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SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of performance-based option pricing model The following assumptions were used to determine the fair values as of the grant date:
Three months ended March 31, 2022
 Black-Scholes
Risk-free interest rate (%)1.62 
Expected stock price volatility (%)67.75 %
Expected dividend yield— 
Expected option life (in years)6.00
Fair value$7.27 
Summary of the weighted average fair value of stock options granted, the total intrinsic value of stock options exercised and the fair value of options vested
The following table summarizes the grant date fair value of stock options that vested during the periods presented:
 Three months ended March 31,
(in thousands, except per share data)20222021
Weighted average grant date fair value of stock options granted per share$8.19 $— 
Intrinsic value of options exercised— — 
Grant date fair value of stock options that vested1,031 1,186 
Summary of the activity of the entity's stock options
The following table summarizes the activity related to our stock options:
 Number of optionsWeighted average exercise price
Weighted average contractual term (in years)
Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2021687,339 $27.99 4.57$— 
Granted105,000 11.86 
Forfeited(59,900)59.99   
Outstanding as of March 31, 2022732,439 27.35 5.47— 
Exercisable as of March 31, 2022544,190 25.45 4.92— 
Restricted stock and restricted stock units activity
The following table summarizes the activity related to our restricted shares and restricted share units:
Number of restricted shares and restricted share units
Outstanding as of December 31, 2021677,175 
Granted387,761 
Issued(146,567)
Forfeited/canceled(126,564)
Outstanding as of March 31, 2022791,805