	Performance- based stock awards (1)		Weighted- average grant date fair value
Non-vested performance-based awards, January 1, 2024	486,972		$	10.44
Grants	219,975		9.76

Vested	(152,188)		14.18
Cancellations	(23,815)		13.35
Non-vested performance-based awards, June 30, 2024	530,944		$	8.96
Total unrecognized compensation expense remaining (in thousands)(2)	$	2,437
Weighted-average years expected to be recognized over	2.3

(2)The performance metric for the performance-based awards granted in 2022 is not probable of achievement. Therefore, no compensation expense has been recorded on these awards.

Each cash-settled performance-based award represents the right to receive up to 150% of the target number of deferred stock units with payment in cash equivalent to the value of one share of the Company's common stock. The number of deferred stock units earned will be determined based on the attainment of specified performance goals at the end of the performance period, as determined by the Compensation Committee of the Board. The cash-settled performance-based awards are subject to the terms and conditions of the Company’s Plan.

A summary of the Company’s cash-settled performance-based awards activity and related information for the six months ended June 30, 2024 is as follows:


	Cash-settled performance-based awards (1)		Weighted- average fair value
Non-vested cash-settled performance-based awards, January 1, 2024	83,611		$	6.71


Cancellations	(1,269)		8.44
Non-vested cash-settled performance-based awards, June 30, 2024	82,342		$	8.59
Total unrecognized compensation expense remaining (in thousands)(2)	$	—
Weighted-average years expected to be recognized over	0.0

(2) The performance metric for the cash-settled performance-based awards granted in 2022 is not probable of achievement. Therefore, no compensation expense has been recorded on these awards.

The Company recorded stock compensation expense as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
Stock Compensation Expense Components	2024		2023		2024		2023
Equity based stock option expense	$	60	$	50	$	110	$	179
Restricted and performance-based stock awards expense	984		960		1,733		1,697
Stock compensation expense for equity based awards	$	1,044	$	1,010	$	1,843	$	1,876
Liability based stock option expense	(7)		1		1		(4)

Total Stock Compensation Expense	$	1,037	$	1,011	$	1,844	$	1,872