An inmate is eligible for parole, subject to § 24-15-4, after deducting from the inmate's sentence the statutory time granted for good conduct pursuant to § 24-5-1:
(1) If convicted of a felony for the first time, when the inmate has served one-fourth of the time remaining;
(2) If convicted of a felony for the second time, when the inmate has served three-eighths of the time remaining; or
(3) If convicted of a felony three or more times, when the inmate has served one-half of the time remaining.