Quarterly report pursuant to Section 13 or 15(d)

SHARE BASED PAYMENTS

v3.22.1
SHARE BASED PAYMENTS
3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
SHARE BASED PAYMENTS SHARE BASED PAYMENTS
 
The Company maintains long-term incentive plans for employees, non-employee members of our Board of Directors and consultants. The plans allows us to grant equity-based compensation awards, including stock options, stock appreciation rights, performance share units, restricted stock units, restricted stock awards, or a combination of awards (collectively, share-based awards).
 
The Company accounts for share-based payments through the measurement and recognition of compensation expense for share-based payment awards made to employees and directors of the Company, including stock options and restricted shares. The Company also issues share based payments in the form of common stock warrants to non-employees.
 
The following table presents share-based payment expense for the three months ended March 31, 2022 and 2021:
 
  Three months ended March 31,
  2022 2021
Restricted stock $ 1,201  $ 645 
Stock options 43  308 
Warrants 339  374 
Total $ 1,583  $ 1,327 
  
As of March 31, 2022, the Company had approximately $12.9 million of unamortized share-based compensation for option awards and restricted stock awards, which is expected to be recognized over a weighted average period of approximately 3.7 years. As of March 31, 2022, the Company also had approximately $2.2 million of unamortized share-based compensation for common stock warrants issued to consultants, which is expected to be recognized over a weighted average period of 1.7 years.
 
Restricted Stock
 
The Company issues shares of restricted stock to eligible employees, which are subject to forfeiture until the end of an applicable vesting period. The awards generally vest on the first, second, third, or fourth anniversary of the date of grant, subject to the employee’s continuing employment as of that date.
 
Restricted stock activity for the three months ended March 31, 2022 is presented in the following table:
 
  Shares Weighted Average Grant Date Fair Value
Nonvested, December 31, 2021
483,750  $ 20.19 
Granted 595,500  $ 10.84 
Vested (247,000) $ 4.40 
Forfeited (13,750) $ 5.72 
Nonvested, March 31, 2022
818,500  $ 18.18 
 
The table below summarizes all option activity under all plans during the three months ended March 31, 2022:
 
Options Shares Weight -
Average
Exercise
Price
Weighted -
Average
Remaining
Contractual
Term
Weighted -
Average
Grant Date
Fair Value
Outstanding at December 31, 2021
906,425  $ 4.38  2.85 $ 2.45 
Granted —  —  —  — 
Exercised —  —  —  — 
Forfeited or expired (187,427) 5.12  —  2.89 
Outstanding at March 31, 2022
718,998  $ 4.02  2.59 $ 4.02 
Options vested at March 31, 2022
679,000  $ 4.35  2.52 $ 2.44 
   
A summary of the status of the Company’s outstanding stock purchase warrants for the three months ended March 31, 2022 is as follows:
 
  Warrants Weighted Average
Exercise Price
Outstanding at December 31, 2021
330,884  $ 22.14 
Issued —  — 
Exercised —  — 
Forfeited —  — 
Outstanding at March 31, 2022
330,884  $ 22.14