Schedule of Employee Awards and Non-employee Director Award Plan Activity |
During the six months ended June 30, 2021, the Company granted the following awards:
|
|
Three Months
Ended |
|
|
Three Months
Ended |
|
|
Six Months
Ended |
|
|
|
March 31,
2021 |
|
|
June 30,
2021 |
|
|
June 30,
2021 |
|
Employee awards: |
|
|
|
|
|
|
|
|
|
|
|
|
RSUs |
|
|
370,137 |
|
(1) |
|
1,476,059 |
|
(2) |
|
1,846,196 |
|
Market RSUs |
|
|
— |
|
|
|
918,775 |
|
(3) |
|
918,775 |
|
Non-employee director RSUs |
|
|
— |
|
|
|
316,232 |
|
(4) |
|
316,232 |
|
Total awards |
|
|
370,137 |
|
|
|
2,711,066 |
|
|
|
3,081,203 |
|
____________________
(1) |
RSUs had a weighted average grant date fair value of $5.53 per share, of which 202,237 RSUs had a vesting period of 1 year and 167,900 RSUs had a vesting period of four years. |
(2) |
RSUs had a weighted average grant date fair value of $4.26 per share and a vesting period of 4 years. |
(3) |
Market RSUs had a grant date fair value of $9.30 per share and will vest on May 17, 2024 provided the closing price of the Company’s common stock on such vesting date is not less than the closing price on May 17, 2021. The number of shares delivered on the vesting date is determined by the percentile ranking of MannKind total shareholder return (TSR) over the period from May 18, 2021 until May 17, 2024 relative to the TSR of the Russell 3000 Pharmaceutical & Biotechnology Index over the same three-year period, as follows: less than 25th percentile=0% of target, 25th percentile=50% of target, 50th percentile=100% of target, 75th percentile=200% of target, 90th percentile or higher=300% maximum. Payout values will be interpolated between the percentile rankings above. |
(4) |
RSUs had a weighted average grant date fair value of $4.31 per share and vested immediately upon grant, but the underlying shares of common stock will not be delivered until there is a separation of service, such as resignation, retirement or death. |
|
Stock Based Compensation Expense Recognized in Condensed Consolidated Statements of Operations |
Total stock-based compensation expense recognized in the condensed consolidated statements of operations for the three months ended June 30, 2021 and 2020 was as follows (in thousands):
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
RSUs and options |
|
$ |
3,819 |
|
|
$ |
2,122 |
|
|
$ |
5,625 |
|
|
$ |
3,188 |
|
Employee stock purchase plan |
|
|
107 |
|
|
|
63 |
|
|
|
236 |
|
|
|
125 |
|
Total stock compensation expense |
|
$ |
3,926 |
|
|
$ |
2,185 |
|
|
$ |
5,861 |
|
|
$ |
3,313 |
|
|