Stock-Based Compensation |
17. Stock-Based Compensation The Company’s compensation program comprises three main elements: (1) base salary, (2) an annual short-term incentive plan (“STIP”) award which may be in the form of cash or Deferred Share Units (“DSUs”) with immediate vesting, and (3) long-term equity-based incentive compensation (“LTIP”) in the form of stock options, Restricted Share Units (“RSUs”), and Performance Share Units (“PSUs”). The Gold Resource Corporation 2016 Equity Incentive Plan (the “Incentive Plan”) allows for the issuance of up to 5 million shares of common stock in the form of incentive and non-qualified stock options, stock appreciation rights, RSUs, stock grants, stock units, performance shares, PSUs, and DSUs. The Company’s STIP for its management team provides an annual award, which may be settled as a cash payable through the issuance of fully vested equity awards (such as fully vested stock grants or DSUs), or a combination of cash and stock awards (DSUs), upon achievement of specified performance metrics. As of September 30, 2024, the Company has a $0.7 million liability accrued for the 2024 bonuses in accrued expenses and other liabilities. Stock-based compensation expense for the periods presented is as follows: | | | | | | | | | | | | | | | For the three months ended September 30, | | For the nine months ended September 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | | | (in thousands) | | (in thousands) | Stock options | | $ | - | | $ | 10 | | $ | 22 | | $ | 250 | Restricted stock units | | | 184 | | | 95 | | | 441 | | | 422 | Performance stock units | | | 9 | | | (118) | | | 137 | | | (150) | Deferred stock units | | | 10 | | | (89) | | | 47 | | | (20) | Total | | $ | 203 | | $ | (102) | | $ | 647 | | $ | 502 |
Stock Options A summary of stock option activities under the Incentive Plan for the nine months ended September 30, 2024 and 2023 is presented below: | | | | | | | | Stock Options | | Weighted Average Exercise Price (per share) | Outstanding as of December 31, 2022 | | 1,475,316 | | $ | 2.90 | Expired or Forfeited | | (414,569) | | | 2.69 | Outstanding as of September 30, 2023 | | 1,060,747 | | $ | 2.98 | | | | | | | Outstanding as of December 31, 2023 | | 840,612 | | $ | 2.99 | Grant / Exercise / Forfeiture | | - | | | - | Outstanding as of September 30, 2024 | | 840,612 | | $ | 2.99 | | | | | | | Vested and exercisable as of September 30, 2024 | | 840,612 | | $ | 2.99 |
Restricted Stock Units A summary of RSU activities under the Incentive Plan for the nine months ended September 30, 2024 and 2023 is presented below: | | | | | | | | Restricted Stock Units | | Aggregate Intrinsic Value (in thousands) | Nonvested as of December 31, 2022 | | 575,548 | | $ | 881 | Granted | | 779,192 | | | | Vested but not redeemed (deferred) | | (106,955) | | | | Vested and redeemed | | (100,057) | | | | Vested and forfeited for net settlement | | (30,181) | | | | Forfeited | | (270,292) | | | | Nonvested as of September 30, 2023 | | 847,255 | | $ | 363 | | | | | | | Nonvested as of December 31, 2023 | | 847,255 | | $ | 319 | Granted | | 832,091 | | | | Granted in lieu of bonus | | 637,929 | | | | Vested but not redeemed (deferred) | | (134,257) | | | | Vested and redeemed | | (119,997) | | | | Vested and forfeited for net settlement | | (76,994) | | | | Forfeited | | (54,769) | | | | Nonvested as of September 30, 2024 | | 1,931,258 | | $ | 675 |
Performance Stock Units A summary of PSU activities under the Incentive Plan for the nine months ended September 30, 2024 and 2023 is presented below: | | | | | | | | Performance Share Units | | | Liability Balance (in thousands) | Outstanding as of December 31, 2022 | | 695,041 | | $ | 332 | Granted | | 534,890 | | | | Forfeited | | (349,005) | | | | Outstanding as of September 30, 2023 | | 880,926 | | $ | 182 | | | | | | | Outstanding as of December 31, 2023 | | 880,926 | | $ | 164 | Granted | | 682,367 | | | | Forfeited | | (33,113) | | | | Redeemed | | (201,258) | | | | Outstanding as of September 30, 2024 | | 1,328,922 | | $ | 235 |
Deferred Stock Units A summary of DSU activities under the Incentive Plan for the nine months ended September 30, 2024 and 2023 is presented below: | | | | | | | | | | | | | | Deferred Stock Units | | | Liability Balance (in thousands) | Outstanding as of December 31, 2022 | | 360,699 | | $ | 552 | Granted | | 278,663 | | | | Granted in lieu of board fees | | 63,624 | | | | Granted in lieu of executive bonus | | 212,407 | | | | Redeemed | | (373,489) | | | | Outstanding as of September 30, 2023 | | 541,904 | | $ | 233 | | | | | | | Outstanding as of December 31, 2023 | | 586,291 | | $ | 223 | Granted in lieu of board fees | | 183,208 | | | | Outstanding as of September 30, 2024 | | 769,499 | | $ | 269 |
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