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STOCK BASED COMPENSATION
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
STOCK BASED COMPENSATION STOCK BASED COMPENSATION
Under the 2012 Omnibus Equity Award Plan, the Company has granted stock options, restricted stock and Performance-Based Restricted Stock Units (“PSUs”) to certain employees and directors.

The Company recorded total stock based compensation expense of $1.8 million and $3.4 million during each of the three and six month periods ended June 30, 2021, respectively, and $1.5 million and $3.1 million during the three and six months periods ended June 30, 2020. At June 30, 2021, there was $10.6 million of unrecognized compensation expense related to unvested awards, which is expected to be recognized over a weighted-average period of approximately 1.4 years.

Restricted Stock—Restricted stock is granted to employees of the Company and its subsidiaries, and to non-employee members of the Company’s Board. These shares are part of the compensation plan for services provided by the employees or Board members. The closing price of the Company’s stock on the date of grant is used to determine the fair value of the grants. The expense related to restricted stock grants is recorded over the vesting period as described below. There was no cash flow impact resulting from the grants.
Restricted stock vests in various increments either quarterly or on the anniversaries of each grant, subject to the recipient’s continued employment or service through each applicable vesting date. Vesting occurs over one year for Board members and over two to four years for employees.

A summary of the status of restricted stock awards as of June 30, 2021 and 2020 and the changes during the periods then ended is presented below:
Three Months Ended June 30, 2021Three Months Ended June 30, 2020
SharesWeighted- Average Fair Value at Grant DateSharesWeighted- Average Fair Value at Grant Date
Non-vested at beginning of the period4,107,217 $2.49 4,289,607 $2.52 
Granted291,460 $2.99 393,000 $2.39 
Forfeited(327,959)$2.65 (117,502)$2.74 
Vested(594,662)$2.35 (411,934)$2.70 
Non-vested at end of period3,476,056 $2.55 4,153,171 $2.48 

Six Months Ended June 30, 2021Six Months Ended June 30, 2020
SharesWeighted- Average Fair Value at Grant DateSharesWeighted- Average Fair Value at Grant Date
Non-vested at beginning of the period3,877,853 $2.49 3,994,787 $2.46 
Granted1,759,683 $2.68 1,860,500 $2.73 
Forfeited(532,134)$2.69 (280,298)$2.91 
Vested(1,629,346)$2.49 (1,421,818)$2.67 
Non-vested at end of period3,476,056 $2.55 4,153,171 $2.48 

PSUs—PSUs are granted to employees of the Company and its subsidiaries. These shares are granted under two compensation agreements that are for services provided by the employees. The first agreement expired and was terminated during the first quarter of 2020 and had no unvested shares as of March 31, 2020. Under the second agreement, the fair value of the PSUs are measured at the grant date fair value of the award, which was determined based on an analysis of the probable performance outcomes. The performance period is over one year and is based on the achievement of bookings targets during the year of grant, as defined in the agreement. The earned shares will then vest over a three year period, one-third on each of the first, second, and third anniversaries of the grant date, or if later, the date the Compensation Committee certifies the performance results with respect to the performance period. For the performance period ending December 31, 2020, as a result of the COVID-19 pandemic and its impact on the overall economy, the bookings targets were modified during the third quarter of 2020. Accordingly, the Company remeasured the awards.

There was no cash flow impact resulting from the grants.

A summary of the status of PSUs as of June 30, 2021 and 2020 and the changes during the periods then ended is presented below:
Three Months Ended June 30, 2021Three Months Ended June 30, 2020
SharesWeighted- Average Fair Value at
Grant Date		SharesWeighted- Average Fair Value at
Grant Date
Non-vested at beginning of the period1,897,671 $2.54 1,627,011 $2.51 
Forfeited(40,000)$2.62 (24,852)$2.73 
Vested(42,139)$2.75 (14,552)$3.00 
Non-vested at end of period1,815,532 $2.53 1,587,607 $2.50 
Six Months Ended June 30, 2021Six Months Ended June 30, 2020
SharesWeighted- Average Fair Value at
Grant Date		SharesWeighted- Average Fair Value at
Grant Date
Non-vested at beginning of the period1,352,438 $2.50 1,664,650 $2.53 
Granted990,000 $2.62 911,460 $2.82 
Forfeited(145,656)$2.63 (665,927)$3.28 
Vested(381,250)$2.60 (322,576)$1.95 
Non-vested at end of period1,815,532 $2.53 1,587,607 $2.50 

Stock Options—The fair value of each option grant is estimated using the Black-Scholes option-pricing model. This valuation model requires the Company to make assumptions and judgments about the variables used in the calculation, including the fair value of the Company’s common stock, the expected life (the period of time that the options granted are expected to be outstanding), the volatility of the Company’s common stock, a risk-free interest rate and expected dividends. The expected life of options granted is derived from historical exercise behavior. The risk-free rate for periods within the expected life of the option is based on the U.S. Treasury rates in effect at the time of grant. The stock options vest 25% after one year, beginning on the first anniversary date of the grant, and 6.25% each quarter following the first anniversary. There was no cash flow impact resulting from the grants. No stock options were granted during the six months ended June 30, 2021 and 2020.

A summary of the status of options previously granted as of June 30, 2021 and 2020, and the changes during the periods then ended, is presented below:
 Three Months Ended June 30, 2021
 OptionsWeighted-Average Exercise PriceAggregate Intrinsic Value
Options outstanding at beginning of the period25,000 $7.50 $— 
Forfeited(15,000)$7.00 $— 
Options outstanding at end of period10,000 $8.25 $— 
Exercisable at end of period10,000 $8.25 $— 
Three Months Ended June 30, 2020
OptionsWeighted-Average Exercise PriceAggregate Intrinsic Value
Options outstanding at beginning of the period110,000 $7.40 $— 
Options outstanding at end of period110,000 $7.40 $— 
Exercisable at end of period110,000 $7.40 $— 

Six Months Ended June 30, 2021
OptionsWeighted-Average Exercise PriceAggregate Intrinsic Value
Options outstanding at beginning of the period110,000 $7.40 $— 
Forfeited(100,000)$7.32 $— 
Options outstanding at end of period10,000 $8.25 $— 
Exercisable at end of period10,000 $8.25 $— 
Six Months Ended June 30, 2020
OptionsWeighted-Average Exercise PriceAggregate Intrinsic Value
Options outstanding at beginning of the period190,000 $8.28 $— 
Forfeited(80,000)$9.48 $— 
Options outstanding at end of period110,000 $7.40 $— 
Exercisable at end of period110,000 $7.40 $— 

The weighted-average remaining contractual term of options exercisable at June 30, 2021 is 0.3 years. The following table summarizes information about options outstanding as of June 30, 2021:
Exercise PriceOptions Outstanding and ExercisableWeighted-
Average
Remaining
Contractual Life
  (in years)
$  8.00 - $  8.99
10,000 0.3