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Non-Cash Share-Based Employee Compensation
 9 Months Ended
Sep. 30, 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 plans.  Related to these programs, the Company recorded non-cash share-based employee compensation expense of $44 and $163 for the three and nine months ended September 30, 2023, respectively, compared with $69 and $205, for the same periods 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 and nine months ended September 30, 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 nine months ended September 30, 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

 

 

200,300

 

 

 

15.48

 

 

 

7.87

 

 

 

5.64

 

 

 

460,925

 

Vested

 

 

86,846

 

 

 

17.83

 

 

 

6.73

 

 

 

6.57

 

 

 

101,090

 

Nonvested

 

 

113,454

 

 

 

13.68

 

 

 

8.74

 

 

 

4.93

 

 

 

359,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

28,600

 

 

 

11.51

 

 

 

—

 

 

 

6.57

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

2,300

 

 

 

13.58

 

 

 

—

 

 

 

4.97

 

 

 

—

 

Expired 

 

 

2,000

 

 

 

11.15

 

 

 

—

 

 

 

7.02

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding

 

 

224,600

 

 

 

15.03

 

 

 

7.49

 

 

 

5.75

 

 

 

60,410

 

Vested

 

 

135,913

 

 

 

16.27

 

 

 

6.87

 

 

 

5.89

 

 

 

19,789

 

Nonvested

 

 

88,687

 

 

 

13.13

 

 

 

8.45

 

 

 

5.54

 

 

 

40,621

 

 

Restricted Stock Units

 

The Company recorded non-cash restricted stock unit compensation expense of $641 and $773 for the three and nine months ended September 30, 2023, compared with $126 and $367 for the same periods 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 Grant Date

Price per Share

 

Unvested as of January 1, 2023

 

 

41,129

 

 

$13.20

 

Granted

 

 

45,412

 

 

 

12.37

 

Vested and issued

 

 

25,497

 

 

 

13.18

 

Vested-to be issued

 

 

31,663

 

 

 

11.87

 

Cancelled/forfeited

 

 

-

 

 

 

-

 

Unvested as of September 30, 2023

 

 

29,381

 

 

$13.37