8. RESTRICTED STOCK UNITS

A summary of restricted stock unit activity for the three months ended March 31, 2025 is presented below.

SUMMARY OF RESTRICTED STOCK AWARD ACTIVITY 

The total fair value of restricted stock units that vested or deemed vested during the three months ended March 31, 2025 was $855. The total stock compensation expense recognized relating to the vesting of restricted stock units for the three months ended March 31, 2025 amounted to $841. As of March 31, 2025, the amount of unvested compensation related to issuances of restricted stock units was $2,735 which will be recognized as an expense in future periods as the shares vest.

On January 7, 2025, the Company granted 146,435 restricted stock units to officers and directors. The restricted stock units vest on January 7 of each year from 2026 through 2029 for officers and vest on January 7, 2026 for non-employee directors. These restricted stock units were valued based on the closing price of the Company’s common stock on the respective dates of issuance and had an aggregate grant date fair value of $965, which is being amortized as share-based compensation expense over the respective vesting terms.