Share-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

9. Share-Based Compensation

The Company accounts for share-based compensation in accordance with Accounting Standards Codification (“ASC”) Topic 718, “Compensation – Stock Compensation,” which requires the Company to recognize compensation expense for share-based awards, measured at the fair value of the awards at the grant date. The Company recognized $1.1 million and $0.9 million of share-based compensation related expense during the three months ended September 30, 2022 and 2021, respectively, and $2.9 million and $2.4 million during the nine months ended September 30, 2022 and 2021, respectively.

The Company granted approximately 68,000 and 5,000 restricted stock units during the three months ended September 30, 2022 and 2021, respectively, and approximately 755,000 and 465,000 restricted stock units during the nine months ended September 30, 2022 and 2021, respectively.

There were zero and 2,000 options exercised during the nine months ended September 30, 2022 and 2021, respectively. The Company received zero and $13,000 in cash from employees and a non-employee director exercising options during the nine months ended September 30, 2022 and 2021, respectively. The intrinsic value of options exercised during the nine months ended September 30, 2022 and 2021 was zero and $3,000, respectively.