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Share-Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

(10) Share-Based Compensation

We follow FASB ASC Topic 718, Compensation – Stock Compensation, in which compensation expense is recognized only for share-based payments expected to vest. We recognized compensation expense related to stock options of $29 and $124 for the three and nine months ended September 30, 2021, respectively, compared to $48 and $147 for the three and nine months ended September 30, 2020, respectively.

As of September 30, 2021, there was approximately $146 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under our stock option plans. That cost is expected to be recognized over a remaining weighted-average period of 1.6 years.

Quantitative information regarding the Stock Options and Stock Grants:


	Nine Months Ended September 30,
	2021		2020
Stock options granted		10,000		535,000
Stock options exercised		367,000		78,277
Proceeds to Nanophase from exercises	$	152	$	23
Stock options forfeited		34,500		202,134
Stock option expirations		220,800		460,640
Stock options outstanding		2,833,650		3,507,073
Weighted average exercise price per share	$	0.55	$	0.58

The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the three-month and nine-month periods presented:

For the three months ended	September 30, 2021			September 30, 2020
Weighted-average risk-free interest rates		1.0	%		n/a
Dividend yield		0.00	%		n/a
Weighted-average expected life of the option		7 years			n/a
Weighted-average expected stock price volatility		65	%		n/a
Weighted-average fair value of the options granted	$	2.45			n/a

For the nine months ended	September 30, 2021			September 30, 2020
Weighted-average risk-free interest rates		1.0	%		0.5	%
Dividend yield		0.00	%		0.00	%
Weighted-average expected life of the option		7 years			7 years
Weighted-average expected stock price volatility		65	%		94	%
Weighted-average fair value of the options granted	$	2.45		$	0.36

As of September 30, 2021, we did not have any unvested restricted stock or performance shares outstanding.