15.          Stockholders’ Equity and Stock Based Compensation:

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The 2021 Omnibus Incentive Plan (the “2021 Plan”) authorizes the grant of Stock Options, Stock Units, Stock Appreciation Rights, Restricted Stock, Deferred Stock, Stock Bonuses and other equity-based awards. The 2021 Plan was approved by the Company’s stockholders at the 2021 Annual Meeting in June 2021. The total number of shares of the Company’s common stock, par value $0.01 per share (“Common Stock”) initially available for award under the 2021 Plan was 500,000 shares. As of September 30, 2024, the number of shares of Common Stock available for future award grants to employees, officers and directors under the 2021 Plan is 190,917.

The 2012 Stock-Based Compensation Plan (the “2012 Plan”) authorized the grant of Stock Options, Stock Units, Stock Appreciation Rights, Restricted Stock, Deferred Stock, Stock Bonuses and other equity-based awards. The total number of shares of the Company’s Common Stock initially available for award under the 2012 Plan was 600,000, which was increased to 1,000,000 shares by stockholder approval at the Company’s 2018 Annual Meeting in June 2018. Immediately prior to the replacement of the 2012 Plan by the 2021 Plan, there were 352,158 shares of Common Stock available under the 2012 Plan. The 2012 Plan has been replaced by the 2021 Plan and none of the remaining shares of Common Stock authorized under the 2012 Plan will be transferred to or used under the 2021 Plan nor will any awards under the 2012 Plan that are forfeited increase the shares available for awards under the 2021 Plan. As of September 30, 2024, the number of shares of Common Stock available under the 2012 Plan was zero.

During the nine months ended September 30, 2024, the Company granted a total of 51,812 shares of Restricted Stock to directors, officers and employees. These shares of Restricted Stock vest immediately, over time in three equal installments or over time in sixteen equal quarterly installments. During the nine months ended September 30, 2024, a total of 1,661 shares of Restricted Stock were forfeited.

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During the nine months ended September 30, 2023, the Company granted a total of 132,526 shares of Restricted Stock to officers and employees. These shares of Restricted Stock vest immediately, over time in three equal installments or over time in sixteen equal quarterly installments.

A summary of nonvested shares of Restricted Stock awards outstanding under the 2012 and 2021 Plans as of September 30, 2024, and changes during the nine months then ended is as follows:

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As of September 30, 2024, there is approximately $5.2 million of total unrecognized compensation costs related to nonvested share-based compensation arrangements. The unrecognized compensation cost is expected to be recognized over a weighted-average period of 2.2 years.

During the three months ended September 30, 2024 and 2023, the Company recognized share-based compensation expense of $0.9 million and $0.7 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company recognized share-based compensation expense of $2.8 million and $3.4 million, respectively.