Stock-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

NOTE 16 - STOCK-BASED COMPENSATION

Equity Incentive Plan

Our 2018 Equity Incentive Plan (the “Plan”) was approved by stockholders in May 2018, authorizing us to issue up to 4.35 million shares of common stock, along with non-qualified stock options, stock appreciation rights, restricted stock units and performance restricted stock units to our officers, key employees, nonemployee directors and consultants. In May 2021, the stockholders approved an amendment to the Plan that, among other things, increased the authorized shares by 2 million. In May 2023, the stockholders approved an amendment to the Plan that, among other things, increased the authorized shares by 3.4 million. At September 30, 2023, there were 2.0 million shares available for future grants under this Plan. It is our policy to issue shares from authorized but not issued shares upon the exercise of stock options.

Under the terms of the Plan, each year eligible participants are granted time value restricted stock units (“RSUs”), vesting ratably over a three-year period, and performance restricted stock units (“PSUs”) with three-year cliff vesting. Upon vesting, each restricted stock award is exchangeable for one share of the Company’s common stock, with accrued dividends.

RSU, PSU and option activity for the nine months ended September 30, 2023 and September 30, 2022 is summarized in the following table:

	Equity Incentive Awards
	Restricted Stock Units			Weighted Average Grant Date Fair Value		Performance Shares			Weighted Average Grant Date Fair Value		Options		Weighted Average Exercise Price
Balance at January 1, 2023		896,799		$	4.16		2,323,101		$	6.26		—	$	—
Granted		687,781			4.23		920,264			4.80		—		—
Settled		(553,093	)		3.80		(1,016,574	)		5.13		—		—
Forfeited or expired		(29,853	)		5.80		(34,037	)		8.50		—		—
Balance at September 30, 2023		1,001,634		$	4.39		2,192,754		$	5.98		—	$	—
Awards estimated to vest in the future		1,001,634		$	4.39		2,250,243		$	5.98		—	$	—

	Equity Incentive Awards
	Restricted Stock Units			Weighted Average Grant Date Fair Value		Performance Shares			Weighted Average Grant Date Fair Value		Options			Weighted Average Exercise Price
Balance at January 1, 2022		966,429		$	4.62		2,484,581		$	6.67		9,000		$	16.76
Granted		515,491			3.93		667,345			5.33		—			—
Settled		(580,551	)		4.73		(719,659	)		6.68		—			—
Forfeited or expired		(4,570	)		3.77		(109,166	)		7.24		(9,000	)		16.76
Balance at September 30, 2022		896,799		$	4.16		2,323,101		$	6.26		—		$	—
Awards estimated to vest in the future		896,799		$	4.16		2,097,894		$	6.28		—		$	—

Stock-based compensation expense for the three months ended September 30, 2023 and 2022 was $1.4 million and $1.8 million, respectively. Stock-based compensation for the nine months ended September 30, 2023 and 2022 was $4.4 million and $6.5 million, respectively. Unrecognized stock-based compensation expense related to nonvested awards of $9.5 million is expected to be recognized over a weighted average period of approximately 1.8 years as of September 30, 2023.