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Stock Options and Restricted Stock (Tables)
 9 Months Ended
Sep. 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, second, and third 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

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Exercised (1)

 

 

(18,840

)

 

 

4.89 - 7.25

 

 

 

6.17

 

Outstanding at September 30, 2023 (2)

 

 

965,146

 

 

$

2.14 - 9.38

 

 

$

6.51

 

Options vested at:

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

548,426

 

 

$

2.14 - 9.38

 

 

$

6.51

 

September 30, 2023

 

 

702,886

 

 

$

2.14 - 9.38

 

 

$

6.51

 
(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 $0.1 million for the three and nine months ended September 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 September 30, 2023 and the related exercise price of the underlying options, was $0.5 million for outstanding options and $0.4 million for vested options as of September 30, 2023. The remaining contractual life was 6.4 years for outstanding options and 6.1 years for vested options at September 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, second, and third 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

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

—

 

 

 

 

—

 

 

 

—

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at September 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, second, and third 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 (1)

 

 

(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

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at June 30, 2023 (2)

 

 

917,734

 

 

$

4.89 - 8.40

 

 

$

7.59

 

Granted

 

 

—

 

 

 

 

—

 

 

 

—

 

Cancelled

 

 

(126

)

 

 

 

6.86

 

 

 

7.59

 

Vested

 

 

—

 

 

 

 

—

 

 

 

—

 

Outstanding at September 30, 2023

 

 

917,608

 

 

$

4.89 - 8.40

 

 

$

7.59

 
(1)
The aggregate fair value of the restricted stock vested was $2.1 million for the nine months ended September 30, 2023 and was $1.0 million for the year ended December 31, 2022.
(2)
The aggregate fair value of the restricted stock was $6.4 million as of September 30, 2023. The remaining vesting period was 2.4 years at September 30, 2023.