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Stock Options and Restricted Stock (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [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.

 

 

 

Year ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Risk free interest rate

 

 

1.23

%

 

 

2.29

%

 

 

2.82

%

Expected dividend yield

 

 

—

 

 

 

0.66

 

 

 

4.86

 

Expected life of option in years (1)

 

 

6.25

 

 

 

6.25

 

 

 

6.00

 

Expected volatility (2)

 

 

51.03

%

 

 

49.03

%

 

 

30.00

%

 

(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 years ended December 31, 2020, 2019, and 2018.

 

 

 

Number of

Options

 

 

Exercise

Price Per

Share

 

 

Weighted

Average

Exercise Price

 

Outstanding at December 31, 2017

 

 

320,626

 

 

$2.14-13.84

 

 

$

8.78

 

Granted

 

 

39,000

 

 

5.27-5.58

 

 

 

5.46

 

Cancelled

 

 

(214,960

)

 

9.22-9.24

 

 

 

9.22

 

Exercised (1)

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2018

 

 

144,666

 

 

2.14-13.84

 

 

 

7.23

 

Granted

 

 

449,450

 

 

5.21-7.25

 

 

 

6.61

 

Cancelled

 

 

(44,076

)

 

6.55-13.84

 

 

 

9.00

 

Exercised (1)

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2019

 

 

550,040

 

 

2.14-13.53

 

 

 

6.58

 

Granted

 

 

444,557

 

 

4.89-6.68

 

 

 

6.24

 

Cancelled

 

 

(42,928

)

 

2.22-13.53

 

 

 

6.91

 

Exercised (1)

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding at December 31, 2020 (2)

 

 

951,669

 

 

$2.14-12.55

 

 

$

6.41

 

Options exercisable at

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

81,889

 

 

$2.14-13.84

 

 

$

9.25

 

December 31, 2019

 

 

62,778

 

 

2.14-13.53

 

 

 

7.60

 

December 31, 2020 (2)

 

 

178,307

 

 

2.14-12.55

 

 

 

6.33

 

 

(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 for 2020, 2019, and 2018.

(2)

The aggregate intrinsic value, which represents the difference between the price of the Company’s common stock at December 31, 2020 and the related exercise price of the underlying options, was $45,000 for outstanding options and $43,000 for exercisable options as of December 31, 2020. The remaining contractual life was 8.60 years for outstanding options and 7.23 years for exercisable options at December 31, 2020.

Summary of Activity for Restricted Stock Programs

The following table presents the activity for the restricted stock programs for the years ended December 31, 2020, 2019, and 2018.

 

 

 

Number of

Shares

 

 

Grant

Price Per

Share

 

Weighted

Average

Grant Price

 

Outstanding at December 31, 2017

 

 

408,582

 

 

$2.06-10.38

 

$

3.45

 

Granted

 

 

101,010

 

 

3.93-5.27

 

 

4.41

 

Cancelled

 

 

(9,737

)

 

3.93-9.08

 

 

4.66

 

Vested (1)

 

 

(308,940

)

 

2.06-10.38

 

 

3.35

 

Outstanding at December 31, 2018

 

 

190,915

 

 

2.14-5.27

 

 

4.06

 

Granted

 

 

216,148

 

 

4.80-7.25

 

 

6.59

 

Cancelled

 

 

(3,946

)

 

3.93-6.55

 

 

4.97

 

Vested (1)

 

 

(118,238

)

 

2.06-4.80

 

 

3.89

 

Outstanding at December 31, 2019

 

 

284,879

 

 

3.95-7.25

 

 

6.01

 

Granted

 

 

229,408

 

 

4.89-6.68

 

 

6.21

 

Cancelled

 

 

(8,755

)

 

3.95-7.25

 

 

6.93

 

Vested (1)

 

 

(89,392

)

 

3.95-6.55

 

 

5.37

 

Outstanding at December 31, 2020 (2)

 

 

416,140

 

 

$4.39-7.25

 

$

6.24

 

 

(1)

The aggregate fair value of the restricted stock vested was $579,000, $736,000, and $1,270,000 for 2020, 2019, and 2018.

(2)

The aggregate fair value of the restricted stock was $2,039,000 as of December 31, 2020. The remaining vesting period was 2.03 years at December 31, 2020.

Summary of Activity for Unvested Options Outstanding

The following table presents the activity for the unvested options outstanding under the plans for the year ended December 31, 2020.

 

 

 

Number of

Options

 

 

Exercise Price

Per Share

 

Weighted

Average

Exercise Price

 

Outstanding at December 31, 2019

 

 

487,262

 

 

$2.14-7.25

 

$

6.45

 

Granted

 

 

444,557

 

 

4.89-6.68

 

 

6.24

 

Cancelled

 

 

(20,630

)

 

6.55-7.25

 

 

6.76

 

Vested

 

 

(137,827

)

 

2.14-6.55

 

 

6.05

 

Outstanding at December 31, 2020

 

 

773,362

 

 

$4.89-7.25

 

$

6.42