Stock Based Compensation

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

Stock Based Compensation

The Company applies the fair value recognition provisions of ASC Topic 718: "Stock Compensation". The Company recorded stock-based compensation of $3.2 million and $1.8 million for the nine month periods ended September 30, 2020 and September 30, 2019, respectively. The Company recorded stock-based compensation of $1.0 million and $0.9 million for the three month periods ended September 30, 2020 and September 30, 2019, respectively. At September 30, 2020, the aggregate unrecognized compensation expense related to unvested equity awards was $9.1 million (net of estimated forfeitures), which is expected to be recognized as compensation expense in fiscal years 2020 through 2023.

A summary of stock option activity for the nine months ended September 30, 2020 is below:

(in thousands, except for exercise price)	Options Outstanding	Weighted Average Exercise Price
Outstanding at January 1, 2020	410	$	14.50
Granted	619	13.82
Exercised	(25)	10.29
Canceled/forfeited	(15)	19.02
Outstanding at September 30, 2020	989	$	14.11

A summary of unvested restricted stock activity for the nine months ended September 30, 2020 is below:

(in thousands, except for award value)	Restricted Stock Awards	Weighted Average Award Value
Outstanding at Balance at January 1, 2020	171	$	23.53
Granted	21	29.19
Vested	(28)	24.37
Forfeited and cancelled	(77)	24.16
Outstanding at September 30, 2020	87	$	24.09

A summary of unvested restricted stock units ("RSU") activity for the nine months ended September 30, 2020 is below:

(in thousands, except for award value)	RSU Awards	Weighted Average Award Value
Outstanding at Balance at January 1, 2020	—	$	—
Granted	375	13.24
Vested	—	—
Forfeited and cancelled	—	—
Outstanding at September 30, 2020	375	$	13.24