Quarterly report pursuant to Section 13 or 15(d)

SHARE BASED PAYMENTS

v3.22.2.2
SHARE BASED PAYMENTS
9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2022 and 2021:
 
  Three months ended September 30, Nine months ended September 30,
  2022 2021 2022 2021
Restricted stock $ 951  $ 1,576  $ 2,902  $ 3,511 
Stock options —  162  59  721 
Warrants 340  368  1,019  1,115 
Total $ 1,291  $ 2,106  $ 3,980  $ 5,347 
  
As of September 30, 2022, the Company had approximately $5.7 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 3.3 years. As of September 30, 2022, the Company also had approximately $1.5 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 1.3 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 is valued using market value on the grant date.
 
Restricted stock activity for the nine months ended September 30, 2022 is presented in the following table:
 
  Shares Weighted Average Grant Date Fair Value
Nonvested, December 31, 2021
483,750  $ 20.19 
Granted 983,749  $ 9.21 
Vested (294,566) $ 9.94 
Forfeited (500,350) $ 20.05 
Nonvested, September 30, 2022
672,583  $ 6.07 
 
The table below summarizes all option activity under all plans during the nine months ended September 30, 2022:
 
Options Shares Weighted -
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 (26,000) 4.14  —  1.92 
Forfeited or expired (247,427) 5.36  —  2.97 
Outstanding at September 30, 2022
632,998  $ 4.01  2.07 $ 2.26 
Options vested at September 30, 2022
632,998  $ 4.01  2.07 $ 2.26 
   
A summary of the status of the Company’s outstanding stock purchase warrants for the nine months ended September 30, 2022 is as follows:
 
  Warrants Weighted Average
Exercise Price
Outstanding at December 31, 2021
330,884  $ 22.14 
Issued —  — 
Exercised (48,387) 3.50 
Forfeited —  — 
Outstanding at September 30, 2022
282,497  $ 25.33 
 
Liability Awards

In August 2022, the Company issued certain stock awards classified as liabilities based on the guidance set forth at ASC 480-10-25 and ASC 718-10-25. These awards entitle the employees to receive a specified dollar value of common stock on future dates ranging from June 15, 2023, through June 15, 2025. The awards generally vest over three years subject to the employee’s continued employment. The aggregate face value of these awards as of September 30, 2022 amounted to $5.3 million.

The Company recognizes compensation expense for these awards over the requisite service period. The expense related to the liability awards for the period ended September 30, 2022 was $0.2 million; the corresponding liability is included in accrued liabilities and other long-term liabilities on the Company’s balance sheet as of September 30, 2022.