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Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2020
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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Service-based awards

 

$

462

 

 

$

472

 

 

$

1,749

 

 

$

1,942

 

Performance-based awards - short-term incentive plan

 

 

0

 

 

 

361

 

 

 

0

 

 

 

990

 

Performance-based awards - long-term incentive plan

 

 

(88

)

 

 

56

 

 

 

67

 

 

 

170

 

Employee stock purchase plan

 

 

59

 

 

 

29

 

 

 

180

 

 

 

143

 

Stock options

 

 

0

 

 

 

0

 

 

 

0

 

 

 

1

 

Total

 

$

433

 

 

$

918

 

 

$

1,996

 

 

$

3,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Cost of revenues

 

$

61

 

 

$

87

 

 

$

207

 

 

$

292

 

Research and development

 

 

121

 

 

 

158

 

 

 

403

 

 

 

507

 

Sales and marketing

 

 

115

 

 

 

158

 

 

 

429

 

 

 

521

 

General and administrative

 

 

136

 

 

 

515

 

 

 

957

 

 

 

1,926

 

Total

 

$

433

 

 

$

918

 

 

$

1,996

 

 

$

3,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table presents a summary of the remaining unrecognized share-based compensation expense related to outstanding share-based awards as of September 30, 2020:

Award Type

 

Remaining Unrecognized Compensation Expense

 

 

Weighted Average Life (Years)

 

Service-based awards

 

$

1,793

 

 

 

1.3

 

Performance-based awards

 

$

495

 

 

 

2.0

 

Stock options

 

$

1

 

 

 

0.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Stock Option Activity

A summary of the Company’s stock option activity for the nine months ended September 30, 2020 is as follows:

 

 

 

Options Outstanding

 

 

Weighted

Average

Exercise

Price

 

Outstanding at December 31, 2019

 

 

150,246

 

 

$

7.11

 

Options exercised

 

 

(61,767

)

 

 

7.13

 

Options forfeited

 

 

(188

)

 

 

5.00

 

Options cancelled/expired

 

 

(72,041

)

 

 

7.23

 

Outstanding at September 30, 2020

 

 

16,250

 

 

$

6.54

 

Exercisable at September 30, 2020

 

 

15,431

 

 

$

6.53

 

 

 

 

 

 

 

 

 

 

Information about Stock Options Outstanding Under all Stock Plans The following table summarizes information about stock options outstanding under all stock option plans:

 

 

Options Outstanding

 

 

Options Exercisable

Range of

Exercise Prices

 

Number

Outstanding

 

Weighted

Average

Contractual

Life (Years)

 

Weighted-

Average

Exercise

Price

 

 

Number

Exercisable

 

Weighted

Average

Exercise

Price

$ 5.06

 

7,000

 

2.96

 

$5.06

 

 

6,895

 

$5.06

$ 6.98 - $ 7.55

 

4,750

 

2.41

 

7.22

 

 

4,036

 

7.26

$ 8.09 - $ 8.21

 

4,500

 

1.17

 

8.12

 

 

4,500

 

8.12

$ 5.06 - $ 8.21

 

16,250

 

2.30

 

$

6.54

 

 

15,431

 

$6.53

 

Weighted Average Contractual Life and Intrinsic Value of the Options Outstanding and Options Exercisable

The weighted average contractual life and intrinsic value of options outstanding and options exercisable at September 30, 2020, was the following:

 

 

 

Weighted

Average

Contractual

Life (years)

 

 

Intrinsic

Value

 

Options Outstanding

 

 

2.30

 

 

$

4

 

Options Exercisable

 

 

2.20

 

 

$

4

 

Summary of Performance Share Activity

The following table summarizes the performance award activity:

At Target

 

Awards

 

 

Weighted

Average

Fair Value

 

Unvested Performance Awards - December 31, 2019

 

 

171,437

 

 

$

5.27

 

Awards granted

 

 

145,289

 

 

 

8.70

 

Unvested Performance Awards - September 30, 2020

 

 

316,726

 

 

$

6.84

 

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

 

 

 

2020

 

 

2019

 

Dividend yield

 

 

4.1

%

 

 

4.1

%

Risk-free interest rate

 

 

0.1

%

 

 

2.5

%

Expected volatility

 

 

44

%

 

 

34

%

Expected life (in years)

 

 

0.5

 

 

 

0.5

 

Board of Directors [Member]  
Summary of Director Awards Activity

The following table summarizes the director awards activity:

    

 

 

Shares

 

 

Weighted

Average

Fair Value

 

Outstanding - December 31, 2019

 

 

4,831

 

 

$

6.90

 

Shares awarded

 

 

60,998

 

 

 

6.59

 

Shares vested

 

 

(63,413

)

 

 

6.60

 

Outstanding - September 30, 2020

 

 

2,416

 

 

$

6.90

 

 

 

 

 

 

 

 

 

 

Restricted Stock [Member]  
Summary of Service-based Restricted Stock Activity

The following table summarizes service-based restricted stock activity for the nine months ended September 30, 2020: 

 

 

 

Shares

 

 

Weighted

Average

Fair Value

 

Unvested Restricted Stock Awards - December 31, 2019

 

 

477,187

 

 

$

6.11

 

Shares awarded

 

 

201,233

 

 

 

7.91

 

Shares vested

 

 

(236,698

)

 

 

6.20

 

Shares cancelled

 

 

(3,000

)

 

 

5.92

 

Unvested Restricted Stock Awards - September 30, 2020

 

 

438,722

 

 

$

6.89

 

Restricted Stock Units [Member]  
Summary of Service-based Restricted Stock Activity

The following table summarizes the restricted stock unit activity during the nine months ended September 30, 2020:

 

 

 

Shares

 

 

Weighted

Average

Fair Value

 

Unvested Restricted Stock Units - December 31, 2019

 

 

8,117

 

 

$

5.83

 

Units awarded

 

 

6,448

 

 

 

7.48

 

Units vested/Shares awarded

 

 

(5,482

)

 

 

5.80

 

Unvested Restricted Stock Units - September 30, 2020

 

 

9,083

 

 

$

7.02