Stock Options and Restricted Stock (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Activity for Stock Option Programs

The following table presents the activity for the stock option programs for the 2023 first and second quarters and the 2022 full year.

	Number of Options				Exercise Price Per Share		Weighted Average Exercise Price
Outstanding at December 31, 2021		1,111,687		$	2.14-12.55		$	6.41
Granted		—				—		—
Cancelled		(26,093	)		4.89 - 12.55			7.08
Exercised		(23,745	)		4.89 - 7.25			6.51
Outstanding at December 31, 2022		1,061,849		$	2.14 - 9.38		$	6.51
Granted		—				—		—
Cancelled		(25,194	)		4.89 - 9.38			6.97
Exercised (1)		(44,583	)		4.89 - 7.25			6.55
Outstanding at March 31, 2023		992,072		$	2.14 - 9.38		$	6.53
Granted		—				—		—
Cancelled		(7,803	)		4.89 - 7.25			6.31
Exercised (1)		(283	)			4.89		4.89
Outstanding at June 30, 2023 (2)		983,986		$	2.14 - 9.38		$	6.50
Options vested at:
December 31, 2022		548,426		$	2.14 - 9.38		$	6.51
June 30, 2023		721,726		$	2.14 - 9.38		$	6.50

(1)The aggregate intrinsic value of exercised options, 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 less than $0.1 million for the three and six months ended June 30, 2023 and was $0.1 million for the year ended December 31, 2022.

(2)The aggregate intrinsic value of outstanding options, which represents the difference between the price of the Company’s common stock at June 30, 2023 and the related exercise price of the underlying options, was $1.4 million for outstanding options and $1.0 million for vested options as of June 30, 2023. The remaining contractual life was 6.6 years for outstanding options and 6.4 years for vested options at June 30, 2023.

Summary of Activity for Unvested Options Outstanding

The following table presents the activity for the unvested options outstanding under the plans described above for the 2023 first and second quarter.

	Number of Options				Exercise Price Per Share		Weighted Average Exercise Price
Outstanding at December 31, 2022		513,423		$	4.89 - 7.25		$	6.52
Granted		—				—		—
Cancelled		(2,951	)		4.89 - 7.25			5.53
Vested		(248,212	)		4.89 - 7.25			6.55
Outstanding at March 31, 2023		262,260		$	4.89 - 7.25		$	6.49
Granted		—				—		—
Cancelled		—				—		—
Vested		—				—		—
Outstanding at June 30, 2023		262,260		$	4.89 - 7.25		$	6.49

Summary of Activity for Restricted Stock Programs

The following table presents the activity for the restricted stock programs for the 2023 first and second quarter and the 2022 full year.

	Number of Shares				Grant Price Per Share		Weighted Average Grant Price
Outstanding at December 31, 2021		493,326		$	4.89 - 7.25		$	6.87
Granted		522,475			6.86 -7.68			7.46
Cancelled		(29,373	)		4.89 - 8.40			7.32
Vested (1)		(129,140	)		4.89 - 7.25			6.53
Outstanding at December 31, 2022		857,288		$	4.89 - 7.25		$	7.27
Granted		304,749				8.08		8.08
Cancelled		(9,843	)		4.89 - 8.40			7.18
Vested		(245,990	)		4.89 - 7.68			7.12
Outstanding at March 31, 2023		906,204		$	4.89 - 8.40		$	7.58
Granted		11,734				7.67		7.67
Cancelled		(204	)			6.86		6.86
Vested (1)		—				—		—
Outstanding at June 30, 2023 (2)		917,734		$	4.89 - 8.40		$	7.59

(1)The aggregate fair value of the restricted stock vested was $2.1 million for the six months ended June 30, 2023 and was $1.0 million for the year ended December 31, 2022.

(2)The aggregate fair value of the restricted stock was $7.3 million as of June 30, 2023. The remaining vesting period was 2.6 years at June 30, 2023.