STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Stock Options

The fair value for options granted at the time of issuance were estimated at the date of grant using a Black-Scholes options pricing model. Significant assumptions included in the option value model include the fair value of our common stock at the grant date, weighted average volatility, risk-free interest rate, dividend yield and the forfeiture rate. There were no stock options granted in any of the periods presented.

Our stock option activity and related information are summarized as follows:

		Weighted-Average		Contractual Terms
	Options	Exercise Price		(in Years)
Outstanding at January 1, 2022	6,638	$	30.97	1.3
Exercised	(1,340)	30.97
Outstanding at June 30, 2022	5,298	$	30.97	0.9

Options generally include a time-based vesting schedule permitting the options to vest ratably over three years. At June 30, 2022 and December 31, 2021, all options were fully vested.

There was no stock-based compensation expense on stock options for the three and six months ended June 30, 2022 and 2021, respectively.

Restricted Stock

Our restricted stock activity and related information are summarized as follows:

		Weighted-Average
		Remaining
	Restricted	Contractual Terms
	Stock	(in Years)
Outstanding at January 1, 2022	368,446	1.1
Granted	209,584
Forfeited	(8,320)
Vested	(136,617)
Outstanding at June 30, 2022	433,093	1.9
Restricted stock exercisable at June 30, 2022	—

At June 30, 2022, there was $13,753 of unrecognized compensation expense remaining related to our service-based restricted stock awards. The unrecognized compensation cost was expected to be recognized over a weighted-average period of 1.9 years or earlier upon an elimination of the restriction period as a result of a change in control event.

Stock-based compensation expense on restricted stock amounted to $1,770 and $1,415 for the three months ended June 30, 2022 and 2021, respectively, and $3,296 and $2,731 for the six months ended June 30, 2022 and 2021, respectively. The increase in the stock compensation for the three and six months ended June 30, 2022 is primarily due to increase in plan participants from acquired businesses and newly hired employees to support the continued expansion of our business.