Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

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. Stock-based compensation expense, net of forfeitures of $0.1 million and $0.3 million for the three months ended September 30, 2022 and 2021, respectively, and $0.9 million and $0.4 million for the nine months ended September 30, 2022 and 2021, respectively, was recorded in the following line items in the condensed consolidated statements of operations.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Cost of sales - contracts	$	32	$	72	$	116	$	256
Selling, general and administrative	3,458		3,713		10,141		9,100
Total stock-based compensation expense	$	3,490	$	3,785	$	10,257	$	9,356

At September 30, 2022, the aggregate unrecognized compensation expense related to unvested equity awards was $21.5 million, which is expected to be recognized as compensation expense in fiscal years 2022 through 2025.

A summary of stock option activity for the nine months ended September 30, 2022 is below:

(in thousands, except for weighted average exercise price)	Options outstanding	Weighted average exercise price
Outstanding at January 1, 2022	1,306	$	11.95
Exercised	(129)	8.39
Canceled/forfeited	(132)	10.65
Outstanding at September 30, 2022	1,045	$	12.87

A summary of unvested restricted stock awards activity for the nine months ended September 30, 2022 is below:

(in thousands, except for weighted average award value)	Restricted Stock Awards	Weighted average award value
Outstanding at January 1, 2022	27	$	25.42
Vested	(27)	25.42
Outstanding at September 30, 2022	—

A summary of unvested restricted stock units activity for the nine months ended September 30, 2022 is below:

(in thousands, except for weighted average award value)	Restricted Stock Unit Awards	Weighted average award value
Outstanding at January 1, 2022	418	$	34.08
Granted	371	38.12
Vested	(124)	30.15
Canceled/forfeited	(89)	48.00
Outstanding at September 30, 2022	576	$	35.25