Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation |
2021 Incentive Plan
The 2021 Incentive Plan authorizes the grant of stock options (incentive and non-statutory), stock appreciation rights and restricted stock covering a total of shares of our common stock. Options are granted at the fair value of our common stock on the date of grant and generally vest either immediately or over a period of up to from the date of grant and expire years from the date of grant. As of December 31, 2024, shares of our common stock were reserved for issuance related to the 2021 Incentive Plan, and shares remained available for awards.
Recipients of stock awards under our 2021 Incentive Plan become the owner of record of the stock immediately upon grant, which may be subject to certain restrictions. The balance of unvested restricted stock will be forfeited and automatically transferred back to us at no cost upon the termination of the recipient’s employment. Upon vesting of restricted stock that is made to recipients who are employees, the recipient has the option to settle minimum withholding taxes by electing to have us withhold otherwise deliverable shares having a fair value equal to the required tax obligations (“net-settlement”). The net-settlement shares are then immediately cancelled and retired and reduce the shares available for issuance under the 2021 Incentive Plan.
We use the Black-Scholes Pricing Option Pricing Model to estimate the fair value of stock-based awards on the date of grant. The assumptions employed in the calculation of the fair value of share-based compensation expense were calculated as follows for all years presented:
Total stock-based compensation related to stock options was $ and $ for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, there was $ of unrecognized stock-based compensation related to stock options, which is expected to be recognized over a weighted average period of less than one year.
The fair value of restricted stock vested in 2024 was $5,055. As of December 31, 2024, there was unrecognized stock-based compensation related to non-vested restricted stock. , and stock-based compensation expense related to restricted stock was $
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