Note 8 - Stock-based Compensation |
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Share-Based Payment Arrangement [Text Block] |
8. Stock-Based Compensation
Stock-based compensation expense for the three and six months ended June 30, 2022 and 2021 was classified in the condensed consolidated statement of operations as follows:
As of June 30, 2022, remaining unrecognized stock-based compensation cost from all plans to be recognized in future periods totaled $12.6 million.
Restricted Stock:
Prior to the adoption of the 2020 Plan, the Company issued restricted stock. A summary of the Company’s restricted stock activity during the six months ended June 30, 2022 is as follows:
As of June 30, 2022, the total unrecognized compensation cost related to stock compensation expense for restricted stock is $0.5 million, expected to be recognized over a weighted average period of 1.3 years.
2020 Plan
In June 2020, the Company’s board of directors adopted the 2020 Stock Option and Incentive Plan (the “2020 Plan”) and reserved 2.9 million shares of common stock for issuance under this plan. The 2020 Plan includes automatic annual increases. The increase on January 1, 2022 was 4.2 million shares. As of June 30, 2022, 2.2 million shares remain available for future grant.
The 2020 Plan authorizes the board of directors or a committee of the board to grant incentive stock options, nonqualified stock options, restricted stock awards and restricted stock units ("RSUs") to eligible officers, employees, consultants and directors of the Company. Options generally vest over a period of years and have a contractual life of years from the date of grant.
Stock Options:
The following table summarizes the stock option activity for the 2020 Plan:
For the six months ended June 30, 2022, the weighted average grant date fair value for options granted was $2.29. The intrinsic value for options vested as of June 30, 2022, was $47 thousand. As of June 30, 2022, the total unrecognized compensation cost related to outstanding options was $8.2 million, to be recognized over a weighted average period of 3.0 years.
For the six months ended June 30, 2021, the weighted average grant date fair value for options granted was $3.95. There was no intrinsic value for options vested as of June 30, 2021.
The weighted average assumptions used in the Black-Scholes pricing model to determine the fair value of stock options granted during the six months ended June 30, 2022 and 2021 were as follows:
RSUs:
The following table summarizes the RSU activity for the 2020 Plan:
Weighted average price per share is the weighted grant price based on the closing market price of each of the stock grants. The weighted average fair value is the weighted average share price times the number of shares.
As of June 30, 2022, remaining unrecognized compensation cost related to RSUs to be recognized in future periods totaled $3.9 million, which is expected to be recognized over a weighted average period of 3.4 years. |