The Company’s 2018 Equity Incentive Plan (the “Plan”), as amended, authorizes it to issue up to 11.45 million shares of common stock, along with non-qualified stock options, stock appreciation rights, restricted stock units and performance restricted stock units to officers, key employees, non-employee directors and consultants. At September 30, 2025, there were 3.3 million shares available for future grants under this Plan. It is the Company’s policy to issue shares from authorized but not issued shares upon the exercise of stock options.

Under the terms of the Plan, each year eligible participants are granted time value restricted stock units (“RSUs”), vesting ratably over a three-year period, and performance restricted stock units (“PSUs”) with three-year cliff vesting. Upon vesting, each restricted stock award is exchangeable for one share of the Company’s common stock, with accrued dividends. Unrecognized stock-based compensation expense related to nonvested awards of $2.1 million is expected to be recognized over a weighted average period of approximately 1.1 years as of September 30, 2025.

RSU and PSU activity for the nine months ended September 30, 2025 is summarized in the following table:


	Equity Incentive Awards
	Restricted Stock Units			Weighted Average Grant Date Fair Value		Performance Shares			Weighted Average Grant Date Fair Value
Balance at January 1, 2025		1,048,973		$	3.66		1,476,920		$	4.22
Granted		—			—		19,009			4.29
Settled		(609,850	)		3.77		(644,823	)		4.28
Forfeited or expired		(62,291	)		4.30		(97,440	)		4.56
Balance at September 30, 2025		376,832		$	3.38		753,666		$	4.13

Awards estimated to vest in the future		376,832		$	3.38		753,666		$	4.13

In 2025, the Company amended its Long Term Cash Incentive Plan (“Cash Plan”) to allow it to grant RSUs and PSUs to certain key employees that are payable in cash. These awards are classified as liabilities, which will increase as the Company’s stock price increases and decrease as its stock price decreases. Under the terms of the Cash Plan, the RSUs vest ratably over a three-year period and are valued based on the fair value of the award at the grant date, then re-measured at each reporting date until settlement with compensation expense being recognized in proportion to the completed requisite period up until the date of settlement. The PSUs have a three-year cliff vesting period and compensation expense is recognized ratably over the requisite service period if it is probable the performance target related to the PSUs will be achieved, then subsequently adjusted if this probability assessment changes in future reporting periods. As of September 30, 2025, the cash-settled share-based liability for these RSUs and PSUs was $0.1 million.

Stock-based compensation expense is recognized in selling, general and administrative expenses in the condensed consolidated statement of income (loss). Total compensation expense for the three and nine months ended September 30, 2025 and 2024 is as follows:


	Three Months Ended					Nine Months Ended
	September 30, 2025			September 30, 2024		September 30, 2025		September 30, 2024
Cash-settled share-based compensation expense (benefit)	$	(131	)	$	—	$	132	$	—
Share-settled share-based compensation expense (benefit)		634			2,011		2,289		6,098
	$	503		$	2,011	$	2,421	$	6,098