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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2021
Summary of Stock-Based Compensation Expense by Type

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Service-based awards

 

$

640

 

 

$

865

 

 

$

1,095

 

 

$

1,287

 

Performance-based awards (short-term incentive plan)

 

 

138

 

 

 

0

 

 

 

196

 

 

 

0

 

Performance-based awards (long-term incentive plan)

 

 

194

 

 

 

77

 

 

 

233

 

 

 

155

 

Employee stock purchase plan

 

 

67

 

 

 

59

 

 

 

133

 

 

 

121

 

Total

 

$

1,039

 

 

$

1,001

 

 

$

1,657

 

 

$

1,563

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-Based Compensation

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Cost of revenues

 

$

65

 

 

$

74

 

 

$

134

 

 

$

146

 

Research and development

 

 

140

 

 

 

145

 

 

 

282

 

 

 

282

 

Sales and marketing

 

 

226

 

 

 

164

 

 

 

386

 

 

 

314

 

General and administrative

 

 

608

 

 

 

618

 

 

 

855

 

 

 

821

 

Total

 

$

1,039

 

 

$

1,001

 

 

$

1,657

 

 

$

1,563

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table presents a summary of the remaining unrecognized share-based compensation expense related to outstanding share-based awards as of June 30, 2021:

Award Type

 

Remaining Unrecognized Compensation Expense

 

 

Weighted Average Life (Years)

 

Service-based awards

 

$

2,140

 

 

 

1.5

 

Performance-based awards

 

$

2,185

 

 

 

2.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Stock Option Activity

The following tables summarizes the stock option activity for the six months ended June 30, 2021:

 

 

 

Options Outstanding

 

 

Weighted

Average

Exercise

Price

 

Outstanding at December 31, 2020

 

 

16,250

 

 

$

6.54

 

Options exercised

 

 

(6,000

)

 

 

5.48

 

Options cancelled/expired

 

 

(6,250

)

 

 

7.89

 

Outstanding at June 30, 2021

 

 

4,000

 

 

$

6.02

 

Exercisable at June 30, 2021

 

 

3,664

 

 

$

5.93

 

 

 

 

 

 

 

 

 

 

Information about Stock Options Outstanding Under all Stock 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 - $ 6.98

 

 

4,000

 

 

2.92

 

$

6.02

 

 

 

3,664

 

 

$

5.93

 

 

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 June 30, 2021, was the following:

 

 

 

Weighted

Average

Contractual

Life (years)

 

 

Intrinsic

Value

 

Options Outstanding

 

 

2.92

 

 

$

3

 

Options Exercisable

 

 

2.86

 

 

$

3

 

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, 2020

 

 

316,726

 

 

$

6.84

 

Awards granted

 

 

187,864

 

 

 

8.15

 

Unvested Performance Awards - June 30, 2021

 

 

504,590

 

 

$

7.33

 

Summary Of Active Performance-Based Long-Term Incentive Plans

The following table summarizes the active performance-based long-term incentive plans at June 30, 2021:

                           

 

 

 

 

 

 

Number of Shares

 

 

 

 

 

Share Price

 

 

That Could Be Earned:

 

 

 

LTIP award

 

on Grant Date

 

 

Target

 

Maximum

 

 

Performance Period

2019 LTIP

 

$

5.27

 

 

 

171,437

 

 

295,325

 

 

January 1, 2019 through December 31, 2021

2020 LTIP

 

$

8.70

 

 

 

145,289

 

 

254,256

 

 

January 1, 2020 through December 31, 2022

2021 LTIP

 

$

8.15

 

 

 

187,864

 

 

328,762

 

 

January 1, 2021 through December 31, 2023

 

 

 

 

 

 

 

504,590

 

 

878,343

 

 

 

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

 

 

 

2021

 

 

2020

 

Dividend yield

 

 

3.1

%

 

 

4.1

%

Risk-free interest rate

 

 

0.1

%

 

 

0.1

%

Expected volatility

 

 

48

%

 

 

44

%

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, 2020

 

 

2,416

 

 

$

6.90

 

Shares awarded

 

 

61,186

 

 

 

6.57

 

Shares vested

 

 

(52,068

)

 

 

6.65

 

Outstanding - June 30, 2021

 

 

11,534

 

 

$

6.57

 

 

 

 

 

 

 

 

 

 

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

The following table summarizes service-based restricted stock activity for the six months ended June 30, 2021: 

 

 

 

Shares

 

 

Weighted

Average

Fair Value

 

Unvested Restricted Stock Awards - December 31, 2020

 

 

432,422

 

 

$

6.90

 

Shares awarded

 

 

170,158

 

 

 

8.04

 

Shares vested

 

 

(270,607

)

 

 

6.60

 

Shares cancelled

 

 

(3,102

)

 

 

7.76

 

Unvested Restricted Stock Awards - June 30, 2021

 

 

328,871

 

 

$

7.75

 

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

The following table summarizes the restricted stock unit activity during the six months ended June 30, 2021:

 

 

 

Shares

 

 

Weighted

Average

Fair Value

 

Unvested Restricted Stock Units - December 31, 2020

 

 

9,083

 

 

$

7.02

 

Units awarded

 

 

17,800

 

 

 

7.11

 

Units vested/Shares awarded

 

 

(5,446

)

 

 

6.47

 

Unvested Restricted Stock Units - June 30, 2021

 

 

21,437

 

 

$

7.23