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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2023
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 March 31,

 

 

2023

 

 

2022

 

Service-based awards

 

$

361

 

 

$

320

 

Performance-based awards (short-term incentive plan)

 

 

115

 

 

 

81

 

Performance-based awards (long-term incentive plan)

 

 

(259

)

 

 

306

 

Employee stock purchase plan

 

 

61

 

 

 

67

 

Total

 

$

278

 

 

$

774

 

 

 

 

 

 

 

 

Stock-Based Compensation

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

 

 

Three Months Ended March 31,

 

 

2023

 

 

2022

 

Cost of revenues

 

$

29

 

 

$

65

 

Research and development

 

 

58

 

 

 

136

 

Sales and marketing

 

 

43

 

 

 

197

 

General and administrative

 

 

148

 

 

 

376

 

Total

 

$

278

 

 

$

774

 

 

 

 

 

 

 

 

 

 

The following table presents a summary of the remaining unrecognized share-based compensation expense related to outstanding share-based awards as of March 31, 2023:

Award Type

 

Remaining Unrecognized Compensation Expense

 

 

Weighted Average Life (Years)

 

Service-based awards

 

$

1,409

 

 

 

1.4

 

Performance-based awards

 

$

1,407

 

 

 

1.9

 

Summary of Service-based Restricted Stock Activity

The following table summarizes service-based restricted stock activity for the three months ended March 31, 2023:

 

 

 

Shares

 

 

Weighted
Average
Fair Value

 

Unvested Restricted Stock Awards - December 31, 2022

 

 

354,037

 

 

$

6.12

 

Shares awarded

 

 

80,393

 

 

 

4.55

 

Shares vested

 

 

(163,975

)

 

 

6.80

 

Shares cancelled

 

 

(267

)

 

 

8.70

 

Unvested Restricted Stock Awards - March 31, 2023

 

 

270,188

 

 

$

5.24

 

The following table summarizes the restricted stock unit activity during the three months ended March 31, 2023:

 

 

Shares

 

 

Weighted
Average
Fair Value

 

Unvested Restricted Stock Units - December 31, 2022

 

 

35,253

 

 

$

5.42

 

Units vested/Shares awarded

 

 

(9,152

)

 

 

5.40

 

Unvested Restricted Stock Units - March 31, 2023

 

 

26,101

 

 

$

5.45

 

 

 

 

 

 

 

 

Information about Stock Options Outstanding Under all Stock Plans

The following table summarizes information about stock options outstanding under all stock option plans at March 31, 2023:

 

 

Options Outstanding and Exercisable

 

Range of
Exercise Prices

 

Number of Shares

 

 

Weighted
Average
Contractual
Life (Years)

 

 

Intrinsic Value

 

 

Weighted-
Average
Exercise
Price

 

$ 5.06 - $ 6.98

 

 

4,000

 

 

 

1.17

 

 

$

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, 2022

 

 

521,204

 

 

$

6.85

 

Awards granted

 

 

163,222

 

 

 

4.55

 

Awards vested

 

 

(53,345

)

 

 

8.70

 

Awards cancelled

 

 

(82,544

)

 

 

8.70

 

Unvested Performance Awards - March 31, 2023

 

 

548,537

 

 

$

5.70

 

Summary Of Active Performance-Based Long-Term Incentive Plans

The following table summarizes the active performance-based long-term incentive plans at March 31, 2023:

 

 

 

 

 

Number of Shares

 

 

 

 

 

Share Price

 

 

That Could Be Earned:

 

 

 

LTIP award

 

on Grant Date

 

 

Target

 

Maximum

 

 

Performance Period

2021 LTIP

 

$

8.23

 

 

 

153,697

 

 

268,970

 

 

January 1, 2021 through December 31, 2023

2022 LTIP

 

$

4.83

 

 

 

231,618

 

 

405,332

 

 

January 1, 2022 through December 31, 2024

2023 LTIP

 

$

4.55

 

 

 

163,222

 

 

285,639

 

 

January 1, 2023 through December 31, 2025

 

 

 

 

 

 

548,537

 

 

959,941

 

 

 

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

 

 

2023

 

 

2022

 

Dividend yield

 

 

5.2

%

 

 

4.7

%

Risk-free interest rate

 

 

4.6

%

 

 

1.7

%

Expected volatility

 

 

48

%

 

 

48

%

Expected life (in years)

 

 

0.5

 

 

 

0.5

 

Summary of Director Awards Activity

The number of unvested director awards was as follows at March 31, 2023:

 

 

Shares

 

 

Weighted
Average
Fair Value

 

Outstanding - December 31, 2022

 

 

120,696

 

 

$

4.02

 

Shares awarded

 

 

0

 

 

 

0

 

Shares vested

 

 

0

 

 

 

0

 

Outstanding - March 31, 2023

 

 

120,696

 

 

$

4.02