Share-Based Compensation

6 Months Ended

Jun. 30, 2023

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 $1.2 million and $0.9 million of share-based compensation related expense during the three months ended June 30, 2023 and 2022, respectively, and $2.0 million and $1.8 million of share-based compensation related expense during the six months ended June 30, 2023 and 2022, respectively.

The Company granted approximately 50,000 and 104,000 restricted stock units during the three months ended June 30, 2023 and 2022, respectively, and approximately 390,000 and 688,000 restricted stock units during the six months ended June 30, 2023 and 2022, respectively.

There were 0.1 million options exercised during the three and six months ended June 30, 2023. The Company received $0.3 million and $0.9 million in cash from employees and directors exercising options during the three and six months ended June 30, 2023, respectively. The intrinsic value of options exercised was $0.1 million and $0.2 million for the three and six months ended June 30, 2023, respectively. There were zero options exercised during the three and six month periods ended June 30, 2022.