Quarterly report pursuant to Section 13 or 15(d)

Stock-based Compensation

v3.24.3
Stock-based Compensation
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
The Company’s 2019 Omnibus Stock Incentive Plan (the “2019 Plan”) provides for granting stock options, restricted stock awards, and restricted stock units to employees, directors, contractors and consultants of the Company. On August 19, 2024, the Company's shareholders approved an amendment to the 2019 Plan that increased the share reserve of the 2019 Plan by 1,600,000 shares from 5,760,778 shares to 7,360,778 shares.
Restricted Stock Awards
Following is the restricted stock award activity for the three and nine months ended September 30, 2024:
Shares Weighted Average
Grant Date
Fair Value
Nonvested at December 31, 2023 1,766,417 $ 10.01 
Granted 244,122 2.63 
Vested (595,108) 8.61 
Forfeited (168,903) 9.19 
Nonvested at March 31, 2024 1,246,528 $ 9.34 
Granted 105,632  1.64
Vested (452,387) 6.96
Forfeited (73,458) 5.82
Nonvested at June 30, 2024 826,315  $ 9.98 
Granted 178,229  2.48
Vested (235,404) 10.7
Forfeited (33,721) 6.52
Nonvested at September 30, 2024 735,419  $ 8.08 
Restricted Stock Unit Awards
During 2023, the Company commenced granting restricted stock units to employees and agents.
The following is the restricted stock unit award activity for the three and nine months ended September 30, 2024:
Shares Weighted Average
Grant Date
Fair Value
Nonvested at December 31, 2023 2,191,297 $ 4.94 
Granted 597,965 2.02 
Vested (91,686) 3.83 
Forfeited (66,192) 4.63 
Nonvested at March 31 2024 2,631,384 $ 4.32 
Granted 423,204 1.70
Vested (137,285) 4.51
Forfeited (139,588) 3.95
Nonvested at June 30, 2024 2,777,715 $ 3.93 
Granted 497,312 2.45
Vested (646,167) 5.33
Forfeited (70,050) 4.66
Nonvested at September 30, 2024 2,558,810 $ 3.28 
Stock Option Awards
There were no stock option awards granted during the nine-month period ended September 30, 2024.
Stock-based Compensation expense
Stock-based compensation expense related to all awards issued under the Company’s stock compensation plans for the three and nine months ended September 30, 2024 and 2023 was as follows (amounts in thousands):
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2024 2023 2024 2023
Commission and other agent-related cost $ 826  $ 903  $ 2,394  $ 2,971 
Operations and support (33) 155  265  391 
Technology and development 29  55  121  127 
General and administrative 1,144  2,124  4,208  5,525 
Marketing 1  83  130  311 
Total stock-based compensation $ 1,967  $ 3,320  $ 7,118  $ 9,325 
At September 30, 2024, the total unrecognized compensation cost related to nonvested restricted stock awards was approximately $1.0 million, which is expected to be recognized over a weighted average period of approximately nine months.
At September 30, 2024, the total unrecognized compensation cost related to nonvested restricted stock units was $3.54 million, which the Company expects to recognize over a weighted average period of approximately ten months.