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Non-Cash Share-Based Employee Compensation
 3 Months Ended
Mar. 31, 2023
Non-Cash Share-Based Employee Compensation  
Non-Cash Share-Based Employee Compensation

9. Non-Cash Share-Based Employee Compensation

 

Stock Options

 

The Company has an employee and non-employee director share-based incentive compensation plan.  Related to these programs, the Company recorded non-cash share-based employee compensation expense of $58 for the three ended March 31, 2023, compared with $85, for the same period last year. The Company considers its non-cash share-based employee compensation expenses as a component of cost of products and selling, general and administrative expenses. There was no non-cash share-based employee compensation expense capitalized as part of capital expenditures or inventory for the periods presented.

 

The Company uses the Black-Scholes-Merton option valuation model to calculate the fair value of stock option grants under this plan.  The non-cash share-based employee compensation expense recorded in the three  months ended March 31, 2023, was calculated using certain assumptions.  Such assumptions are described more comprehensively in Note 10 (Share-Based Employee Compensation) of the Notes to the Company’s consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

 

A summary of activity under the Company’s stock option plans during the three months ended March 31, 2023, is presented below:

 

 

 

Stock Options

 

 

Wgt. Avg. Exercise Price ($) Per Share

 

 

Wgt. Avg. Remaining Contractual Life (Years)

 

 

Wgt. Avg. Grant Date Fair Value ($) Per Share

 

 

Aggregate Intrinsic Value ($)

 

As of January 1, 2023

Outstanding

 

 

1,001,500

 

 

 

3.10

 

 

 

7.87

 

 

 

1.13

 

 

 

460,925

 

Vested

 

 

434,233

 

 

 

3.57

 

 

 

6.73

 

 

 

1.31

 

 

 

101,090

 

Nonvested

 

 

567,267

 

 

 

2.74

 

 

 

8.74

 

 

 

0.99

 

 

 

359,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Expired 

 

 

10,000

 

 

 

2.23

 

 

 

—

 

 

 

1.40

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding

 

 

991,500

 

 

 

3.10

 

 

 

7.70

 

 

 

1.13

 

 

 

190,525

 

Vested

 

 

515,066

 

 

 

3.44

 

 

 

6.91

 

 

 

1.25

 

 

 

64,926

 

Nonvested

 

 

476,434

 

 

 

2.74

 

 

 

8.56

 

 

 

0.99

 

 

 

125,599

 

 

Restricted Stock Units

 

The Company recorded non-cash restricted stock unit compensation expense of $69 for the three months ended March 31, 2023, compared with $70 for the same period last year.

 

A summary of non-vested restricted stock under the Company’s non-employee director share-based incentive compensation plan is as follows:

 

 

 

Number of Shares

 

 

Weighted Average

Price per Share

 

Unvested at January 1, 2023

 

 

205,644

 

 

$2.64

 

Granted

 

 

---

 

 

 

-

 

Vested and issued

 

 

---

 

 

 

-

 

Cancelled/forfeited

 

 

---

 

 

 

-

 

Unvested at March 31, 2023

 

 

205,644

 

 

$2.64