| Stock Option Activities of Long-Term Incentive and Option Plans |
The following information relates to our long-term incentive plans:
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|
|
December 31, 2021 |
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|
|
|
2016 Plan |
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|
2008 Plan |
|
|
Maximum number of securities for issuance |
|
|
5,750,000 |
|
|
|
|
|
|
Number of awards available to be granted (1) |
|
|
2,800,002 |
|
|
|
|
|
|
Number of unvested restricted stock/performance-based
restricted stock/restricted stock units outstanding |
|
|
1,900,986 |
|
|
|
— |
|
|
Number of options outstanding |
|
|
— |
|
|
|
13,000 |
|
|
Number of options exercisable |
|
|
— |
|
|
|
13,000 |
|
.
|
(1) |
Includes 2008 and 2016 Plan shares canceled, forfeited, expired unexercised, which became available for reissuance under the 2016 Plan. |
A summary of stock option activity in 2021 is presented below:
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|
|
2021 |
|
|
|
|
Shares |
|
|
Weighted-Average
Exercise Price |
|
|
Outstanding at beginning of year |
|
|
158,600 |
|
|
$ |
26.04 |
|
|
Granted |
|
|
— |
|
|
$ |
— |
|
|
Exercised |
|
|
— |
|
|
$ |
— |
|
|
Forfeited or expired |
|
|
(145,600 |
) |
|
$ |
26.07 |
|
|
Outstanding at end of year |
|
|
13,000 |
|
|
$ |
25.66 |
|
|
Exercisable at end of year |
|
|
13,000 |
|
|
$ |
25.66 |
|
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
Stock-based compensation expense - Cost of sales |
|
$ |
— |
|
|
$ |
106,000 |
|
|
$ |
122,000 |
|
|
Stock-based compensation expense - SG&A |
|
$ |
— |
|
|
$ |
42,000 |
|
|
$ |
50,000 |
|
|
Income tax benefit |
|
$ |
— |
|
|
$ |
(36,000 |
) |
|
$ |
(42,000 |
) |
|
Total intrinsic value of options exercised during the year |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Total fair value of options vested during the year |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Total intrinsic value of options outstanding at end of year |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Total intrinsic value of options exercisable at end of year |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Total weighted-average remaining vesting period in years |
|
|
— |
|
|
|
— |
|
|
|
0.49 |
|
|
Total weighted-average remaining contractual life period in years (options outstanding) |
|
|
2.92 |
|
|
|
2.64 |
|
|
|
3.61 |
|
|
Total weighted-average remaining contractual life period in years (options exercisable) |
|
|
2.92 |
|
|
|
2.64 |
|
|
|
3.47 |
|
|
| Summary of Restricted Stock Activity |
A summary of restricted stock activity during 2021 is presented below:
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|
Restricted Stock |
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|
Performance-Based
Restricted Stock |
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|
Restricted Stock Units |
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|
|
|
Shares |
|
|
Weighted-
Average
Grant Date
Fair Value |
|
|
Shares |
|
|
Weighted-
Average
Grant Date
Fair Value |
|
|
Shares |
|
|
Weighted-
Average
Grant Date
Fair Value |
|
|
Unvested outstanding beginning of year |
|
|
445,472 |
|
|
$ |
3.48 |
|
|
|
686,005 |
|
|
$ |
3.77 |
|
|
|
388,908 |
|
|
$ |
1.62 |
|
|
Granted |
|
|
799,500 |
|
|
$ |
3.55 |
|
|
|
675,532 |
|
|
$ |
3.09 |
|
|
|
327,188 |
|
|
$ |
5.05 |
|
|
Vested |
|
|
(295,993 |
) |
|
$ |
3.20 |
|
|
|
(598,536 |
) |
|
$ |
4.66 |
|
|
|
(490,866 |
) |
|
$ |
2.34 |
|
|
Cancelled or forfeited |
|
|
— |
|
|
$ |
— |
|
|
|
(20,737 |
) |
|
$ |
4.89 |
|
|
|
(15,487 |
) |
|
$ |
5.04 |
|
|
Unvested outstanding end of year |
|
|
948,979 |
|
|
$ |
2.78 |
|
|
|
742,264 |
|
|
$ |
2.67 |
|
|
|
209,743 |
|
|
$ |
5.04 |
|
11. Stockholders’ Equity (continued)
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|
Restricted Stock |
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|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
Shares of restricted stock granted |
|
|
799,500 |
|
|
|
40,479 |
|
|
|
371,743 |
|
|
Total fair value of restricted stock granted |
|
$ |
2,183,000 |
|
|
$ |
87,000 |
|
|
$ |
1,223,000 |
|
|
Weighted-average fair value per restricted stock granted during year |
|
$ |
3.55 |
|
|
$ |
2.15 |
|
|
$ |
3.29 |
|
|
Stock-based compensation expense - Cost of sales |
|
$ |
107,000 |
|
|
$ |
62,000 |
|
|
$ |
255,000 |
|
|
Stock-based compensation expense - SG&A |
|
$ |
1,645,000 |
|
|
$ |
1,078,000 |
|
|
$ |
1,263,000 |
|
|
Income tax benefit |
|
$ |
(430,000 |
) |
|
$ |
(279,000 |
) |
|
$ |
(374,000 |
) |
|
Total weighted-average remaining vesting period in years |
|
1.84 |
|
|
1.61 |
|
|
|
2.18 |
|
|
Total fair value of restricted stock vested during the year |
|
$ |
2,729,000 |
|
|
$ |
578,000 |
|
|
$ |
1,917,000 |
|
|
|
|
Performance-Based Restricted Stock |
|
|
|
|
2021 (1) |
|
|
2020 (1) |
|
|
2019 (1) |
|
|
Shares of PBRS granted |
|
|
675,532 |
|
|
|
398,134 |
|
|
|
287,871 |
|
|
Total fair value of PBRS granted |
|
$ |
2,480,000 |
|
|
$ |
980,000 |
|
|
$ |
1,608,000 |
|
|
Weighted-average fair value per PBRS granted during year |
|
$ |
3.09 |
|
|
$ |
2.46 |
|
|
$ |
5.59 |
|
|
Stock-based compensation expense - Cost of sales |
|
$ |
103,000 |
|
|
$ |
— |
|
|
$ |
53,000 |
|
|
Stock-based compensation expense - SG&A |
|
$ |
2,938,000 |
|
|
$ |
218,000 |
|
|
$ |
290,000 |
|
|
Income tax benefit |
|
$ |
(747,000 |
) |
|
$ |
(53,000 |
) |
|
$ |
(84,000 |
) |
|
Total weighted-average remaining vesting period in years |
|
|
1.56 |
|
|
|
1.57 |
|
|
|
1.85 |
|
|
Total fair value of PBRS vested during the year |
|
$ |
6,671,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
Restricted Stock Units |
|
|
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
Shares of RSU granted |
|
|
327,188 |
|
|
|
301,361 |
|
|
|
41,383 |
|
|
Total fair value of RSU granted |
|
$ |
1,653,000 |
|
|
$ |
255,000 |
|
|
$ |
187,000 |
|
|
Weighted-average fair value per RSU granted during year |
|
$ |
5.05 |
|
|
$ |
0.85 |
|
|
$ |
4.53 |
|
|
Stock-based compensation expense - Cost of sales |
|
$ |
161,000 |
|
|
$ |
— |
|
|
$ |
53,000 |
|
|
Stock-based compensation expense - SG&A |
|
$ |
562,000 |
|
|
$ |
255,000 |
|
|
$ |
187,000 |
|
|
Income tax benefit |
|
$ |
(178,000 |
) |
|
$ |
(63,000 |
) |
|
$ |
(46,000 |
) |
|
Total weighted-average remaining vesting period in years |
|
|
2.42 |
|
|
|
0.48 |
|
|
|
1.57 |
|
|
Total fair value of RSU vested during the year |
|
$ |
2,209,000 |
|
|
$ |
16,000 |
|
|
$ |
41,000 |
|
|
(1) |
Upon the CoC event associated with the Exchange Transaction during 2021, such PBRS is subject only to the time-based vesting conditions set forth in the applicable award agreement and the 2016 Plan. |
|