Quarterly report pursuant to Section 13 or 15(d)

Stock Based Compensation

v3.22.2.2
Stock Based Compensation
9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation

Note 9 - Stock Based Compensation

The Company's stock-based awards that result in compensation expense consist of restricted stock units (RSUs) and restricted stock awards (RSAs). As of September 30, 2022, the Company had 1,335,067 shares available for grant under its stock plans. As of September 30, 2022, the total unrecognized compensation cost related to all unvested stock-based compensation awards was $2.8 million and is expected to be recognized over the next four years. RSUs generally vest over three years and RSAs generally vest from one to four years.

Restricted Stock Units (RSUs)

The following table summarizes the Company's RSU activity:

 

Nonvested Restricted Stock Units

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

Restricted Stock

 

 

Award Date Fair Value

 

 

 

Units

 

 

Per Share

 

Restricted Stock at January 1, 2022

 

 

399,000

 

 

$

5.20

 

Added

 

 

95,000

 

 

 

0.68

 

Forfeiture

 

 

(195,166

)

 

 

5.21

 

Vested

 

 

(13,334

)

 

 

5.16

 

Restricted Stock at September 30, 2022

 

 

285,500

 

 

$

3.69

 

 

The fair value of RSUs is determined based on the closing market price of the Company's stock on the grant date.

 

Restricted Stock Awards (RSAs)

The following table summarizes the Company's RSA activity:

 

Nonvested Restricted Stock Awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

Weighted Average

 

 

 

Restricted Stock

 

 

Award Date Fair Value

 

 

Director

 

 

Award Date Fair Value

 

 

 

Awards

 

 

Per Share

 

 

Stock Awards

 

 

Per Share

 

Restricted Stock at January 1, 2022

 

 

328,500

 

 

$

5.31

 

 

 

-

 

 

$

 

Added

 

 

550,000

 

 

$

1.29

 

 

 

59,625

 

 

$

2.48

 

Forfeiture

 

 

 

 

 

 

 

 

-

 

 

$

 

Vested

 

 

(65,625

)

 

$

5.43

 

 

 

(46,750

)

 

$

2.47

 

Restricted Stock at September 30, 2022

 

 

812,875

 

 

$

2.90

 

 

 

12,875

 

 

$

2.51

 

 

The fair value of RSAs is determined based on the closing market price of the Company's stock on the grant date.

 

Stock Based Compensation Expense

 

Share based compensation costs associated with RSUs and RSAs grants are recorded as a separate component of Selling Expenses on the consolidated statements of income. Share-based compensation expense for service-based awards that contain a graded vesting schedule is recognized net of estimated forfeitures for plan participants on a straight-line basis.