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Stock-Based Compensation
3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Equity Incentive Plan
In November 2016, in connection with its initial public offering, the Company adopted the 2016 Omnibus Incentive Plan (“2016 Plan”) which provides for the issuance of Awards (as defined in the 2016 Plan) of up to a maximum of 3,911 shares of the Company’s common stock to employees, non-employee members of the Board and consultants of the Company. On April 3, 2020, the Company’s board of directors adopted an amendment to the 2016 Plan to increase the available shares of common stock authorized for issuance by an additional 2,088 shares. The awards can be issued in the form of incentive stock options, non-qualified stock options or restricted stock.
During the three months ended March 31, 2021 and 2020, 14 and 0 shares of restricted stock were issued under the Plans, respectively. The grant date fair value per share of all the outstanding restricted stock was $2.44 - $8.91. The shares vest
over one to four years from their respective grant dates. For equity awards issued under the 2016 Plan, the grant date fair value was either the actual market price of the Company’s shares or an adjusted price using a Monte Carlo simulation for awards subject to the Company’s performance as compared to a defined peer group. The Company recognized, in operating expenses and cost of goods sold on the condensed consolidated income statements, $678 and $1,025 of compensation expense for the restricted stock during the three months ended March 31, 2021 and 2020, respectively. There is no impact to the cash flows of the Company related to stock-based compensation expense. At March 31, 2021, the Company had unrecognized compensation expense of $3,039 related to granted but unvested stock awards, which is to be recognized as follows:
Remainder of 2021$1,640 
2022868 
2023518 
202411 
2025
 Total$3,039 
 
The following table summarizes restricted stock activity under the Plans from December 31, 2020 through March 31, 2021:
 Number of
Shares
Weighted
Average
Unvested, December 31, 20201,886 $5.14 
Granted14 $3.07 
Vested(158)$9.73 
Forfeited(112)$6.58 
Unvested, March 31, 20211,630 $3.73