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Stock Options and Restricted Stock (Tables)
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Assumption Categories Used to Determine Value of Option Grants The following assumption categories are used to determine the value of any option grants. There were no grants issued during the nine months ended September 30, 2022.

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

Risk free interest rate

 

 

—

 

 

 

0.97

%

Expected dividend yield

 

 

—

 

 

 

—

 

Expected life of option in years (1)

 

 

—

 

 

 

6.25

 

Expected volatility (2)

 

 

—

 

 

 

53.98

%
(1)
Expected life is calculated using the simplified method.
(2)
We determine our expected volatility based on our historical volatility.
Summary of Activity for Stock Option Programs

The following table presents the activity for the stock option programs for the 2022 first, second, and third quarters and the 2021 full year.

 

 

Number of
Options

 

 

 

Exercise
Price Per
Share

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2020 (2)

 

 

951,669

 

 

$

2.14 - 12.55

 

$

 

6.41

 

Granted

 

 

317,398

 

 

 

 

6.79

 

 

 

6.79

 

Cancelled

 

 

(113,310

)

 

 

4.89 - 11.53

 

 

 

6.64

 

Exercised (1)

 

 

(44,070

)

 

 

5.21 - 7.25

 

 

 

5.58

 

Outstanding at December 31, 2021

 

 

1,111,687

 

 

$

2.14 - 12.55

 

$

 

6.41

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(4,783

)

 

 

4.89 - 7.25

 

 

 

5.69

 

Exercised (1)

 

 

(23,192

)

 

 

4.89 - 7.25

 

 

 

6.53

 

Outstanding at March 31, 2022 (2)

 

 

1,083,712

 

 

$

2.14 - 12.55

 

 

$

6.53

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(2,103

)

 

 

4.89 - 7.25

 

 

 

6.37

 

Exercised (1)

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at June 30, 2022 (2)

 

 

1,081,609

 

 

$

2.14 - 12.55

 

 

$

6.53

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(486

)

 

 

4.89 - 7.25

 

 

 

6.07

 

Exercised (1)

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at September 30, 2022 (2)

 

 

1,081,123

 

 

$

2.14 - 12.55

 

 

$

6.53

 

Options exercisable at:

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

320,922

 

 

$

2.14 - 12.55

 

 

$

6.53

 

September 30, 2022

 

 

552,056

 

 

$

2.14 - 12.55

 

 

$

6.54

 
(1)
The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at the exercise date and the related exercise price of the underlying options, was $0 and less than $0.1 million for the three and nine months ended September 30, 2022 and was $0.2 million for the year ended December 31, 2021.
(2)
The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at September 30, 2022 and the related exercise price of the underlying options, was $0.6 million for outstanding options and $0.3 million for exercisable options as of September 30, 2022. The remaining contractual life was 7.3 years for outstanding options and 6.8 years for exercisable options at September 30, 2022.
Summary of Activity for Restricted Stock Programs

The following table presents the activity for the restricted stock programs for the 2022 first, second, and third quarters and the 2021 full year.

 

 

Number of
Shares

 

 

 

Grant
Price Per
Share

 

 

Weighted
Average
Grant Price

 

Outstanding at December 31, 2020

 

 

416,140

 

 

$

4.39 - 7.25

 

 

$

6.24

 

Granted

 

 

258,120

 

 

 

6.79 - 8.40

 

 

 

7.38

 

Cancelled

 

 

(21,940

)

 

 

4.89 - 7.25

 

 

 

5.98

 

Vested (1)

 

 

(158,994

)

 

 

4.39 - 7.25

 

 

 

6.16

 

Outstanding at December 31, 2021(2)

 

 

493,326

 

 

$

4.89 - 8.40

 

 

$

6.87

 

Granted

 

 

383,925

 

 

 

 

7.68

 

 

 

7.68

 

Cancelled

 

 

(5,747

)

 

 

4.89 - 8.40

 

 

 

7.33

 

Vested (1)

 

 

(126,234

)

 

 

4.89 - 7.25

 

 

 

6.55

 

Outstanding at March 31, 2022(2)

 

 

745,270

 

 

$

4.89 - 8.40

 

 

$

7.34

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(583

)

 

 

4.89 - 8.40

 

 

 

7.58

 

Vested (1)

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at June 30, 2022(2)

 

 

744,687

 

 

$

4.89 - 8.40

 

 

$

7.34

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(381

)

 

 

4.89 - 8.40

 

 

 

7.76

 

Exercised (1)

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at September 30, 2022 (2)

 

 

744,306

 

 

$

4.89 - 8.40

 

 

$

7.34

 
(1)
The aggregate fair value of the restricted stock vested was $0 and $1.0 million for the three and nine months ended September 30, 2022 and was $1.1 million for the year ended December 31, 2021.
(2)
The aggregate fair value of the restricted stock was $5.2 million as of September 30, 2022. The remaining vesting period was 2.4 years at September 30, 2022.
Summary of Activity for Unvested Options Outstanding

The following table presents the activity for the unvested options outstanding under the plans for the 2022 first, second, and third quarters.

 

 

Number of
Options

 

 

 

Exercise Price
Per Share

 

 

Weighted
Average
Exercise Price

 

Outstanding at December 31, 2021

 

 

790,765

 

 

$

4.89 - 7.25

 

 

$

6.52

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(4,200

)

 

 

4.89 - 7.25

 

 

 

5.48

 

Vested

 

 

(256,972

)

 

 

4.89 - 7.25

 

 

 

6.55

 

Outstanding at March 31, 2022

 

 

529,593

 

 

$

4.89 - 7.25

 

 

$

6.52

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(365

)

 

 

4.89 - 7.25

 

 

 

5.78

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at June 30, 2022

 

 

529,228

 

 

$

4.89 - 7.25

 

 

$

6.52

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(161

)

 

 

4.89 - 7.25

 

 

 

5.39

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at September 30, 2022

 

 

529,067

 

 

$

4.89 - 7.25

 

 

$

6.25