| Share-Based Compensation |
Share-Based Compensation The following tables summarize the activity during the period under the Company's 2014 Amended and Restated Stock Incentive Plan (the "2014 Plan") and 2021 Equity Incentive Plan (the "2021 Plan").
Restricted Stock Awards
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
shares |
|
Weighted
average
grant
date fair
value |
|
|
|
|
| Unvested at December 31, 2023 |
529,862 |
|
|
$ |
11.42 |
|
| Granted |
215,481 |
|
|
7.51 |
|
| Vested |
(85,648) |
|
|
17.88 |
|
| Vested shares forgone to satisfy minimum statutory withholding |
(53,083) |
|
|
17.88 |
|
| Forfeitures |
(14,750) |
|
|
11.61 |
|
| Unvested at September 30, 2024 |
591,862 |
|
|
$ |
8.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
| Weighted average grant date fair value of awards granted |
$ |
6.90 |
|
|
$ |
10.68 |
|
|
$ |
7.51 |
|
|
$ |
9.25 |
|
| Total fair value of shares vested |
$ |
2,636 |
|
|
$ |
79,944 |
|
|
$ |
750,298 |
|
|
$ |
649,612 |
|
| Total fair value of shares forgone to satisfy minimum statutory withholding |
$ |
814 |
|
|
$ |
34,371 |
|
|
$ |
465,020 |
|
|
$ |
364,758 |
|
Performance-Based Restricted Stock Units ("PSU")
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
shares |
|
Weighted
average
grant
date fair
value |
|
|
|
|
| Unvested at December 31, 2023 |
112,776 |
|
|
$ |
10.49 |
|
| Granted |
117,582 |
|
|
5.69 |
|
| Performance adjustment upon vesting |
(17,690) |
|
|
8.58 |
|
| Vested |
(13,022) |
|
|
8.58 |
|
| Vested shares forgone to satisfy minimum statutory withholding |
(10,425) |
|
|
8.58 |
|
|
|
|
|
| Unvested at September 30, 2024 |
189,221 |
|
|
$ |
7.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
| Weighted average grant date fair value of awards granted |
|
|
|
|
$ |
5.69 |
|
|
$ |
11.05 |
|
| Total fair value of shares vested |
|
|
|
|
$ |
83,862 |
|
|
$ |
— |
|
| Total fair value of shares forgone to satisfy minimum statutory withholding |
|
|
|
|
$ |
67,137 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
There were no PSU's granted or that vested during the three months ended September 30, 2024 or 2023, respectively.
Stock Options
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2014 Plan (Options) |
|
Number
of Authorized
Shares |
|
Weighted-
Average Exercise
Price |
|
Weighted-
Average
Remaining
Contractual Term (in Years) |
|
Aggregate
Intrinsic Value |
| Outstanding at December 31, 2023 |
|
657,346 |
|
|
$ |
6.69 |
|
|
4.16 |
|
$ |
2,983,514 |
|
|
|
|
|
|
|
|
|
|
| Exercised |
|
(35,487) |
|
|
3.62 |
|
|
|
|
312,195 |
|
| Exercised shares forgone to satisfy minimum statutory withholding |
|
(14,654) |
|
|
2.69 |
|
|
|
|
|
| Shares tendered for cashless exercise |
|
(43,193) |
|
|
3.78 |
|
|
|
|
|
| Forfeitures and expirations |
|
(26,500) |
|
|
11.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at September 30, 2024 |
|
537,512 |
|
|
$ |
6.98 |
|
|
3.83 |
|
$ |
1,017,157 |
|
|
|
|
|
|
|
|
|
|
| Exercisable at September 30, 2024 |
|
537,512 |
|
|
$ |
6.98 |
|
|
3.83 |
|
$ |
1,017,157 |
|
Aggregate Intrinsic Value is equal to the excess of market value over the option exercise price of all in-the-money stock options.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2021 Plan (Options) |
|
Number
of Authorized
Shares |
|
Weighted-
Average Exercise
Price |
|
Weighted-
Average
Remaining
Contractual Term (in Years) |
|
Aggregate
Intrinsic Value |
| Outstanding at December 31, 2023 |
|
1,051,673 |
|
|
$ |
11.05 |
|
|
8.79 |
|
$ |
1,207,118 |
|
| Granted |
|
866,147 |
|
|
6.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forfeitures and expirations |
|
(89,965) |
|
|
13.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding at September 30, 2024 (a) |
|
1,827,855 |
|
|
$ |
8.93 |
|
|
8.78 |
|
$ |
256,759 |
|
|
|
|
|
|
|
|
|
|
| Exercisable at September 30, 2024 (a) |
|
560,647 |
|
|
$ |
12.01 |
|
|
7.71 |
|
$ |
— |
|
(a) Aggregate Intrinsic Value - no exercisable options were in-the-money as of September 30, 2024.
Aggregate Intrinsic Value is equal to the excess of market value over the option exercise price of all in-the-money stock options.
The following is the average fair value per share estimated on the date of grant and the assumptions used for options granted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| Stock Options: |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Expected volatility |
|
—% |
|
53% |
|
46% to 51% |
|
53% |
| Risk free interest rate |
|
—% |
|
4.43% to 4.45% |
|
4.25% to 4.60% |
|
3.71% to 4.45% |
| Expected lives at date of grant (in years) |
|
0.00 |
|
4.04 |
|
4.08 |
|
3.98 |
| Weighted average fair value of options granted |
|
$— |
|
$4.90 |
|
$2.95 |
|
$4.07 |
| Total intrinsic value of options exercised |
|
$ |
— |
|
|
$ |
1,646,254 |
|
|
$ |
312,195 |
|
|
$ |
3,067,467 |
|
There were no stock options granted or exercised during the three months ended September 30, 2024.
|