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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock-Based Compensation Expense by Type

The stock-based compensation expense by type is as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service-based awards

 

$

447

 

 

$

341

 

 

$

1,150

 

 

$

1,435

 

Performance-based awards (short-term incentive plan)

 

 

346

 

 

 

(196

)

 

 

689

 

 

 

0

 

Performance-based awards (long-term incentive plan)

 

 

278

 

 

 

160

 

 

 

949

 

 

 

394

 

Employee stock purchase plan

 

 

76

 

 

 

67

 

 

 

219

 

 

 

200

 

Total

 

$

1,147

 

 

$

372

 

 

$

3,007

 

 

$

2,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-Based Compensation

Total stock-based compensation is reflected in the condensed consolidated statements of operations as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Cost of revenues

 

$

61

 

 

$

51

 

 

$

156

 

 

$

185

 

Research and development

 

 

163

 

 

 

102

 

 

 

472

 

 

 

384

 

Sales and marketing

 

 

241

 

 

 

73

 

 

 

694

 

 

 

458

 

General and administrative

 

 

682

 

 

 

146

 

 

 

1,685

 

 

 

1,002

 

Total

 

$

1,147

 

 

$

372

 

 

$

3,007

 

 

$

2,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table presents a summary of the remaining unrecognized share-based compensation expense related to outstanding share-based awards as of September 30, 2022:

Award Type

 

Remaining Unrecognized Compensation Expense

 

 

Weighted Average Life (Years)

 

Service-based awards

 

$

1,946

 

 

 

1.3

 

Performance-based awards

 

$

2,161

 

 

 

1.7

 

Summary of Service-based Restricted Stock Activity

The following table summarizes service-based restricted stock activity for the nine months ended September 30, 2022:

 

 

Shares

 

 

Weighted
Average
Fair Value

 

Unvested Restricted Stock Awards - December 31, 2021

 

 

326,336

 

 

$

7.76

 

Shares awarded

 

 

233,744

 

 

 

4.66

 

Shares vested

 

 

(166,473

)

 

 

7.30

 

Shares cancelled

 

 

(3,285

)

 

 

5.85

 

Unvested Restricted Stock Awards - September 30, 2022

 

 

390,322

 

 

$

6.12

 

The following table summarizes the restricted stock unit activity during the nine months ended September 30, 2022:

 

 

 

Shares

 

 

Weighted
Average
Fair Value

 

Unvested Restricted Stock Units - December 31, 2021

 

 

21,437

 

 

$

7.23

 

Units awarded

 

 

26,667

 

 

 

4.40

 

Units vested/Shares awarded

 

 

(4,501

)

 

 

7.33

 

Units cancelled

 

 

(2,000

)

 

 

6.98

 

Unvested Restricted Stock Units - September 30, 2022

 

 

41,603

 

 

$

5.42

 

 

 

 

 

 

 

 

Information about Stock Options Outstanding Under all Stock Plans

The following table summarizes information about stock options outstanding under all stock option plans at September 30, 2022:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of
Exercise Prices

 

Number
Outstanding

 

 

Weighted
Average
Contractual
Life (Years)

 

 

Intrinsic Value

 

 

Weighted
Average
Exercise
Price

 

 

Number
Exercisable

 

 

Weighted
Average
Contractual
Life (Years)

 

 

Intrinsic Value

 

 

Weighted
Average
Exercise
Price

 

$ 5.06 - $ 6.98

 

 

4,000

 

 

 

1.67

 

 

$

0

 

 

$

6.02

 

 

 

4,000

 

 

 

1.67

 

 

$

0

 

 

$

6.02

 

Summary of Performance Share Activity

The following table summarizes the performance award activity:

 

 

 

Awards at Target

 

 

Weighted
Average
Fair Value

 

Unvested Performance Awards - December 31, 2021

 

 

333,153

 

 

$

8.44

 

Awards granted

 

 

269,618

 

 

 

4.84

 

Awards cancelled

 

 

(18,800

)

 

 

8.01

 

Unvested Performance Awards - September 30, 2022

 

 

583,971

 

 

$

6.79

 

Summary Of Active Performance-Based Long-Term Incentive Plans

The following table summarizes the active performance-based long-term incentive plans at September 30, 2022:

 

 

 

 

 

 

Number of Shares

 

 

 

 

 

Share Price

 

 

That Could Be Earned:

 

 

 

LTIP award

 

on Grant Date

 

 

Target

 

Maximum

 

 

Performance Period

2020 LTIP

 

$

8.70

 

 

 

135,889

 

 

237,806

 

 

January 1, 2020 through December 31, 2022

2021 LTIP

 

$

8.25

 

 

 

179,797

 

 

314,645

 

 

January 1, 2021 through December 31, 2023

2022 LTIP

 

$

4.84

 

 

 

268,285

 

 

469,499

 

 

January 1, 2022 through December 31, 2024

 

 

 

 

 

 

583,971

 

 

1,021,950

 

 

 

Calculation of Fair Value of Each Employee Stock Purchase Grant Using Black-Scholes Option-Pricing Model

The Company calculated the fair value of each employee stock purchase grant on the date of grant using the Black-Scholes option-pricing model using the following assumptions:

 

 

 

Employee Stock Purchase Plan

 

 

 

2022

 

 

2021

 

Dividend yield

 

 

4.7

%

 

 

3.1

%

Risk-free interest rate

 

 

1.7

%

 

 

0.1

%

Expected volatility

 

 

48

%

 

 

48

%

Expected life (in years)

 

 

0.5

 

 

 

0.5

 

Summary of Director Awards Activity

The following table summarizes the director awards activity:

 

 

 

Shares

 

 

Weighted
Average
Fair Value

 

Outstanding - December 31, 2021

 

 

11,534

 

 

$

6.57

 

Shares awarded

 

 

124,801

 

 

 

4.02

 

Shares vested

 

 

(11,534

)

 

 

6.57

 

Shares cancelled

 

 

(4,105

)

 

 

4.02

 

Outstanding - September 30, 2022

 

 

120,696

 

 

$

4.02