XML 47 R36.htm IDEA: XBRL DOCUMENT v3.22.0.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Reserved Shares of Common Stock for Future Issuance

A summary of the reserved shares of common stock for future issuance are as follows:

 

 

December 31,

 

Stock Plan

 

2021

 

 

2020

 

PCTEL, Inc. 2019 Stock Incentive Plan

 

 

1,870,260

 

 

 

2,109,184

 

PCTEL, Inc. 2015 Stock Incentive Plan

 

 

299,979

 

 

 

299,979

 

PCTEL, Inc. 2019 Employee Stock Purchase Plan

 

 

1,478,036

 

 

 

1,642,294

 

Total shares reserved

 

 

3,648,275

 

 

 

4,051,457

 

 

 

 

 

 

 

 

 

 

 

Summary of Stock-Based Compensation Expense by Type

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

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

Service-based awards

 

$

1,405

 

 

$

1,803

 

Director awards

 

 

373

 

 

 

402

 

Performance-based awards (long-term incentive plan)

 

 

576

 

 

 

28

 

Performance-based awards (short-term incentive plan)

 

 

300

 

 

 

0

 

Employee stock purchase plan

 

 

267

 

 

 

245

 

Stock options

 

 

0

 

 

 

1

 

Total

 

$

2,921

 

 

$

2,479

 

 

 

 

 

 

 

 

 

 

 

Stock-Based Compensation

The stock-based compensation is reflected in the consolidated statements of income as follows:

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

Cost of revenues

 

$

268

 

 

$

272

 

Research and development

 

 

543

 

 

 

530

 

Sales and marketing

 

 

658

 

 

 

559

 

General and administrative

 

 

1,452

 

 

 

1,118

 

Total

 

$

2,921

 

 

$

2,479

 

 

 

 

The following table presents a summary of the remaining unrecognized share-based compensation expense related to our outstanding share-based awards as of December 31, 2021:

Award Type

 

Remaining Unrecognized Compensation Expense

 

 

Weighted Average Life (Years)

 

Service-based awards

 

$

1,483

 

 

 

1.4

 

Performance-based awards

 

$

1,914

 

 

 

1.9

 

 

 

Summary of Service-based Restricted Stock Activity

The following table summarizes service-based restricted stock activity:

 

 

Years ended December 31,

 

 

 

2021

 

 

2020

 

Unvested Restricted Stock Awards

 

Shares

 

 

Weighted

Average

Fair Value

 

 

Shares

 

 

Weighted

Average

Fair Value

 

Beginning of year

 

 

432,422

 

 

$

6.91

 

 

 

474,771

 

 

$

6.11

 

Shares awarded

 

 

170,158

 

 

 

8.04

 

 

 

201,233

 

 

 

7.91

 

Shares vested

 

 

(272,274

)

 

 

6.58

 

 

 

(239,615

)

 

 

6.18

 

Shares cancelled

 

 

(3,970

)

 

 

7.84

 

 

 

(3,967

)

 

 

6.19

 

End of year

 

 

326,336

 

 

$

7.76

 

 

 

432,422

 

 

$

6.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following summarizes the service-based restricted stock unit activity:

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

Unvested Restricted Stock Units

 

Shares

 

 

Weighted

Average

Fair Value

 

 

Shares

 

 

Weighted

Average

Fair Value

 

Beginning of year

 

 

9,083

 

 

$

7.02

 

 

 

8,117

 

 

$

5.83

 

Units awarded

 

 

17,800

 

 

 

7.11

 

 

 

6,448

 

 

 

7.48

 

Units vested/Shares awarded

 

 

(5,446

)

 

 

6.47

 

 

 

(5,482

)

 

 

5.80

 

End of year

 

 

21,437

 

 

$

7.23

 

 

 

9,083

 

 

$

7.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity:

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

 

 

Options

Outstanding

 

 

Weighted

Average

Exercise

Price

 

 

Options

Outstanding

 

 

Weighted

Average

Exercise

Price

 

Beginning of Year

 

 

16,250

 

 

$

6.54

 

 

 

150,246

 

 

$

7.11

 

Options exercised

 

 

(6,000

)

 

 

5.48

 

 

 

(61,767

)

 

 

7.13

 

Options forfeited

 

 

0

 

 

 

0

 

 

 

(188

)

 

 

5.00

 

Options cancelled/expired

 

 

(6,250

)

 

 

7.89

 

 

 

(72,041

)

 

 

7.23

 

End of Year

 

 

4,000

 

 

$

6.02

 

 

 

16,250

 

 

$

6.54

 

Exercisable

 

 

3,916

 

 

$

6.00

 

 

 

15,620

 

 

$

6.52

 

 

 

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)

 

 

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

 

 

 

2.42

 

 

$

1

 

 

$

6.02

 

 

 

3,916

 

 

 

2.40

 

 

$

1

 

 

$

6.00

 

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

The weighted average contractual life and intrinsic value on December 31, 2021, was the following:

 

 

Weighted

Average

Contractual

Life (years)

 

 

Intrinsic

Value

 

Options Outstanding

 

 

2.42

 

 

$

1

 

Options Exercisable

 

 

2.40

 

 

$

1

 

 

 

Summary of Performance Share Activity

The following table summarizes the performance award activity:

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

Unvested Performance Awards - at Target

 

Awards

 

 

Weighted

Average

Fair Value

 

 

Awards

 

 

Weighted

Average

Fair Value

 

Beginning of Year

 

 

316,726

 

 

$

6.84

 

 

 

171,437

 

 

$

5.27

 

Awards granted

 

 

187,864

 

 

 

8.15

 

 

 

145,289

 

 

 

8.70

 

Awards cancelled

 

 

(171,437

)

 

 

5.27

 

 

 

0

 

 

 

0.00

 

End of Year

 

 

333,153

 

 

$

8.39

 

 

 

316,726

 

 

$

6.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Active Performance-Based Long-Term Incentive Plans

The following table summarizes the active performance-based long-term incentive plans at December 31, 2021:

 

 

 

 

 

 

 

Number of Shares

 

 

 

 

 

Share Price

 

 

That Could Be Earned:

 

 

 

LTIP award

 

on Grant Date

 

 

Target

 

Maximum

 

 

Performance Period

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

 

 

 

 

 

 

 

333,153

 

 

583,018

 

 

 

 

Summary of ESSP Activity

The following table summarizes the ESPP activity:

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

 

 

Shares

 

 

Weighted

Average

Fair Value

at Grant

Date

 

 

Shares

 

 

Weighted

Average

Fair Value

at Grant

Date

 

Outstanding, beginning of year

 

 

0

 

 

$

0.00

 

 

 

0

 

 

$

0.00

 

Granted

 

 

164,258

 

 

 

1.62

 

 

 

157,706

 

 

 

1.68

 

Vested

 

 

(164,258

)

 

 

1.62

 

 

 

(157,706

)

 

 

1.68

 

Outstanding, end of year

 

 

0

 

 

$

0.00

 

 

 

0

 

 

$

0.00

 

 

 

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

The Company calculated the fair value of each employee stock purchase grant under the ESPP 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:

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

 

 

Shares

 

 

Weighted

Average

Fair Value

at Grant

Date

 

 

Shares

 

 

Weighted

Average

Fair Value

at Grant

Date

 

Outstanding, beginning of year

 

 

2,416

 

 

$

6.90

 

 

 

4,831

 

 

$

6.90

 

Granted

 

 

61,186

 

 

 

6.57

 

 

 

60,998

 

 

 

6.59

 

Vested

 

 

(52,068

)

 

 

(6.65

)

 

 

(63,413

)

 

 

(6.60

)

Outstanding, end of year

 

 

11,534

 

 

$

6.57

 

 

 

2,416

 

 

$

6.90